Industrial group acquires geothermal firm Rock Energy
Industrial group Net Trading Group, NTG, has announced the acquisition of Norwegian geothermal company Rock Energy.
Net Trading Group (NTG) has signed an agreement to acquire Rock Energy Group, a company that works with renewable energy and and sustainable energy in the form of heat, cooling and power from deep drilled energy sources. The deal means that Rock Energy Group’s shareholders will control approximately 89 percent of the company. This was announced March 15, 2021. Rock Energy is a Norwegian company with a patented solution for drilling deep geothermal wells, for exploitation of deep geothermal energy from Hot Dry Rocks. Among others, we reported on the company’s work on a geothermal project at Gardemoen airport in Oslo, Norway.
Net Trading Group NTG seems to be a group with investments targeted in building a new Nordic industrial group.
The purchase price amounts to 800 million shares. The deal requires approval at an Extraordinary General Meeting, which is expected to be held during the second half of April. NTG’s two largest owners support the deal and also the board. Going forward, Rock Energy’s shareholders will be given the opportunity to appoint four out of five board members.
“My first comment when Lightcircle was acquired by NTG was that the goal is to build a new Nordic industrial company. The acquisition of Rock Energy is a huge step in this direction. Rock Energy possesses world-leading and pioneering technology in geothermal energy, which is the only real environmentally friendly substitute for oil, gas, coal and nuclear power. The new company product is uniquely placed both as a smart producer of our Lightcircle products, a business that is retained according to the agreement, but also as a distributor of cheap, environmentally friendly energy,” says Morten Revill, Chairman of the Board of NTG, in a comment.
Rock Energy invests in deep drilling and drills much deeper than traditional rock heat. The first energy plant was commissioned in 2018 and is located at Oslo’s Gardermoen Airport. No financial details regarding Rock Energy are stated.
The chairman of Rock Energy is Reidar Michaelsen, founder and former chairman and CEO of Petroleum Geo-Services. The CEO is Jan Edin Evensen with a long past from the oil industry. Rock Energy states that it sees a solid interest from companies for future projects and that the structural deal provides an opportunity to attract a broader shareholder base.
Net Trading Group executives see synergies.
“This unites us to become the only company in the world with a number of unique technologies related to energy and energy saving, and enables us to follow the power in the entire circuit – from our own power plant to our smart outlets. It will provide unmatched opportunities,” says Morten Revill.
The customers are municipalities, major builders and property owners.