A further step into a promising future

AFK acquires German energy storage specialist Commeo as part of Ampwell strategy

Arendals Fossekompani ASA (AFK) and Commeo GmbH (Commeo), hereby announce that AFK has acquired a majority stake in Commeo, a German company specializing in energy storage and energy management solutions. AFK is a Norwegian listed industrial investment company with a portfolio of sustainable energy and technology related companies.

AFK is happy to announce the acquisition of a majority share of Commeo on April 6th, 2022. “After having screened several battery related companies in Germany and neighboring countries, and after several discussions and meetings with the Commeo team, we have agreed with the shareholders of Commeo to acquire a 54.9 % stake of the company. We feel that we have become part owners of one of the most exciting
energy storage companies in Europe, and we are extremely happy that we have reached an agreement with the Commeo shareholders”, says Torkil Mogstad, Executive Vice President at AFK.

“Energy storage is key in an increasingly volatile energy system where intermittent wind and solar energy is introduced while coal, gas and nuclear energy are phased out. Commeo fits well into our portfolio of companies in the energy technology space and becomes an important piece of our new battery-centered concept called Ampwell,” says Ørjan Svanevik, CEO of Arendals Fossekompani.

Commeo provides solutions for commercial and industrial energy storage by manufacturing battery modules and rack systems, including control units and software for monitoring and data logging. An example of how Commeo systems are used is ‘peak-shaving’ energy consumption, which is to use energy from the battery racks during peak price periods to avoid steep tariffs charged by the energy system operators. Headquartered in Wallenhorst, Commeo employs 50 people and reported revenues of EUR 3.5 million in 2021. The company is on a strong growth trajectory and plans to build a new factory.

Established in 2014, Commeo has developed its proprietary energy storage system and is now in a position where the product can be manufactured on an industrial scale. The production process and capacity will improve significantly with new production facilities, where construction will start later this year. Commeo systems typically range from 50 kWh to 1 MWh, but the modular plug-and-play setup allows for even larger systems.

“We see an already strong and growing customer demand for Commeo’s solutions and look forward to building the company further together with AFK. As a result of our independence and foresight in securing the supply chain, Commeo is still able to deliver products within just three months despite increasing demand, and a new production plant will allow us to serve an even greater part of the market for stationary charging”, says Michael Schnakenberg, CEO of Commeo.

AFK is impressed by the strong team at Commeo and is looking forward to working with all employees to reach the next goals. “We also want to strengthen further Commeo’s already strong relations with existing suppliers, distributors, partners and customers”, says Torkil Mogstad.

Commeo’s battery system is modular and therefore scalable from kW to MW scale, which makes it suitable not only for commercial and industrial use, but also for utilityscale applications. “Commeo will support both industrial clients and the energy grid itself,” says Torkil Mogstad, responsible for building Ampwell, a new battery-centered company recently established in AFK.

With Commeo as a key building block, Ampwell will combine hardware from Commeo with competence and technology from AFK portfolio companies Volue and EFD Induction, as well as Cellect Energy, to build an eco-system for battery technology and a Battery-as-a-Service business model.

AFK has high ambitions for its battery storage business and aims to become a leading service provider in a European market that is expected to see tremendous growth the next decade. Through Ampwell, AFK hopes to be an even bigger part of the energy solution in Europe, with Commeo as a very important part.

Arendals Fossekompani
Arendals Fossekompani (AFK) is a green-tech investment company that owns energyand technology-related companies which enable the transition to a green economy. AFK operates globally in several future-oriented industries, including 3D printing, algo trading, satellite services, battery- and solar technology, software, and digitization. Established in 1896, AFK has been a proud producer of renewable hydro power for
more than 100 years. The company is headquartered in Arendal, Norway and listed at the Oslo Stock Exchange.