Staking on clean energy technology

Stavanger - (26 August, 2008). The Norwegian company Energreen has developed a technology which makes it possible to generate clean energy from pressure drops in fluid process systems, energy which previously was lost. The technology has a wide range of uses within offshore and onshore industries. Energy Ventures now invests about NOK 45 mill to contribute to commercialisation of the technology, which received an award from Bellona and E-CO in 2007.

The need for energy onboard offshore installations is increasing and today this energy is supplied through the usage of fossil fuel, which is costly and causes severe emissions of greenhouse gases. In 2006, Energreen was founded by Jan Kristian Vasshus, Trond Melhus and Per Reidar Ørke. The company has developed a technology and a turbine generating pure zero emission energy from pressure drop in fluid flow and thus energy which up until today is not exploited. In addition to the environmental benefits, the turbine also contributes to reduce the operating costs, which of course improves the economy in general. The Stavanger based venture fund Energy Ventures now invests to become a business- and financial support partner in Energreen.

"Energreen is a very exciting investment. The company has unique technology with a global potential. The oil and gas industry suffer from a bad environmental reputation and the turbine developed gives a huge environmental benefit. We now invest in a company and a technology that provide economic as well as environmental benefits. The test results are very good and we look forward to contributing to further developing, commercialising and internationalising of the company", says Energy Ventures partner Einar Gamman.

The turbine Energreen has developed is called RotaChoke. In February this year, the company had the first full scale prototype ready for testing. The test version has achieved great attention among business players with activities both onshore and offshore. In addition, a series of industrial partners have shown interest in contributing to a further development of the product. Also the environmental organizations have paid extra attention to Energreen, and as early as in 2007 the company achieved the "Pure Energy" award from Bellona and E-CO.

"We feel that we have reached far in short time, but to be able to commercialise RotaChoke, we needed a partner. In Energy Ventures we found a partner which is one of the world's leading venture capital firms with focus on the oil- and gas industry and we are very pleased now that we have got them as part of the Energreen team moving forward", says the CEO of Energreen Per Reidar Ørke.

In addition to Energy Ventures Energreen is owned by the founders. The company has earlier received economical support from Innovation Norway and Enova.

Energreen is attending the ONS 2008 taking place in Stavanger this week. The company may be visited in the venue Fornybarparken on stand no. M1158.

For further information:
Einar Gamman, Partner, Energy Ventures,
+47 916 37 105 or +47 51 84 12 93

Per Reidar Ørke, CEO, Energreen, +47 909 76 415

About Energy Ventures
Established in 2002, Energy Ventures is a leading venture capital firm providing competent capital to high growth oil and gas technology companies. Energy Ventures manages and advises three oil and gas venture funds with a combined capital base in excess of US$ 410. Energy Ventures is headquartered in Stavanger, Norway, with offices in Aberdeen, U.K., and Houston, U.S. Energy Ventures' professionals have extensive industry, investment, transaction and stewardship experience as well as a wide-ranging network in the oil and gas industry.

For additional information, please visit
www.energyventures.no or www.energreen.no