Entheos Energy BV announces the sale of Hagal Ocean AS
Entheos Network has signed a definitive agreement to acquire Hagal AS for a total transaction price of 53,4 million US dollars. Entheos Network will build on top of Hagal’s smart battery control technology to create Entheos Cloud, a world-class Virtual Power Plant.
(Oslo/ San Francisco/ Amsterdam) In order to scale the capacity required for global energy independence, Entheos supercharges its mesh storage network with an energy asset marketplace.
– Digitization and new data networks provide an opportunity to transform how energy production, transmission, and distribution can be structured. At Hagal, we set out to find a partner with whom we could decisively lead the transition towards an energy future we all want. While Hagal continues to build the best battery-level management in the market, Entheos brings with it the network and financialization layer needed to achieve global impact, says Entheos Co-Founder and Executive Chairman of Hagal, Christian F. Ringvold.
Transforming the renewables market
Entheos CEO and Co-Founder Merijn Terheggen, who previously started leading cyber security platform HackerOne, believes that in order to meet the energy demands of a changing world, we must ensure the energy network of tomorrow is resilient and decentralized. This means that it needs to be based on flexible energy storage and data science.
– The renewable energy transition will be accelerated by disruptive technologies. By building a rich information layer on top of batteries, the network becomes smarter. Therefore, we are building a decentralized energy information network that is both intelligent and inclusive. Our mission is to unleash a wave of renewable, local, and resilient energy production, solving energy challenges like grid overload, uneven energy access, and galloping energy prices, he explains.
– Hagal’s intelligent battery energy storage is an essential puzzle piece in Entheos’ Virtual Power Plant. We have big plans for the company and are excited and humbled to be working with a team that has such exceptional know-how, drive and passion, says Terheggen.
Hagal´s local customer projects and partner alliances will remain a key pillar in the continued business operations, with additional funding and accelerated team growth.
– Our customers and partners can be confident that our projects will move forward as planned. The future launch of the Entheos VPP platform will create new synergies and provide new partner and customer opportunities”, says Christian F. Ringvold.
Hagal Ocean continues its operations as part of the Entheos structure, providing batteries to the maritime sector together with its customers and partners.
Fredrik Ringnes has entered the role as Chief Executive Officer in Hagal, and Øystein Kjæreng continues as Chief Executive Officer in Hagal Ocean. Christian F. Ringvold takes on the role as Executive Chairman in both entities.
Photo: Christian F. Ringvold, Entheos Co-Founder and Executive Chairman of Hagal, Merijn Terheggen, Entheos CEO and Co-Founder and Fredrik Ringnes, CEO in Hagal.
Hagal is a Norwegian clean-tech startup that designs and manufactures the proprietary RebelCore Smart Controller. Crafted by one of the best battery technology teams in Europe, Hagal’s state-of-the-art battery management system and single-cell control make batteries smarter and more efficient. Headquartered in Oslo with a battery center in Hokksund, Norway, the company has 35 employees. www.hagal.com
Entheos Network is a software start-up founded by Merijn Terheggen and Christian F. Ringvold. It is building a global decentralized energy platform designed to drive local energy independence at global scale. Maintaining its US offices in Silicon Valley and its European operations in Amsterdam, the Entheos Network is oriented towards a truly global scope. www.entheos.network
Christian F. P. Ringvold
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