Nordic Unmanned has announced that it has signed an agreement to acquire 100 percent of the shares of Ecoxy, the leading Norwegian provider of accredited emission measurements for the shipping and oil and gas industry. Ecoxy is also accredited to verify GHG reporting under EU ETS.
“Emission monitoring is a key part of our business, and we see tremendous growth opportunities moving forward. Nordic Unmanned is becoming a leading authority within emission monitoring in Europe, and the acquisition of Ecoxy fits perfectly with our growth strategy. We expect increasing demands for our combined offering as new regulations are being enforced globally and through the EU green transition plan Fit for 55.”
says Knut Roar Wiig, CEO of Nordic Unmanned.
Founded in 2003, Ecoxy has particularly focused on NOx measurements, following the introduction of NOx taxes. Ecoxy has so far completed almost 1,200 measurement assignments, and has long- standing relations with environmental authorities in Norway, Sweden, Denmark, including Norwegian NOx Fund as well as shipping companies, engine builders and suppliers of emission reduction services. It is the only Norwegian provider of accredited emission measurements of marine engines. Ecoxy is based in Molde, Norway, and currently employs 5 professionals. Average revenue over the last 3 years are 11,6 mill with a stable EBITDA margin of 20 percent. The 2021 revenue is expected to exceed NOK 13 million with an EBITDA margin of 20 percent and will be consolidated into Nordic Unmanned with immediate effect.
Key products and technology:
- Accredited exhaust gas measurement of NOx, CO, UHC, PM, O2 and CO2
- Non-accredited measurements of NH3 (ammonia)
- Verification of greenhouse gas emissions
- Measurement of emissions to air from onshore facilities
- Experience from work with large industrial clients
“The acquisition adds attractive data intelligence and services within our Maritime business vertical. As we now expand our existing offerings of emission monitoring by drone, to now include verification and accreditation, we see that we can add further customer value. We aim to be the first provider in the world with accredited drone-based NOx and SOx measurements” says Mr. Wiig.
The seller is Bjørn Haukebø, who will continue in his role as CEO of Ecoxy.
“Nordic Unmanned’s international reach and growth strategy provides a perfect opportunity to expand Ecoxy’s business from our Norwegian and Nordic base, leveraging our technology, competence and excellent industry relations. I’m excited to join the Nordic Unmanned team on this journey,”
says Bjørn Haukebø, CEO of Ecoxy AS.
The transaction will be settled at closing, which is expected shortly, with 60 percent cash and 40 percent in Nordic Unmanned shares, issued in line with board authorization, for a total value of NOK 12.5 million. An additional NOK 7.5 million in cash is payable if certain performance targets are met over the coming years.
Photo: Erik Birkeland/Tingh
Source: Press Release