Norwegian shipping company Saga Tankers has moved into the renewable energy sector with a new investment into a hydrogen fuel company.
As part of the renewable energy strategy, the company will divest non-core assets and change its name to Saga Pure ASA. The company has appointed Bjørn Simonsen as Chief Executive Officer (CEO) as of December 1, 2020.
“Saga sees significant opportunities within renewable energy investments. We have extensive experience from developing companies within the renewable energy universe, e.g. from the global leader within hydrogen technologies Nel ASA. Saga has a strategy of actively working with its investments in both listed and private entities with a significant value creation potential, and will leverage on the deal flow, resources and capabilities in our network,“ says Martin Nes , Chairman of the Board of Directors.
Under the strategy, Saga invested NOK 55 million ($ 5.9 million) in Everfuel A/S, an integrated green hydrogen fuel company aiming to capitalize on the EUR multi-billion hydrogen heavy-duty fuel market now opening up in Europe.
The investment follows a private placement and subsequent listing of Everfuel A/S on Merkur Market, with Saga as cornerstone investor.
As part of the strategy, Saga plans to divest 55% ownership in indoor arena Vallhall, which is expected to be sold to Tycoon Industrier AS for an enterprise value of NOK 120.0 million, as well as 105.8 million shares in S.D. Standard Drilling and other investments corresponding to approximately NOK 32 million.
Following the completion of the transactions, including the purchase of shares in Everfuel A/S, Saga will hold in the range of approximately NOK 180 million in cash, with no long-term debt.
The company will continue to be invested in Vistin Pharma ASA.