Aker Signs Agreement to Acquire Prototech

[By: Aker]

Aker ASA announced that Aker Capital (collectively referred to as “Aker”) has acquired the Norwegian technology and research and development (R&D) company Prototech AS (“Prototech”). The acquisition provides access to a portfolio of industrial technology solutions and R&D capabilities that underpin Aker’s strategic development in the energy transition.

“Prototech has an impressive portfolio of technologies and expertise that need both capital and active ownership to realize their full potential”, said Øyvind Eriksen, President and CEO at Aker. “Aker has been developing knowledge-based industry for 180 years. There is no shortage of exciting ideas, research, and technology developments happening all over Norway. Identifying and developing interesting companies and investment opportunities is an essential part of the work to drive Aker’s value creation over time. Prototech has R&D capabilities and solutions that we believe can play an important role in Aker’s long-term development.”

Prototech, established in 1988, was originally part of the Mechanical Section of the Christian Michelsen Institute (CMI) in Bergen, and is based on an engineering and technology tradition dating back to 1930 when CMI was established as a non-profit R&D institute. Over the last 30 years, Prototech has developed into a R&D and technology company with expertise and a broad portfolio within space applications, new energy systems, and technologies for the offshore and maritime sectors.

“Prototech has a long and proud history developing technology for Space and Ocean Space. Our energy solutions are maturing and can potentially make a real difference in the zero-carbon economy. To succeed we need industrial ownership to accelerate our development and provide capital for growth. Aker is the perfect owner for Prototech going forward, and we are very happy to become part of the family”, said Bernt Skeie, CEO at Prototech.

Aker has acquired 100 percent of the company from NORCE, one of Norway’s largest independent research institutes owned by several leading Norwegian universities, for an undisclosed amount. As part of the transaction, a new Board of Directors will be constituted, which will include Prototech’s current employee-elected Directors.