Aker Horizons, a wholly-owned subsidiary of Norwegian industrial investment company Aker ASA, has acquired a 75 percent stake in Mainstream Renewable Power (Mainstream), it was announced yesterday.
As part of that transaction, Aker Horizons will acquire an equal shareholding in SuperNode Ltd, to that of Dr Eddie O’Connor who will remain a key shareholder in SuperNode, which he founded together with Mainstream in 2018.
According to the deal, O’Connor, will maintain his ownership in SuperNode and contribute to the development of its proprietary subsea superconducting power cable technology in partnership with Aker Horizons.
“In Mainstream, we have developed onshore and offshore wind and solar projects that consistently outcompeted fossil fuel power generation on cost, environmental impact and public acceptance. The next big challenge on the road to decarbonisation, is to deploy the new power transmission technology that is needed to connect the renewable power plants and move bulk energy cost-efficiently around the European and global electricity markets. SuperNode will be at the forefront of that venture,” said Mainstream and SuperNode founder Dr Eddie O’Connor.
“Aker Horizons’ capabilities complement ours. Together we will accelerate the development of SuperNode’s proprietary subsea superconducting power cable technology and our capabilities in delivering game changing transmission technology for the integration of large-scale renewables in Europe and beyond,” said John Fitzgerald SuperNode CEO
“Aker Horizons’ mission is to invest in renewable energy and technologies that significantly reduce emissions – what we call planet-positive investment. The partnership with Mainstream and the investment in SuperNode are important milestones on the road to achieve our ambitions. Combining SuperNode’s cutting edge technology with the industrial domain expertise of the Aker group will accelerate the development of SuperNode,” says Kristian Røkke, Chief Executive Officer of Aker Horizons.
SuperNode is a cutting-edge global technology development company that designs and delivers superconducting bulk power transmission products. The technology enables the future growth in large-scale renewables and the achievement of a decarbonised energy supply based on renewables. Pat Cox, former President of the European Parliament, is Chairman of SuperNode Ltd.
Aker Horizons is a wholly-owned subsidiary of industrial investment company Aker ASA. The Group had a total turnover of approximately €8 billion in 2019, and a workforce of approximately 37,000.
Follow this link to Mainstream’s press release and Aker ASA’s stock exchange release on the transaction.
Contact: :
John Fitzgerald, CEO
+353 876 472 697
john.fitzgerald@supernode.energy