Hydro invests in electricity and gas trading system

December 23, 2005, 09:30 CET

Hydro is investing NOK 17 million in Navita Systems AS, which develops complete trading systems for gas and electricity.

We consider Navita the most exciting systems development company in the Nordic region, positioned to take market shares in a growing international market for energy trading. In addition to developing a complete trading system for gas and electricity, Navita has proven itself by delivering on time and on budget for demanding customers,” says Richard Erskine, leader of Technology Ventures in Hydro.

Navita is a Norwegian company with more than 15 years experience within activities connected to energy trading and related risk management. In 2004, Navita purchased a trading system from Hydro, which became part of Navita’s additional product portfolio and has made them capable of delivering a complete trading system for both electricity and gas.

”By establishing itself in the Nordic market, where liberalization of electricity trade has advanced further than anywhere else in Europe, Navita has the right background for succeeding in markets where liberalization is taking place,” says Erskine.

In addition to Norway, Navita has offices in Canada, the USA and Sweden.

Navita offers systems to electricity and gas trading companies that need solutions to accommodate all aspects of transactions. In light of the growing international consolidation of electricity and gas companies, Hydro believes Navita has the right product strategy to fulfil the needs of large European and North American energy companies.

Hydro’s venture vehicle for the oil and energy industry, Norsk Hydro Technology Ventures, was established in March 2001 with an initial funding of NOK 350 million. The fund invests in companies that develop technology tied to Hydro’s activities within oil and energy. The investment in Navita is made together with Viking Ventures, a leading Norwegian venture fund with NOK 600 million under management and which focuses on early investments within IKT, energy and medical technology.

www.navita.com