Agder Energi Venture have bought 100% of the shares of Entelios AG from EnerNOC, Inc. (ENOC) in a move to position itself further in Continental Europe.
Agder Energi Venture (AEV), a subsidiary of Agder Energi, invests in energy related companies that often are in an early to mature phase. Agder Energi is one of the leading companies in the Norwegian renewable energy sector. The group’s operations include the production, distribution and sale of energy and energy-related services. Agder Energi is Norway’s fourth largest energy group in terms of hydroelectric production. The group’s 48 wholly and partly-owned power stations produce around 8,1 TWh of renewable energy on an annual basis.
“The investment in Entelios is an exciting opportunity to expand our focus on demand response and position Agder Energi for the ongoing changes in the European power markets. Agder Energi is now positioned with both an innovative green production aggregator, a principal aggregator of industrial demand flexibility, and the leading software development resources, providing us with the tools to allocate flexibility to the most valuable sub-markets.” says Tor Øystein Repstad, CEO Agder Energi Venture.
“Entelios is a leading demand response provider in Germany with a forward leaning and competent staff. This investment is a great opportunity for us to accelerate our demand response initiatives in Europe.” says Harald von Heyden, who has entered the role as co-CEO of Entelios AG in addition to his roles as co-CEO of Nordgröön Energie and CEO of Enfo AS (Enfo AS is also owned by AEV).
“We look forward to work together with our new strategic shareholder and their partners to achieve our goals going forward and to provide the solutions for a reliable energy system to meet the future needs” says Alois Wichtlhuber, CEO of Entelios AG.