Electric ferry pioneer Fjord1 to have new owners
Written by Nick Blenkey
Photo: Fjord1
Norway’s largest ferry operator, Fjord1, is to come under new ownership. Netherlands based DIF Capital Partners and French based EDF Invest are to acquire the electric ferry pioneer from Vision Ridge Partners and the Saevik family’s Havila Holding. The terms of the deal were not disclosed.
When we last reported on Fjord1, it was with the news that the Norwegian Public Roads Administration had officially notified the company that it had been selected to develop and operate a next-generation autonomous ferry for the Lavik-Oppedal crossing in Norway.
Fjord1 has long been a leader in all things green in ferries. An early adopter of LNG-fueling, it has since focused on electrification and is Norway’s leading owner and operator of electrified ferry systems with 39 of its 81 vessels set to be electric by year’s end.
Ferries are an integral part of the Norwegian transportation infrastructure, with the company serving approximately 50% of all Norwegian passengers and providing critical high-frequency boat services between the mainland and islands, as well as across fjords that facilitate commuting, leisure, tourism, and goods transportation across the country.
“We’re very excited to invest in Fjord1, which is operating under a concession-based model, and which is a leader in delivering environmentally friendly and reliable ferry transportation in Norway,” said Gijs Voskuyl, a partner at DIF. “We look forward to working with our partner EDF Invest and the company’s management team to continue to invest in new vessels as Fjord1 continues to grow its electrified fleet to support the energy transition of the ferry industry.”
“EDF Invest is thrilled to invest in Norway and become a shareholder of Fjord1, a company at the forefront of innovation and decarbonization,” said Alexandre Pieyre, head of EDF Invest (the investment arm of the EDF (Électricité de France) Group). “Alongside our partner DIF and with an experienced management team, we look forward to supporting the company and its employees to pursue this low carbon strategy and to bring even more innovation to the transportation industry.”
Following the close of the transaction, which is expected in early 2024, Fjord1 will continue to be led by CEO Dagfinn Neteland, supported by his current team of over 1,000 employees.
“Management is pleased that the sales process has been completed, which has been a long and thorough process, where we experienced significant interest in the company from a number of parties,” said Neteland. “The management team is excited and looking forward to working with the new owners of the company and jointly build on the strong position that Fjord1 has in the market to make the company even stronger in the years ahead.”
Under Vision Ridge’s and Havila Holding’s ownership, the proportion of vessels within Fjord1’s fleet that operate on electricity has increased by over 50%. As a result, Fjord1’s operating fleet today is approximately 60% electric – the highest proportion in Norway – and comprises approximately half of all electric ferries currently operating in Norway, serving 44 routes across 16 contracts in the Norwegian market.
“Having been part of a transitional period for Fjord1, where the company has been at the forefront of implementing electric ferries, we are happy to have found a new owner for Fjord1 who can help develop the company further,” said Vegard Sævik, chairman of Fjord1 AS and of the Havila Holding board of directors. “The last tender win where Fjord1 is to deliver autonomous operations is a testament to the competence in the company. There is no doubt in my mind that Fjord1 will continue to be a world leader in zero emission transportation and operational excellence.”
“Since investing in Fjord1 in 2019, we have worked closely with Havila Holding to strategically scale the company’s operations and increase fleet electrification to help cement its position as the nation’s leading owner and operator of electrified ferry transportation. Vision Ridge is proud to have executed our mission of mobilizing capital to address climate change and the tremendous progress Fjord1 has made over the last five years as a result. We are confident that DIF and EDF Invest are the ideal partners to help further grow Fjord1’s market share of the Norwegian fleet sector and look forward to the company’s continued success.” said Reuben Munger, managing partner and chief investment officer at Vision Ridge.
