Wind of change in NTG
Net Trading Group NTG AB (publ) (‘NTG’ or the ‘Company’) announces that due to personal circumstances within the family of the current CEO, Lars Christian Beitnes is today hired as new CEO.
Mr. Beitnes has a corporate and financial background. He has created a corporate services group present in 7 European jurisdictions and founded two hedge funds. He is experienced in M&A transactions as CEO and chairman of listed companies and has been active in fundraising, M&A activities and business development in the geothermal energy industry since 2007.
- Lars Christian Beitnes is a great CEO for the Company. He is literally Mr. Rock Energy, after having worked with and developed the Company over several years. His expertice in both the financial and geothermal space will surely give us the speed we need in order to accomplish our goal to become a global leader in the geothermal space, says Reidar Michaelsen, chairman in NTG.
NTG has made two acquisitions of companies with a number of unique technologies related to energy and energy savings - that enables us to follow power through the entire circuit - from our own power plant to our smart outlets. The combination provides unmatched opportunities.
- I have been engaged in the geothermal industry for 14 years and I am very pleased to be part of one of the first listed geothermal groups. Geothermal energy plays an essential role in the future energy mix since it is the only alternative to stable, predictable and everlasting energy supply on a 24/7 basis, says the new CEO Lars Christian Beitnes.
Rock Energy – forever, clean, local and independent around the clock
NTG owns Rock Energy Group (‘Rock Energy’), a Northern European renewable- and sustainable energy company producing heating, cooling and power from deep energy wells, offering solutions for independent and local energy production, which is cost-effective in comparison to energy from larger distribution networks.
There is currently a massive move in the energy market towards independent power production - off the grid. In parallel, there is a big movement towards renewable energy production. All energy users looking to utilise renewable energy are searching for alternatives being independent from weather conditions and commodity prices. Even more so, they dream of having it available around the clock - 24/7. Rock Energy’s energy wells tick all of the above boxes – exclusively. Rock Energy is the first mover in the deeper site- independent space with proprietary technologies, including several plant design protections, innovative patented drilling and completion designs, technology for monitoring geothermal reservoirs and tools for looking ahead of the drill bit, logging, mapping and monitoring tools for geothermal wells.
Rock Energy's patented technology is developed for significantly deeper boreholes than today's conventional geothermal heating systems, which results in significantly higher energy production.
This form of renewable energy differs from wind and solar because it provides baseload energy, which operates 24/7.
Rock Energy possesses world-leading and pioneering technology for deep energy wells, which is the only real environmentally friendly substitute for oil, gas, coal and nuclear power.
Rock Energy's energy solutions do not cause emissions to air, water or land and can be kept in operation around the clock with an expected life of over 50 years
- I believe NTGs subsidiary Rock Energy is uniquely positioned to become a key player in supplying the world with endless energy from site-independent deep energy wells and I am excited about being given the opportunity to add my corporate and financial experience to the team’s strong competences within geology, drilling and energy, Beitnes added.
Lightcircle – the future in energy use
NTG owns Lightcircle of Norway (‘Lightcircle’), a Nordic sustainable energy company that continuously develops and produces smart sockets currently as a series of electronic consumer goods. Several of the products are award winning such at the Kokong- and Varsku-series. Lightcircle is now pioneering this technology into its own version of the future wall socket to enhance safety and sustainable energy consumption wherever power is consumed, in the home, in office buildings, hotels or elsewhere.
The products Lightcircle develops makes charging habits irrelevant, taking out “the human factor” by providing smart, simple, safe and sustainable devices without the users having to change anything themselves.
The products are just as effective no matter who uses them - a small child, a tech beginner or an elderly pensioner in a nursing home. So, more than anything else, the products the Lightcircle`s underlying technology, developed in Kongsberg Norway, is inspired by human nature.
NTG follow an everlasting power in the entire circuit through AI 24/7
Both businesses are uniquely positioned, both as a smart producer of smart sockets and a distributor of everlasting, cost-effective, environmentally friendly energy around the clock.
By bundling the product mix of both businesses, larger developers can now develop areas where there is no electricity network and the world can face the future less concerned about unpredictable energy costs and unstable- and overloaded grids.
Lightcircle uses artificial intelligence and machine learning to track and optimize power consumption and decrease risk, build an own database and thereby develop a state-of-the-art information distribution solution that none of the world's energy producers is close to being able to do themselves.
If we do things the right way, we can write history. We want to initiate enhanced investor communication including arranging capital market days and change NTGs profile to reflect the current business in the group, Beitnes concludes.
For further information, please contact:
Reidar Michaelsen, Chairman
Phone: +47 930 58 995
This is information that Net Trading Group NTG AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on June 30, 2021, at 21:30 (CEST).
Net Trading Group NTG AB (publ) (trade symbol: NTGR) is a holistic Nordic ESG company that owns unique technology related to energy production and energy saving via Rock Energy and Lightcircle, respectively. Our technology enables us to follow the power throughout the circuit – from our power plants to our smart and unique power outlets. By combining the product mix of both Rock Energy and Lightcircle, major developers can now acquire energy in areas where there is no network, reducing concerns about unpredictable energy costs and unstable or congested grids.