Energy Ventures, a Norwegian venture capital firm focused on investments in the energy sector, has established a NOK85m (€9.8m) top-up fund, Energy Ventures (B) IS, to provide additional investment capacity to its Energy Ventures II KS fund. The extension fund will allow the firm to support its portfolio companies further, which is expected to yield higher returns for investors. The capital was raised from existing investors in the Energy Venture II KS fund with Argentum, Gjensidige and KLP as the largest investors, committing a combined total of NOK40m (€4.6m).
In addition, Jebsen Asset Management, Møbelmagasinet, DnBNOR, Solstad Invest, T. D. Veen, Melberg Investment, Intervest, Redback, Taxus and management have participated in the new fund. Energy Ventures II KS was originally established in April 2005 with committed capital of NOK589m (€68m). The fund is fully invested and has invested in eight companies.
|
|
Ole Melberg, managing partner of Energy Ventures, said, “We are very pleased that our investors continue to place confidence in us. The present market conditions offer exciting opportunities, and this top-up fund will make it possible to develop our investments even further in order to maximise return for our investors.” Joachim Høegh-Krohn, CEO of Argentum, added, “Argentum has had the privilege of being a partner to Energy Ventures since 2003. Through this extension fund we, and the other investors, provide a vehicle that will allow for further investments and value creation to the joint benefit of the portfolio companies, the energy industry as well as the investors.”
Energy Venture II KS is focusing on investments in venture stage technology companies within the upstream oil and gas sector. The companies in the portfolio are ARKeX, DeepFlex, Stingray Geophysical, Ziebel, PanGeo Subsea, Cubility, Ingrain and Sigma Offshore. The fund was built on the heels of the Energy Ventures I fund, which has now exited six of its eight investments. In January 2008, Energy Ventures also closed its third fund, Energy Ventures III, with a total commitment of NOK1.34bn (€154m), from which it is now investing.
Source: AltAssets (01/05/2009)
Tags: ARKeX, CEO, Cubility, DeepFlex, Energy Venture II KS, Energy Ventures, Energy Ventures I fund, Energy Ventures II KS fund, Energy Ventures III, Ingrain, Intervest, investments, Jebsen Asset Management, Joachim Høegh-Krohn, Melberg Investment, Ole Melberg, PanGeo Subsea, portfolio, Redback, Sigma Offshore, Solstad Invest, Stingray Geophysical, Taxus, Venture Capital, Ziebel