Petrolia SE has acquired outstanding 71.5% of associated company CO2 MANAGEMENT
AS. The company will be the primary vehicle for developing new business
opportunities under Petrolia's Decarbonisation Strategy.
The purchase price was identical to the price in the latest capital increase in
CO2 MANAGEMENT AS in March 2020. Total consideration was NOK 3.7 million. The
sellers were related parties Time Critical Petroleum AS (26.2%), Increased Oil
Recovery AS (26.2%) and Independent Oil and Resources PLC (19.2%).
CO2 MANAGEMENT AS focus on three key areas:
1) CO2 MANAGEMENT AS, parent company, established 29 March 2019,
2) HYDROGEN & CCS AS, 100% subsidiary, established 13 January 2020 and
3) AMMONIA ENERGY SOLUTIONS AS, 100% subsidiary, newly established 16 February
CO2 MANAGEMENT AS (https://wereturncarbon.com) delivers turnkey end-to-end
solutions and advisory for carbon capture, transportation, storage and/or
utilisation. The company is working towards establishing a carbon dioxide hub
covering major point sources in Europe. It is also investigating pathways
towards reducing the CO2 emissions from the oil and gas industry on the
Norwegian Continental Shelf and elsewhere.
CO2 MANAGEMENT AS is a Corporate Partner of the Global Alliance in Management
Education ("CEMS") and has obtained funding from Innovation Norway. CEO Torsten
Porwol, Ph.D. moved to Norway from Germany more than twenty years ago. He has
focused on research-based innovation for more than a decade, commercialising
Norwegian technology worldwide. He has extensive experience from ventures
related to carbon capture and usage.
HYDROGEN & CCS AS participates in projects where Hydrogen is produced from
natural gas with CO2 capture and possible storage. It also aims at participating
in projects where hydrogen is used as the source of energy, including related
AMMONIA ENERGY SOLUTIONS AS aims at participating in projects where Ammonia is
produced. In case carbon dioxide is produced as a by-product it may be captured
and stored. It also aims at participating in projects where ammonia is used as
the source of energy, including related logistics.
Limassol 10 March 2021
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