Swiss Life Asset Managers announces acquisition of green energy transition platform Vergia

Vergia, a platform for the green energy transition, was acquired for and on behalf of several investment funds managed by Swiss Life Asset Managers from previous owner Arendals Fossekompani. The investment funds will finance the platform to enable its further growth as well as the realisation of first projects, such as a flagship green ammonia project located in Arendal, Norway. The project consists of developing and constructing a green ammonia plant including a bunkering facility at the Eydehavn port. All parties agreed not to disclose the sales price.

Headquartered in Norway and established in 2022, Vergia combines in-house competence with strategic partners to develop infrastructure projects in alternative verticals within the energy transition sphere with focus areas in Power-to-X and offshore wind.

In recent years, Europe has seen significant need in the development of renewable fuels to drive the energy transition. Green ammonia is one of the most promising fuel types to replace fossil fuels in the shipping industry with an emission-free alternative that can be produced from water, air, and renewable energy.

This evolution is driven by strong regulatory push, reflecting a commitment towards sustainability and carbon reduction. Maritime transport represents more than 80% of the world’s total trade volume and is responsible for almost 3% of global greenhouse gas (GHG) emissions.

The international Maritime Organisation (IMO) has adopted a strategy to reduce the GHG emissions from the shipping sector by 80% within 2050 compared to 2020 figures.

“The acquisition of Vergia marks the first step in establishing a platform focusing on Power-to-X for our managed funds. Europe’s target to become climate neutral by 2050 can only be achieved if all main forms of energy are being decarbonised – electricity, heating, and fuels. Power-to-X utilises electricity generated from renewable sources to produce hydrogen and sustainable fuels. In this context, Norway has some of the most attractive locations in Europe – if not globally. We are therefore delighted to base the establishment of our platform on the acquisition of Vergia. Besides the location, its highly experienced management team, the interesting project pipeline, and the very strong partners in the various portfolio companies create an excellent foundation for building a successful platform. With this strategy we will significantly contribute to the decarbonisation of various sectors, which is very much in line with our ESG ambitions” comments Marc Schürch, Head Renewable Energy at Swiss Life Asset Managers.

About Swiss Life Asset Managers Infrastructure Equity
Established in 2011, the Swiss Life Asset Managers Infrastructure Equity platform manages over EUR 10bn in Assets under Management for its clients and partners. The team consists of 65 investment specialists with an average of 20 years industry experience across the senior level members. The platform has made 75 infrastructure investments in private markets, across 15 solutions, in both direct and indirect opportunities across the energy, communications, transportation, regulated utilities, social infrastructure and renewable energy sectors.

About Arendals Fossekompani
Arendals Fossekompani (AFK) is an industrial investment company that owns energy and technology related companies which enable the energy transition and develop next generation industrial technologies. Arendals Fossekompani operates globally in several forward-thinking industries, such as B2B software and analytics, satellite communications, induction technology and industrial 3D printing. Established in 1896, Arendals Fossekompani has been a proud producer of renewable hydro power for more than 100 years. The company is headquartered in Arendal, Norway and has been listed at the Oslo Stock Exchange since 1913.

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