According to a press statement from Aker Solutions, the business has agreed to buy hydroelectricity company Rainpower Holding AS, a renowned technology provider to the hydropower sector, Port News informs.
The purchase is in line with Aker Solutions’ expansion plan and will boost the company’s renewables portfolio. Rainpower’s evolution into an innovative hydroelectricity company with the goal of optimizing hydropower development and operations, according to Aker Solutions, has significant industrial synergies.
Rainpower designs manufacture, and ships hydroelectric turbines, control systems, and related equipment to clients and projects all over the world. The firm provides new installation equipment as well as improvements to existing hydroelectric companies. Rainpower has a 165-year history, dating back to 1853 when Kvaerner pioneered the Norwegian hydroelectric expertise. The business has worked on some of the world’s largest hydroelectric development projects, including China’s Three Gorges Dam.
Aker Solutions has agreed to buy all of Rainpower’s shares from a subsidiary of Aker Horizons, which bought the company in January 2021. Over the last year, Aker Solutions and Rainpower have worked together on technical and strategic projects. Aker Solutions has complementary skills with Rainpower and is ideally positioned to achieve the hydropower technology company’s potential as a result of this relationship.
During the second quarter of 2022, the deal is scheduled to be finalized. The acquisition price is estimated to be around NOK 100 million, with a discretionary factor that might push the price up to NOK 150 million. The deal is still subject to several closing conditions, including third-party approvals, as well as a third-party valuation study.
Rainpower is based in Lillestrm, Norway, just outside of Oslo, and has offices in Norway, Sweden, and China. About 200 highly experienced professionals work for the firm, which provides patented technology for integrated goods and services to the hydropower sector across the world. It has a great track record of providing cutting-edge technologies to the hydropower sector. Most of Norway’s hydropower stations have received Rainpower turbines, control systems, and equipment.
Rainpower’s revenues in 2021 were NOK 345 million, while the order backlog as of December 31, 2021, was NOK 361 million. The business will carry on under its current name.
The worldwide energy industry benefits from Aker Solutions’ integrated systems, products, and services. Aker Solutions employs 15,000 individuals across 20 countries.