Other business

Other business

As part of Hafslund’s focus on the core areas of renewable energy, power sales and construction and operation of infrastructure for electricity and district heating, the Group’s venture business was discontinued at the end of 2011. During the year shares were sold in Fesil, Network Norway, Cogen and Renewable Energy Corporation (REC).

With effect from 20 January 2012 and with the exception of the shares in Embriq AS, the residual venture share portfolio was transferred to Energy Future Invest AS, a company jointly owned by Hafslund and Eidsiva Vekst through respective 49.5 percent shareholdings. Following the above changes the Group’s former venture business comprises the shareholdings in Energy Future Invest and Embriq. Hafslund’s shareholding in Embriq is 84 percent, and the company will be continued as a Group subsidiary.

Embriq AS

Embriq delivers total solutions and individual assignments within software, consultancy services, projects, operation and management of small and large companies in all industries. One of Embriq’s main market areas is the energy industry, and the company has participated in the implementation of many of the largest AMS projects in the Nordic region. Embriq is headquartered in Oslo.

BioWood Norway AS

BioWood Norway is one of Europe’s largest factories for production of wood pellets and is situated at Averøya in Møre og Romsdal. As raw materials, wood chippings are sourced from several different countries, since the volume of chippings required by BioWood Norway is not currently available from Norwegian producers. The production capacity is 450,000 tonnes of wood pellets per year, which corresponds to 2 TWh of energy. BioWood Norway is in a start-up phase, and a gradual escalation of production is planned during 2012.