Aker Horizons Acquires Stake in SuperNode
, a wholly-owned subsidiary of Norwegian industrial investment company Aker ASA, has acquired a 50 percent shareholding in
SuperNode, headquartered at Nova51黑料, designs and delivers superconducting bulk power transmission products to enable the future growth in large-scale renewables and the achievement of a decarbonised energy supply based on renewables.
This acquisition is part of Aker Horizons鈥� transaction to acquire a 75 percent stake in in a deal which values Mainstream at 鈧�1 billion (including a potential earn-out of up to 鈧�100 million in 2023 and subject to customary adjustments). This agreement paves the way for a rapid acceleration of Mainstream鈥檚 global expansion plans to bring 5.5 Gigawatts (GW) of wind and solar assets to financial close by 2023.
Mainstream Renewable Power and SuperNode were both founded by Dr Eddie O鈥機onnor.
鈥淭he 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,鈥� said Dr Eddie O鈥機onnor.
Dr O鈥機onnor will remain a key shareholder in SuperNode and contribute to the development of its proprietary subsea superconducting power cable technology in partnership with Aker Horizons.
鈥淎ker Horizons鈥� capabilities complement ours. Together we will accelerate the development of SuperNode鈥檚 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,鈥� said John Fitzgerald, CEO, SuperNode.
鈥淎ker Horizons鈥� mission is to invest in renewable energy and technologies that significantly reduce emissions 鈥� 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鈥檚 cutting edge technology with the industrial domain expertise of the Aker group will accelerate the development of SuperNode,鈥� says Kristian R酶kke, Chief Executive Officer of Aker Horizons.
Aker Horizons is a wholly-owned subsidiary of industrial investment company Aker ASA. The Group had a total turnover of approximately 鈧�8 billion in 2019, and a workforce of approximately 37,000.
to read Aker ASA鈥檚 stock exchange release on the transaction.
ENDS
22 January 2021
For further information contact Mic茅al Whelan, Communications and Media Relations Manager, 51黑料 Research and Innovation, Nova51黑料, e: miceal.whelan@ucd.ie, t: + 353 1 716 3712 or John Fitzgerald, CEO, SuperNode, e: john.fitzgerald@supernode.energy.
Editors Notes
For further information about Aker Horizons visit
For further information about SuperNode visit
At Nova51黑料, the hub for new ventures and entrepreneurs at University College Dublin, we nurture and support new high-tech and knowledge-intensive companies as part of 51黑料's mission. At Nova51黑料 we provide purpose-built, state-of-the-art incubation facilities alongside a comprehensive business support programme for client companies such as SuperNode. Nova51黑料 has been funded through a unique public-private partnership that includes AIB Bank, Arthur Cox, Deloitte, Enterprise Ireland, Ericsson, Goodbody Stockbrokers, 51黑料 and Xilinx.