Norwegian technology company raises 50 million for further industrialization

Stavanger/Oslo 12.11.2020 - HIPtec - a Norwegian technology company producing advanced metal components with lower energy use and greenhouse gas emissions, raises 50 MNOK from Scatec AS, Nysnø Climate Investments AS and Roht Invest AS.

The demand for advanced metal components is increasing. More and more customers are requesting sustainable solutions and the components must therefore be lighter and stronger, and manufactured in a cost-effective way with a low COfootprint. HIPtec has developed a technology that does the job and will now establish the first production line on an industrial scale for further product qualification in collaboration with strategic customers.

– HIPtec has developed an innovative production technology that is both cost-effective and environmentally friendly. The industrial potential is significant, says John Andersen, Jr., CEO of Scatec and chairman of the board of HIPtec.

– We are very pleased that Nysnø Climate Investments and Roht Invest have chosen to invest in HIPtec together with us in Scatec. Their capital contribution and expertise will strengthen HIPtec in the further work towards industrialization, saysAndersen.

Advanced components with lower carbon emissions

HIPtec is producing advanced metal components of high quality with low CO2 footprint. Typical components have complex geometries and are composed of different materials. HIPtec has so far entered into agreements on product qualification and further industrialization with customers in the maritime sector, oil and gas, power production and medical equipment.

A core element of HIPtec’s production technology is the use of Hot Isostatic Pressing (HIP). HIP combines high pressure with high temperature to join metals into complex components. Compared with traditional production methods, costs are lower – and material consumption, energy consumption and greenhouse gas emissions are significantly reduced.

– HIPtec ticks all the boxes for us with a large market potential, long-term profitability, reduced greenhouse gas emissions, and positive societal effects – as well as industrial potential, says John Egil Johannessen, Investment Manager at Nysnø Climate Investments.

Industrial potential attracts strong interest from investors

HIPtec is now raising NOK 50 million in new growth capital from Scatec AS, Nysnø Climate InvestmentsAS and Roht Invest AS. In addition, for the upcoming pilot phase, HIPtec has received support from Innovation Norway’s Environmental Technology Scheme. Following the establishment of the first production line, HIPtec’s goal is to scale further to a capacity of over 600 tonnes of high-value metal products.

– HIPtec has a proprietary, cost-effective and environmentally friendly production technology with the potential to develop many interesting market niches within a large accessible market. We look forward to participating in the industrialization of the company’s technology, says Jørn Aage Johansen, Roht Invest AS.

Contact person Nysnø John Egil Johannessen, Investment Manager tel. +47 93 41 76 82