October 22, 2024
Norwegian state enterprise Siva acquires the office building of battery technology company Beyonder Siva – The Industrial Development Corporation of Norway is the new owner of the Beyonder-building, located outside Stavanger, Norway. The sale further strengthens Beyonder’s ability to raise capital and is set to enhance Norway’s position in the European battery value chain. Unlocking capital for Beyonder AS Through Siva’s investment in the building, Beyonder gains greater flexibility to develop its operations. Steinar Jørstad, Siva’s Director of property and ownership, says : Beyonder currently has capital tied up in the real estate company through a loan. Siva’s investment frees up capital for the company, allowing them to focus on core operations and commercialization, Siva offers the industry access to attractive industrial buildings for new and sustainable production, working closely with industry partners, municipalities, and both public and private investors. Jørstad highlights Siva’s role as a long-term property owner that can further develop the building for future industrial production. He says, Beyonder has invested in its battery initiative for the past eight years and is now working to attract more investors. The most significant impact of our investment for them is on their capital raising process, A solid owner Beyonder has developed, qualified and certified its own product, based on its proprietary recipe, called BePowered. They have now received their first scaled order of BePowered products and have access to commercial large-scale production capacity. The company’s technology is considered crucial for Norway’s development of a comprehensive battery value chain and expertise in this area. Tove N. Ljungquist at Beyonder, CEO, says: Siva is a solid and long-term owner. Their entry releases capital and allows us to focus on the further development of the company. “This will strengthen our position in the European battery value chain and bring us a step closer to our goal of becoming a world leader in sustainable battery production, Siva – The company for industrial growth in Norway Siva is a Norwegian state enterprise that ensures sustainable industry and value creation all over the country by accelerating promising projects from idea to industrial production. This is achieved through a unique combination of ownership in innovation companies, programs consisting of business parks and incubators, national test facilities (catapult centres) and investments in property and industrial parks. Siva’s involvement triggers investments and mobilizes private capital that would otherwise not be invested. More info: https://siva.no/english/ READ the latest Batteries News shaping the battery market Norwegian state enterprise Siva acquires the office building of battery technology company Beyonder, source Business Development