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The Group

Elmera Group - at a Glance

Elmera Group ASA (former name: Fjordkraft Holding ASA) uses the following segments in its financial reporting:

  • Consumer
  • Business
  • Nordic
  • New Growth Initiatives (NGI), which consists of its mobile services business, the alliance segment and the Extended Alliance

Consumer market, Norway

The Group has several brands, Fjordkraft, TrøndelagKraft and Gudbrandsdal Energi. Overall market share in the consumer segment in Norway is approximately 27 per cent.

Business market, Norway

Fjordkraft AS is a leading supplier to the business market.

Nordic

The Group has a subsidiary called Switch Nordic Green AB. The company sells renewable energy and electricity contracts with guarantees of origin (GoOs) in the consumer and business markets under the brand name Nordic Green Energy in Finland and Sweden.

NGI – New Growth Initiatives

Mobile

In April 2017, Fjordkraft AS became a mobile service provider. Fjordkraft AS offers its customers low-cost mobile services via Telenor’s network. Fjordkraft is the largest mobile service provider in Norway without its own telecommunications network.

Extended Alliance

The Group delivers billing and payment services for electricity and broadband to 20 companies via its Moment platform. The platform was developed by Fjordkraft and is operated and upgraded by its jointly owned software.

 35 alliance partners

The alliance concept is the Groups collaboration model for power producers and electricity retailers in rural areas. The Group provides services related to power trading and market support to 35 electricity companies across Norway.

Acquisitions

  • On 1 July 2019, Fjordkraft AS acquired 100 per cent of the shares in the end-user company Vesterålskraft Strøm AS.
  • In February 2018, an agreement was signed to acquire the shares in TrønderEnergi Marked AS, an electricity retailer in the Trøndelag region.
  • In August 2018, Fjordkraft AS completed another transaction with the TrønderEnergi Group, this time acquiring all of the shares in Oppdal Everk Kraftomsetning AS.
  • In October 2018, Fjordkraft AS completed a transaction with BKK AS to take over the customer portfolio of Etne Elektrisitetslag.
  • In September 2020, Fjordkraft AS completed the acquisition of Innlandskraft AS. Innlandskraft AS comprised the end-user companies Gudbrandsdal Energi AS and Eidsiva Marked AS.
  • In November 2020, Fjordkraft AS acquired 100 per cent of the shares in the Swedish end-user company Switch Nordic Green AB and its branch in Finland, which trade under the brand name Nordic Green Energy.
  • Sky mobile. Portfolio of approximately 34,000 mobile clients were acquired October 2021.

Group subsidiaries

  • AllRate AS was established in January AllRate delivers rating and billing services across the value chain to end-user companies and grid companies in Norway. The company also aims to win customers in Northern Europe.

Joint ventures

In November 2019, the Group decided to invest in the technology software company Metzum AS through a joint venture with Rieber & Søn AS. The transaction was completed in 2020. Metzum AS now has a Swedish branch and 20 employees.

History

Fjordkraft AS was founded on 1 April 2001 with the ambition of becoming a leading company in the sale of electricity to the end-user market. Since the outset, the company has striven to increase national competition in the end-user market, introduce forward-looking, customer-friendly solutions, and ensure a level playing field for all the players in the industry. The company was founded as a result of a merger between the power trading operations of BKK Kraftsalg AS and Skagerak Energi. The name Fjordkraft was adopted on 1 June 2001.

Ownership structure

Through the IPO of Fjordkraft in 2018,  BKK and Skagerak Energi reduced their holdings. Skagerak Energi sold all their remaining shares in May 2020, while BKK sold all their remaining shares in January 2021.

Klimanjaro and www.klimahub.no

At the UN climate conference in Katowice in 2018, Fjordkraft’s “Klimanjaro” climate initiative was chosen as one of the winners of the UN’s Momentum for Change climate action award for 2018. Fjordkraft was the first Norwegian company to win this award. Klimanjaro won the award in the Climate Neutral Now category. In Klimanjaro, the company uses its purchasing power and requires all of its suppliers to become climate neutral if they wish to supply goods and services to Fjordkraft. The reduction in emissions Fjordkraft achieves via its suppliers is 100 times greater than the company’s own emissions. Suppliers must produce climate accounts, take action and offset their residual emissions.

In January 2020 Fjordkraft launched the Klimahub.no web portal. Klimahub.no is a portal where users can check Norwegian companies’ climate footprints, produce corporate climate accounts and invite partners to help create a climate neutral value chain.