StormGeo to increase its energy market insight through the acquisition of Nena
Combined companies provide the customer with a clearer picture of the global energy complex
BERGEN, Norway, Aug. 9, 2016 /PRNewswire/ -- StormGeo, a global provider of decision support for weather sensitive operations for the Shipping, Offshore, Renewable Energy, Corporate Enterprise, Media and Aviation industries, has acquired all outstanding shares in Nena AS.
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Nena, headquartered in Oslo, Norway, is a leading analysis house delivering energy market insights. Nena provides price prognoses and market analysis to major utilities and trading entities, with weather data being a fundamental input component of its analysis. StormGeo currently provides energy trading analysis and services, and this acquisition complements StormGeo's offering to propel the company into a leading position of production forecasts and price prognoses for the power markets.
"We are delighted to partner with a company that shares our commitment to quality and brings deep industry knowledge and sophisticated modeling capabilities. The combination of StormGeo and Nena will further enhance our big data capabilities," said Kent Zehetner, CEO of StormGeo. "Our mutual customers will see the benefits of expanded global energy insights."
Christian Sjødin, CEO of Nena said, "Nena, together with StormGeo, will meet new market needs and expand offerings to further enhance customer value. With StormGeo, we are a part of a world-leading company whose global reach and reputation give us access to a large customer base."
According to Jostein Mælan, Vice President of Renewable Energy at StormGeo, "We have always acknowledged the quality of the market analysis from Nena. Together we will develop new energy market insight and couple outstanding market analytics with unlimited weather accessibility to further differentiate StormGeo in the industry."
About
StormGeo, headquartered in Norway, is one of the world's largest commercial weather service providers. With 25 offices in 15 countries it brings advanced solutions to a global customer base 24/7 365 days a year in Shipping, Offshore, Renewable Energy, Media, Corporate Enterprise and Aviation. Majority shareholders in StormGeo are EQT and DNV GL. For more information visit www.stormgeo.com.
Nena is a leading analysis house delivering analysis and price forecasts to Nordic and European power markets, renewable markets, gas & LNG, coal and dry freight markets. Nena's client base includes energy utilities, funds, banks, shipping companies, private investors and governments. For more information visit www.nena.no.
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