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  • Portfolio News
  • 14 February 2010
  • 12 min read
  • Words: Northzone

Pål Engebretsen becomes Chairman of the Board of Directors of ChapDrive

(Trondheim 07/12/2010) – ChapDrive AS is pleased to inform the appointment of Pål Engebretsen (56) as Chairman of the Board of Directors as of 7th December 2010, succeeding Tellef Thorleifsson who continues as board member.

Pål Engebretsen is Chief Executive Officer of Bergen Group, a Norwegian maritime industrial group with main focus on the off shore industry and specialized vessels.

Pål Engebretsen has a wide experience from top management positions in the supplier industry to the energy sector. In his previous career, Pål Engebretsen amongst others held positions as Deputy CEO of NTE, a Norwegian energy utility, Chairman of ScanWind Group AS, a wind turbine company now part of GE Wind, Chairman of Sarepta Energi AS, a wind project developer and Deputy Chairman of the power company Eurokraft Norge AS.

Pål Engebretsen has a degree in Engineering.

ChapDrive’s Board of Directors as of 7th December includes: Pål Engebretsen (Chairman), Torben Bjerre-Madsen, Tellef Thorleifsson, Joachim Cock, Marianne Blaauw, Jostein Vik and Steinar Fossen,

ChapDrive AS
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:

Viking Venture AS
Viking Venture is one of the leading technology focused venture funds in Norway with 200 million USD (NOK 1.2 billion) under management. The investment company focuses on companies involved in ICT and energy technology. Viking Venture typically invests in companies that is ready for the commercialization and growth phase. The fund is a very active owner with a substantial share in the portfolio companies.

Investinor AS
Investinor AS invests in Norwegian based, high potential companies that are internationally oriented and in the phases ranging from early growth to expansion.
The company has NOK 2,2 billion under management and focus on companies within the energy, cleantech, maritime, marine and travel sectors. Cleantech and marine sectors are of particular interest, with i.e. MNOK 500 earmarked for the marine sector. Investinor AS has a co-investment strategy and contributes up to 70% in each round, and can take up to 49% equity ownership of a portfolio company.

Northzone is a leading European venture firm specializing on technology. NorthZone has about NOK 2,8 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, Funcom, Revolt Technology, Norstel and T-VIPS.

Hafslund Venture AS
Hafslund Venture is an active owner in growth companies within renewable energy, energy efficient technology and concepts related to the value chain in Hafslund. The total venture assets under management are more than NOK 4,5 billion, with 11 investments, where the photovoltaic company REC represents the largest value. By investing in external companies and utilizing competence from the Hafslund Corporation, venture represents a flexible and cost efficient way of conducting research and development with focus on profit.

Energy Capital Management AS
Energy Capital Management AS (“ECM”) is one of the leading venture capital investors within the energy sector in Europe and has been a dedicated investor in the upstream Oil & Gas- and Clean Energy sectors for almost 10 years providing competent capital to high growth technology companies. ECM is the manager and advisor of Statoil ASA`s venture portfolio with close to US $250 million under management. The close cooperation with an industrial energy company, Statoil, provides ECM with a unique platform to review and build young companies with the ambition to make a difference in the energy sector.

More information
CEO: Jens Anders Jensen, Phone: +47 922 76 881

ChapDrive AS
Professor Brochs gate 2
7030 Trondheim, Norway