Aker announced on January 27 that its wholly owned subsidiary Aker Horizons has entered into an agreement to acquire Rainpower Holding. Aker Horizons will use Rainpower as a platform to build a next generation technology company to optimize hydropower developments and operations. (Photo quoted from Aker’s official website)

Aker Horizons will acquire 100 percent of the shares in Rainpower and will contribute approximately NOK 100 million in capital to transition and develop the company into a next generation hydropower technology and solutions provider. Aker Horizons will combine the engineering and industrial software capabilities of the Aker group with Rainpower’s hydropower portfolio and experienced project organization to reposition the company for growth. The new company will be included in Aker Horizons’ sunrise portfolio of companies that are in an early phase or require further development to realize their full potential.

It will seek to identify and develop concepts for upgrading the hydropower installed base to reflect the needs of future power markets, including an increasing need for flexibility to rapidly respond to swings in intermittent renewable power generation and for cost-effective and sustainable power storage solutions.

Rainpower is an experienced project organization based on Norwegian hydropower technology founded by Kvaerner in 1853. Today, Rainpower offers proprietary technologies for integrated products and services to the hydropower industry worldwide. Its product and service portfolio ranges from turbines, governor systems, control systems and other equipment, maintenance services and rehabilitation, as well as technology for hydropower system design and upgrades. Rainpower is headquartered at Lillestrom, Norway, and has offices across Norway, as well as in Sweden and China.

(IRuniverse)