The company has secured new resources to expand its operations. Among the new shareholders are Friar Venture AS, Proventia AS, Grenland Business Fund, and the international player Blue Marine Energia. Norhybrid has also received support from Innovation Norway and the Telemark Development Fund.
“We are proud and grateful for the confidence shown in us by existing and new investors. The funding will be used to scale our operations in selected markets and to realise several key projects,” says Carl Ivar Holmen, CEO of Norhybrid Renewables.
Norhybrid develops small-scale wind turbines and hybrid energy technologies for local energy production, particularly suited for businesses, agriculture, and aquaculture. In 2024, the company signed contracts worth nearly NOK 20 million.
Recognising strong potential
Friar Venture sees significant potential in the company.
“Norhybrid Renewables is an exciting initiative, led by skilled and experienced entrepreneurs. To maintain momentum in the green transition, investment in renewable energy must increase substantially. The fastest and most effective way to contribute is to produce more energy locally – where it’s actually consumed,” says Espen Kjeldsen, Chair of Friar Venture.
Planning for further growth
Norhybrid is part of the Proventia AS incubator at Herøya Industrial Park, where the company develops and tests its solutions. Further growth is planned over the course of the year, and the team will expand in line with the projects now being rolled out.
About Friar Venture:
Friar Venture is an investment fund aimed at accelerating the growth of technology companies in the Telemark and Vestfold regions. The fund has a flexible investment mandate and focuses on businesses headquartered in the region. Friar Venture was established to meet the need for risk capital in the area and to strengthen innovation and entrepreneurship. The fund is managed by Skagerak Capital, with Espen Kjeldsen serving as Head of Regional Funds.
Text/photo: Tone Brekke tone.brekke@hipark.no
