Energy Ventures announced the final closing of its second fund Energy Ventures II today. The fund will have a total committed capital of NOK 589 million. New investors in the second closing include KLP and DnB NOR.

The second fund builds on the success of the first fund which experienced a substantial deal flow in the upstream oil and gas technology segment. The new fund will have its focus on investments in venture stage technology companies within the upstream oil and gas sector.

With its final close of the second fund Energy Ventures will have in excess of NOK 900 million ($140 million) under management. The team is headed by Ole Melberg as the Managing Partner, who is supported by the investment managers Helge Tveit, Einar Gamman and Leif André Skare and the CFO Pelle Bildtén; forming a strong management team with unique and in-depth sector competence and an extensive network. The fund is represented in Aberdeen by Steve Carter.

"We are extremely pleased with the successful establishment of Energy Ventures II", said Ole Melberg. "We are particularly encouraged by the fact that so many of our investors in the first fund have reconfirmed their commitment to the team and the investment strategy by investing in our second fund".

Energy Ventures I has made eight investments. Portfolio companies include Seabed Geophysical AS, Sense Intellifield AS, Omniware AS, Advanced Production and Loading AS, Caltec Ltd., Sense Technology AS and MTEM Ltd. One investment has yet to be announced. The first fund expects to be fully invested before the summer. All new investments will thereafter be made by the second fund.

For more information about Energy Ventures, please visit our web pages www.energyventures.no or contact Ole Melberg on + 47 95 22 60 30.