Scandinavian Private Equity investor EQT Mid Market has acquired majority (57,5%) in INTPOW partner StormGeo, a leading global provider of software-based decision support for weather sensitive operations at sea.
The Strategy is to support StormGeo’s continued growth. As part of the transaction, EQT Mid Market will enter into a partnership with DNV GL, management and employee shareholders, who will remain significant minority shareholders.
“EQT’s international standing and experience with global expansion, licensed based business models, both the offshore and the software sector and their extensive global network of Industrial Advisors will help support our continued growth internationally,” said Kent Zehetner, CEO of StormGeo .
StormGeo provides meteorological and oceanographic forecasting and consultancy services to the offshore wind industry, with activities resting on a tripod foundation; scientific competence, meteorological experience, and technological excellence. The company has developed an in house state of the art meso scale modeling suite tailored for simulating the dynamic flow and supporting delivery of production forecasts at high accuracy.
Press release, March 28, 2014; Image: StormGeo