Havyard increases its stake in Norwegian Electric Systems
Havyard Group ASA now has a 50.5% ownership interest in the technology company Norwegian Electric Systems AS. The new CEO, Tor Leif Mongstad (left), is looking forward to continuing to develop an exciting company in close collaboration with founder Jan Berg, Havyard press release said.
Before the acquisition, Havyard Group ASA owned 37.9 % of Norwegian Electric Systems AS. By purchasing shares from companies belonging to Jan Berg and Frithjof Hustig, the group is now the company's majority shareholder. After the acquisition, Berg's and Hustig's companies will own 32.28% and 6%, respectively, of Norwegian Electric Systems AS. The remaining shares in the company are owned by other key personnel. At his own request, Jan Berg will start in a new role in the company, while Tor Leif Mongstad will take over as the new CEO.
Havyard Group's strategy is to develop and deliver ship technology through having the necessary expertise in and control of the critical links in the value chain for the design and construction of advanced vessels. More and more of these ships have diesel-electric or hybrid propulsion systems, which are a critical and strongly integrated element in the overall ship design. This was the reason why Havyard was involved in the start-up of Norwegian Electric Systems and why the group has now acquired the majority of the shares in the company.
Geir Johan Bakke, President and CEO of Havyard Group ASA, says that it was now natural for the Group to play a more active role in Norwegian Electric Systems in order to further develop the company. 'Our main motivation for increasing our holding in Norwegian Electric Systems is that we want to contribute to developing even better products for our customers, whether they buy a system from Norwegian Electric Systems or a ship design or newbuild from Havyard. Tor Leif Mongstad will take over for Jan Berg as CEO of Norwegian Electric Systems. At his own request, Jan Berg will become head of business development in the company.
Norwegian Electric Systems will continue as an independent company with responsibility for its own product development, sales and production. However, there will be increased focus on realising synergies as a result of the collaboration with Havyard, for example in relation to procurements and production.
Jan Berg, founder and former principal owner of Norwegian Electric Systems, is one of the pioneers in his field. Jan Berg started as an apprentice electrician already in 1964 and worked both as a ship's electrician and on the sale and development of electric products and systems for several companies before taking part in starting Scandinavian Electric in 1984. As he developed the company, Jan Berg focused on overall expertise in electric systems and on delivering electronic services to the maritime industry, which became the company's main market. Early on, the company started to deliver motors, generators and frequency converters to equipment suppliers, shipyards and shipping companies.
About Norwegian Electrict Systems A.S.
Norwegian Electric Systems (NES) is a high-tech electrical company and total supplier of electric propulsion systems for ships and the offshore sector worldwide. NES provides engineering, develops its own electric products and systems, and delivers services for the maritime and offshore segment. NES's products are hybrid-electric and diesel-electric propulsion systems and a number of newly developed additional systems that make NES a leading maritime electrical company. NES has 37 employees and is situated in Bergen. Janaflaten 10 houses NES's offices, storage rooms and testing facilities.
