The industrial investment company Arendals Fossekompani ASA (OSE: AFK) groups its portfolio companies Powel, Scanmatic, Markedskraft and Wattsight in a new international growth company named Volue. Volue will offer technology and expertise to assist in the ongoing transition on the European energy market
“We are proud to present Volue, which will be a leading technology supplier and enabler for Europe’s green transition. Volue will fill a gap in the market by offering technology and expertise that make it possible to replace fossil energy with renewables, or reduce emissions from fossil energy sources,” says Trond Straume, currently serving as the CEO of Powel and now taking on the responsibility of leading Volue.
Scalable cloud-based platform for real-time data
Wattsight enters Volue as the leading Analytics-as-a-Service for the European power market, and provides forecasts of all market drivers and prices; for the next fifteen minutes and up to 25 years ahead for almost all European markets and 24/7: "I believe Wattsight's ability to deliver high-quality market forecasts on a scalable data platform for all European power markets will benefit Volue strongly. We are looking forward to utilizing the synergies Volue provides and will continue to provide analyses with high professional authority," says Espen Zachariassen, CEO of Wattsight.
Solving megatrend issues with global impact
Volue becomes a system provider based on sensor technology and data capture from Scanmatic, and Powel's industrial software solutions, which Europe's largest power producers already use to optimise operations and maximise the value of their resources and infrastructure. This is combined with Wattsight's leading analysis environment for the European power market, and Markedskraft's trading and management of energy portfolios.
“We are launching a company similar to nothing ever seen before in Europe. Volue solves the challenges associated with the largest megatrend of our time: the massive transition from fossil to renewable energy. Our expectations are high, and we will consider a future listing of Volue,” says Ørjan Svanevik, CEO of AFK.
Changes in the energy market as a driver for Volue
Volue is established on the backdrop of a fundamentally changing power market. Controllable energy resources are phased out in favour of variable energy resources such as solar and wind. This occurs in parallel with the general electrification of society, in order to reduce greenhouse gas emissions, which in sum contributes to the complexity of the energy system.
“When supply is weather dependent and demand is characterised by the electrification of the transport sector, it presents challenges for a market that needs to be in a constant balance for 750 million Europeans to be able to turn on the lights at home. The solution lies in the combination of digital technology and deep industry knowledge, which is exactly what Volue offers”, says Straume.
For further information, please contact:
Espen Zachariassen, CEO of Wattsight, phone +47 480 35 380
Trond Straume, CEO of Volue, phone +47 907 99 625
Ørjan Svanevik, CEO of Arendals Fossekompani, phone + 47 414 51 560
Read more about Volue here