OSLO, Norway and LUXEMBOURG, March 24, 2023 /PRNewswire/ — AVG Group Sarl (AVG), through its investment fund, the Nordic ESG and Impact Fund SCSp (the “Fund”) has made a strategic investment into TGN Energy AS (“TGN”), a Norwegian hybrid energy management company. TGN has created an energy management system that integrates all forms of renewable energy into one platform. TGN programs its smart batteries to optimize energy systems for corporates.
“TGN compliments our existing investments within the Fund’s portfolio. We can now connect a variety distributed energy assets under one common software and offer it to corporate users, to achieve their Net-Zero targets.” says Karl Andersen, the Fund’s CEO.
TGN has a strong pipeline of corporate users that want to liberate themselves from grid dependency. TGN has a strong presence in the Nordics and AVG plans to bring their technology to the US to take advantage of the Inflation Reduction Act.
AVG launched their first Fund during the middle of the Covid-19 pandemic, on March 1, 2021. The first Fund is set to close on March 31st 2023. The Fund has made 3 distributions so far and 2 of its 8 portfolio companies are in negotiations to be acquired by SPACs. AVG intends to close on a total of 10 companies for Fund 1 and then launch the Climate Technology Fund II (“Fund II”). AVG has decided to rebrand as Greenlight to reflect its core mission of building distributed energy globally. “Giving power and control of their electricity back to consumers and the market is paramount to reaching Net-Zero and providing additional security for consumers,” says Founder Karl Andersen.
AVG Group Sarl
AVG manages the Nordic ESG and Impact Fund SCSp (the “Fund”). With offices in New York, Oslo and Luxembourg, the team delivers a global approach to ESG and Impact investing.
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SOURCE AV Group Sarl