Noova was established in 2005. The company’s Logic software suite analyses electricity use and identifies actions to improve energy consumption. Headquartered in Ålgård, Noova operates primarily in Norway but is currently expanding its offering to Sweden, with future potential to export globally.
Together the consortium will own 51 percent of Noova, with the rest being owned by Noova management and its founders.
“We have been following Noova closely for a number of years and have been impressed by its achievements” said Espen Strøm, EV Private Equity Partner. “Against today’s volatile energy backdrop and net zero targets, Noova’s cutting-edge technology has the potential to transform B2B operations by providing opportunities for businesses to reduce emissions and energy costs. Noova’s strong value proposition and an exciting technology platform provides a springboard for future growth and the opportunity to become a leader in this space. As passionate investors focused on the decarbonisation of the energy sector, EV Private Equity is looking forward to collaborating with the management team at Noova, Shell Ventures and SWEN Capital Partners to enhance and extend Noova’s software offering.”
Even Gjesdal, Noova CEO, added that Noova has grown exponentially for the past 15 years, particularly in recent years due to increased focus on energy efficiency and climate change and that the company is already enabling energy savings for its current customer base.
“We already have excellent knowledge of EV Private Equity, and they know us” Mr Gjesdal said. “It was essential to cooperate with a company close to our markets. The EV Private Equity team has broad experience in energy, sustainability and technology. I look forward to continue working as CEO with this newly formed consortium of international energy players on this exciting new chapter for the business.”
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