Frydenbø Maritime Industries announces its acquisition of Elmarin, a leading provider of electric propulsion systems for the maritime sector. This strategic acquisition significantly advances Frydenbø’s growth strategy, enhancing its capability to deliver innovative and sustainable solutions to its customers. Following the acquisition, Elmarin will operate as a sister company alongside Frydenbø Forward and Frydenbø Yards and will be renamed Frydenbø Elmarin AS.
This acquisition provides us with valuable expertise, cutting-edge technology, and an expanded product range, stated Per Jarle Røyrvik, CEO of Frydenbø Maritime Industries.
Together, we will strengthen our market presence and enhance our ability to respond effectively to evolving customer demands.
Established in 2015, Elmarin has expanded to become a key supplier within the Norwegian maritime industry, specializing in complete hybrid propulsion systems, maritime electronics, and automation solutions. The company holds significant expertise in diesel-electric and battery-hybrid solutions, particularly tailored for small and medium-sized vessels in fisheries and aquaculture.
Over the past decade, founders Jan Ove Knudsen and Geir Gustad have impressively built Elmarin into a market leader, particularly in vessel electrification for the aquaculture industry, playing a pioneering role in the ongoing green transition within this sector. Aquaculture is an industry segment Frydenbø Forward has closely collaborated with for years, primarily supplying traditional diesel-based propulsion systems. With this acquisition, Frydenbø Maritime Industries will be able to provide both IMO-approved low-emission and electric propulsion solutions to the aquaculture industry and additional segments.
Frydenbø is delighted that the founders will remain actively involved, both as co-owners and key employees, contributing significantly to the continued growth and development of the business.
We have observed significant shifts in the market, with increasing consolidation among customers and suppliers. To remain a secure and attractive workplace, we have long sought a strong and reliable partner. Joining Frydenbø Maritime Industries fulfills this objective perfectly, founders Jan Ove Knudsen and Geir Gustad state. -We share a mutual alignment of values, and our combined businesses complement each other effectively. Frydenbø’s established market position ensures that customers, employees, and partners will all benefit from this development.
The acquisition is subject to approval by the Norwegian Competition Authority. Until approval, the company will continue normal operations. The decision is expected by May 2025.
We are delighted that Elmarin has selected Frydenbø as its strategic partner for future growth. Both parties have engaged in a thorough and constructive process, reinforcing our confidence in this strategic alignment, says Åsmund B. Heen, Chairman of Frydenbø Frydenbø Maritime Industries. This investment clearly reflects Frydenbø’s strategic commitment to innovation, sustainability, and profitable growth. We see considerable potential in electric propulsion systems, and this acquisition distinctly positions us at the forefront of the maritime industry’s green transformation. Our ambition is to be a driving force for sustainable maritime solutions, concludes Heen.