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  • Portfolio News
  • 01 September 2008
  • 13 min read
  • Words: Northzone

ChapDrive has secured NOK 30 mill and appoints Jens Anders Jensen as CEO

Jens Anders Jensen is a former member of the board of management of Vestas Wind Systems A/S, and he joins ChapDrive after a successful field test of its new hydraulic transmission system for wind turbines. NorthZone Ventures, Hafslund Venture and StatoilHydro Venture have completed an additional funding round of NOK 30 mill (?3,75m) to continue the technology development with a 900 kW pilot installation
(Trondheim 29 August 2008) ChapDrive AS has today appointed Jens Anders Jensen as a new CEO. Jens Anders Jensen (1957) holds a master’s degree in Engineering from the Life Science Faculty at the University of Copenhagen supplemented with studies at the Technical University in Copenhagen and a diploma in economics from the Silkeborg School of Commerce.

As an independent investment professional Jens Anders Jensen has worked with capital funds and pension funds seeking investment opportunities in the renewable energy sector, particularly within wind power projects and wave power technologies.

In his previous career Jens Anders Jensen served 4½ years in the Danish based Vestas Group as member of the board of management. Vestas is the world’s largest producer of wind turbines and world market leader for wind power solutions. In addition to the position as CSO and Executive Vice President in Vestas Wind Systems A/S Jens Anders Jensen held positions as Chairman of the board in the Danish Wind Industry Association, and Chairman of the board in the Vestas Sales and Service Companies as well as board member positions in the Vestas Production Companies in Europe, Asia and North America.

Former ChapDrive CEO Åsmund Furuseth will continue in the management team of the company as VP of market and business development.

ChapDrive has recently successfully field tested a 225 kW prototype at Valsneset outside Trondheim, Norway and the current focus is now a 900 kW pilot installation to further demonstrate the advantages of the technology. The project has been awarded 5,4 million NOK in support from ENOVA.

To carry out the project and further develop the company ChapDrive has completed an additional share issue of 30 million NOK (EURO 3,75 mill.) towards the existing investors NorthZone Ventures, Hafslund Ventures and StatoilHydro Venture.

ChapDrive is located in Trondheim, Norway and was founded in December 2006 based on research from The Department of Energy and Process Engineering at the Norwegian University of Science and Technology (NTNU). The company develops a patented system for hydraulic transmission in wind turbines.

About the investors:

Northzone Ventures AS

Northzone Ventures is a leading Nordic venture firm specializing on technology. Northzone has about NOK 2,5 billion under management, and is located in Oslo, Stockholm and Copenhagen. Northzone is currently holding more than 35 technology companies mainly originating from the Nordic area, and Northzone has been a lead investor in among others Stepstone, Nextgentel, Mamut and Funcom, Revolt Technology, Norstel and T-VIPS.

Hafslund Venture AS

Hafslund Venture is an active owner in growth companies within renewable energy, energy related technology and concepts related to the value chain in Hafslund. The total venture assets under management are about NOK 12 billion, with 18 investments, where the photovoltaic company REC represents by far the largest value. By investing in external companies and utilizing competence from the Hafslund corporation, Hafslund Venture represents a flexible and cost efficient way of conducting research and development with focus on profit.

StatoilHydro Venture AS

StatoilHydro Venture is working with business development and investments in new clean energy solutions and utilizes the competence in StatoilHydro to develop future-oriented technology and market positions for renewable energy production.

NTNU Technology Transfer AS

NTNU Technology Transfer AS (TTO) is the wholly owned commercialization organ of the Norwegian University of Science and Technology (NTNU). TTO assists to secure that research from NTNU and St.Olav Hospital is utilized through license agreements and founding of new companies.

More information

Chairman of the board: Tellef Thorleifsson, Phone: +47 22 12 50 10

CEO: Jens Anders Jensen, Phone: +47 922 76 881 / +45 41 29 27 17

Chapdrive AS

Osloveien 107

7018 Trondheim, Norway