Powel ASA, the IT company, which supplies decision-support and control systems to the energy sector and to public infrastructure services, has decided to seek stock exchange listing during 2005. The listing is intended to underpin the company’s growth and increased international activities.
The Board of Directors of Powel ASA has decided to seek a listing on the Oslo Stock Exchange in the course of 2005. The listing is intended to underpin the company’s further growth and increased international activities.
The IT company has grown to become a leading international supplier of decision-support, control and monitoring systems to the energy sector and public infrastructure services (water and waste). The company has 2 business areas: POWER and UTILITY. These supply solutions which improve profitability in the energy sector and ensure the efficient production and distribution of power. The solutions aimed at public infrastructure services secure water and waste installations.
- ”Powel’s leading-edge solutions and the current deregulation of international energy markets offer us considerable potential beyond our Nordic home market. Our market position makes a growth strategy in markets such as the USA and Europe a natural step. A stock exchange listing provides greater opportunity for further growth, both organically and through acquisitions”, explains Jon Einar Værnes, Powel ASA’s CEO.
Powel was founded in 1996 when the company was spun off from SINTEF’s energy research activities. The company expends 15-30 per cent of its annual turnover on product development. The company’s growth has been financed primarily from operations. The equity ratio is 61.7 per cent, providing a solid platform for further growth.
For more information, please contact:
CEO Jon Einar Værnes
Tel: +47 73 80 45 00
Mobile: +47 481 64 555
About Powel:
Powel ASA is an IT company that develops and supplies business-critical decision-support systems to the energy sector. Powel also supplies control and monitoring systems to the energy sector and public infrastructure services (water and waste) to ensure power and water supplies. The company’s home market is the Nordic region, with major energy companies such as Vattenfall AB, Norsk Hydro and Statkraft in its customer portfolio. Powel has its head office in Trondheim with subsidiaries in Norway and Sweden, as well as the USA and Canada. The customer portfolio includes 1,000 public and private enterprises throughout Europe and the USA. Powel had a turnover in 2004 of NOK 157m and EBITDA of NOK 3.5m.