Statoil will become the largest supplier of wood pellets in Denmark after acquiring EcoNordic, a Danish manufacturer and supplier of biological fuels with a 40 per cent market share.
“Biofuels play an important role for space heating in the Nordic energy market,” explains Hanne Lekva, vice president for the group’s new energy business development unit.
“As part of our commitment to new energy forms, we’re now acquiring EcoNordic to become Denmark’s biggest player in the wood pellets market.”
She explains that this acquisition is a joint in-house project between Nordic energy in Denmark and the new energy unit in the industrial development unit.
To be called Statoil EcoNordic A/S, the new company is expected to have sales of NOK 230 million in 2003.
The acquisition covers 40 employees as well as factories in Vildbjerg and Haastrup and the head office in Århus.
Statoil’s operations in Denmark embrace refining and sale of oil products, a network of service stations, and sales of pellets, electricity and natural gas.
“This strategic commitment to the biomass market strengthens our position as a total supplier of energy,” says Poul Luxhøj, president of Statoil Denmark.