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Renewable Energy Resources acquired 22.1% of share capital in Romag   29.3.2007 15:15:56
News categories: Corporate news      Íslenska  English
Renewable Energy Resources has acquired 22

Renewable Energy Resources has acquired 22.1% in Romag and, at this point, is the largest shareholder in the company. Renewable Energy Resources, which is owned by Atorka Group, specialises in investments in renewable energy. Among Renewable Energy Resources’ other assets are Jarðboranir, a geothermal energy leader specialising high-temperature geothermal energy in Iceland, and Enex (a 16% holding), which focuses on development projects in the geothermal heat sector.


Renewable Energy Resources has purchased Atorka’s entire holding in Romag, as well as an additional 3,200,000 shares. The company therefore owns 10,083,299 shares in Romag, or a 22.1% stake. The acquisitions were financed with cash and borrowed funds, and the total purchase price is just over ISK 2.4 billion.


Romag is a global leader in the manufacture of specialised photovoltaic glass, which utilises daylight for the production of electricity. The market for such innovative solutions is rapidly growing, as is evidenced by the fact that Romag’s turnover from this production grew by 300% last year.


Magnús Jónsson, CEO of Atorka:

“With this acquisition, Renewable Energy Resources has become a leading investor in Romag, and it will support the company in its future growth endeavours. This investment is Renewable Energy Resources' first move in the solar energy sector. The market for renewable energy has grown substantially in recent years, and we see further growth coming as a by-product of greater awareness and greater emphasis on the use of renewable energy.”


For further information, contact Magnús Jónsson, CEO of Atorka (tel. +354 840 6240).