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GreenStat AS (“GreenStat”), a green power producer in Norway, has taken an undisclosed investment from AVG Group Sarl (AVG). The two companies have entered into a strategic relationship in order to expand GreenStat’s reach into the US and global markets and for AVG, priority deal flow in renewable energy projects.

GreenStat, as the name suggests, is part of a broad transition in Norway to move from the oil and gas industry to a renewable energy hub. Names such as StatKraft or previously StatOil were operated by the state in order to sustain the energy demands of the nation and export. Now, GreenStat is determined to step in as the leader of renewable energy in the Norwegian market and beyond. Most of their focus is on investments into Hydrogen infrastructure and hydrogen technology. Earlier this year, GreenStat took an investment from Aker Solutions, a former oil and gas development company in Norway. Aker is now focused on hydrogen innovation. “AVG is pleased to be a part of the GreenStat family, in order to expand the latest hydrogen technology to the US and Asian markets,” says Karl Andersen, CEO of AVG.

About GreenStat

GREENSTAT was founded by Christian Michelsen Research (CMR), now NORCE, in 2015. The company aims to be a leading player in the transition from fossil to zero emission energy. The main focus areas are Green Hydrogen, Local Energy and Insight (decision support and analysis). GREENSTAT aims to develop a diversified portfolio of projects and subsidiaries within renewable energy and technology.

AVG Group Sarl

AVG manages the Nordic ESG and Impact Fund SCSp (the “Fund”). The strategy is to invest in energy transition technology (Climate Solutions) from fossil fuels to green alternatives. AVG invests into the local companies and then scales them globally. With offices in New York, Oslo and Luxembourg, the team delivers a global approach to ESG and Impact investing.

Read article in Yahoo! Finance here.