(Arendal, 7 April 2022) Arendals Fossekompani ASA (Arendals Fossekompani, OSE:AFK) announces the acquisition of a majority stake in Commeo GmbH (Commeo), a German company specializing in energy storage and energy management solutions, as part of the Ampwell growth strategy.
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“Energy storage is key in an increasingly volatile energy system where intermittent wind and solar energy is introduced while coal, gas and nuclear energy are phased out. Commeo fits well into our portfolio of companies in the energy technology space and becomes an important piece of our new battery-centered concept called Ampwell,” says Ørjan Svanevik, CEO of Arendals Fossekompani.
Arendals Fossekompani has entered into an agreement to acquire 54.9 per cent of Commeo, a German energy storage and energy management specialist. Headquartered in Wallenhorst, Commeo employs 50 people and reported revenues of EUR 3.5 million in 2021. The company is on a strong growth trajectory and plans to build a new factory.
Commeo provides solutions for commercial and industrial energy storage by manufacturing battery modules and rack systems, including control units and software for monitoring and data logging. An example of how Commeo systems are used is ‘peak-shaving’ energy consumption, which is to use energy from the battery racks during peak price periods to avoid steep tariffs charged by the energy system operators.
Established in 2014, Commeo has developed its proprietary energy storage system and is now in a position where the product can be manufactured on an industrial scale. The production process and capacity will improve significantly with new production facilities, where construction will start later this year. Commeo systems typically range from 50 kWh to 1 MWh, but the modular plug-and-play setup allows for even larger systems.
“Commeo’s battery system is modular and therefore scalable from kW to MW scale, which makes it suitable not only for commercial and industrial use, but also for utility-scale applications. Commeo will support both industrial clients and the energy grid itself,” says Torkil Mogstad, Executive Vice President of Arendals Fossekompani and responsible for building Ampwell, a new battery-centered company recently established in Arendals Fossekompani.
With Commeo as a key building block, Ampwell will combine hardware from Commeo with competence and technology from AFK portfolio companies Volue and EFD Induction, as well as start-up Cellect Energy, to build an eco-system for battery technology and a Battery-as-a-Service business model.
“The battery system of Commeo is compliant with the highest standards for functional safety, which allows the system to be placed in a human environment. Usually, battery systems require a separate battery room or must be placed outdoors,“ says Mogstad.
The parties have agreed not to disclose the transaction price.
“We have high ambitions for our battery storage business and aim to become a leading service provider in a European market that is expected to see tremendous growth the next decade. Through Ampwell, we hope to be an even bigger part of the energy solution in Europe, while creating substantial shareholder value for Arendals Fossekompani’s investors,” says Svanevik.
For more information, please contact
Ørjan Svanevik, CEO of Arendals Fossekompani, phone: +47 414 51 560
Arendals Fossekompani | www.arendalsfossekompani.no
Arendals Fossekompani (AFK) is a green-tech investment company that owns energy-
and technology-related companies which enable the transition to a green economy. AFK operates globally in several future-oriented industries, including 3D printing, algo trading, satellite services, battery- and solar technology, software, and digitization. Established in 1896, AFK has been a proud producer of renewable hydro power for more than 100 years. The company is headquartered in Arendal, Norway and listed at the Oslo Stock Exchange.
Commeo | www.commeo.com
Commeo GmbH is a fast-growing company that sets new benchmarks in one of the most important future technologies with its high-performance, innovative, and individually tailored energy storage and energy management solutions, developed by German researchers and engineers and manufactured in house. The latest lithium-ion battery technology integrated into well proven, efficiently air-conditioned housings, combined with the highest safety standards and a modular design, enables perfectly matched and at the same time convertible systems for a wide range of applications in all areas of industry, from production to energy supply.
Ampwell
Ampwell is a new company established by Arendals Fossekompani to build an eco-system for battery technology and a Battery-as-a-Service business model.
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