HNA/HNB – Hafslund Venture and Eidsiva Vekst are joining forces

Hafslund Venture and Eidsiva Vekst have today signed an agreement to merge their venture investments activities by merging the Hafslund Venture portfolio into a joint venture with Eidsiva Vekst; Energy Future Invest AS (EFI).

The new combined portfolio will consist of ownership interests in a total of 12 companies and a significant cash position. Hafslund and Eidsiva want to help establish and strong investment environment with focus on energy, and will own half each of the new company.

- This joint effort underscores both companies' desire to identify and develop new business opportunities within the energy industry, says CEO Ola Mørkved Rinnan in Eidsiva.

The new jointly owned company will be managed by Tore Schiøtz. He is former SVP of Hafslund and head of its venture capital business. - With these owners behind us we are looking forward to further developing the 12 interesting companies and still have the financial capacity to make new investments in a very exciting sector, says Schiøtz.

- We are proud to bring a strong capital management environment - which has delivered excellent results over the last ten years - on in a new context together with Eidsiva – with which we have a good and long lasting relationship, says Christian Berg, CEO of Hafslund.

Hafslund ASA,

Oslo, 22 December 2011

For further information, please contact:

Managing Partner Tore Schiøtz, tlf. + 47 915 21 719.
Director Thor Svegården, Eidsiva Vekst, tlf. + 47 916 21 541.

CFO Finn Bjørn Ruyter, Hafslund, tlf. + 47 911 38 199