latest digital edition of Nordic unquote
latest digital edition of Nordic unquote
latest digital edition of Nordic unquote
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early-stage<br />
<strong>unquote</strong><br />
Early-stage transactions include start-up/seed and early-stage equity investments. Start-up/seed financing is provided to companies for use<br />
in product development and initial marketing. Companies may be in the process <strong>of</strong> being set up or may have been in business for a short<br />
time, but have not sold their product commercially. Early-stage financing allows companies which have completed the product development<br />
stage and require further funds to initiate commercial manufacturing and sales. They may not yet be generating any revenues.<br />
NORWAY<br />
EARLY-STAGE<br />
Core Energy AS<br />
$150m<br />
Location<br />
Sector<br />
Founded 2010<br />
Staff 5<br />
Oslo<br />
Exploration &<br />
production<br />
HitecVision invests $150m in Core Energy<br />
Transaction<br />
HitecVision has agreed to provide $150m equity for Core Energy AS, a start-up oil and gas company.<br />
The equity line will be provided over approximately five years and is subject to the company achieving<br />
certain milestones. Core Energy’s founders were looking for funding and approached the investor.<br />
Equity is provided by the HitecVision V LP fund and the investor is looking at opportunities for<br />
introducing debt at a later stage.<br />
HitecVision was attracted to the deal because it believes in the business idea and feels that the timing<br />
is right for this type <strong>of</strong> company. The investor also stated that the management’s mixed skill set and<br />
knowledge <strong>of</strong> the sector were beneficial to closing the deal. Funding will support the setting up <strong>of</strong> the<br />
company and increasing the number <strong>of</strong> staff, with the aim <strong>of</strong> having 15-20 people employed in 2011.<br />
Company<br />
Core Energy AS is a new independent oil and gas company that aims to capture the value potential<br />
in and around mature oil and gas fields on the Norwegian continental shelf. Core Energy will draw<br />
from extensive technical and commercial experience in the E&P sector, with the founders having more<br />
than 20 years <strong>of</strong> knowledge in the sector. Founded in August 2010, the company is based in Oslo and<br />
currently employs five people.<br />
People<br />
Harald Vabø, Svein Arild Killingland and Gunnar Halvorsen worked on the deal for HitecVision. Vabø<br />
and Killingland will join the company’s board as non-executive directors.<br />
EARLY-STAGE<br />
ProAware AS<br />
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