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The case is being updated.
Axxis Geo Solutions, the former seismic company listed on the Oslo Stock Exchange, has recently been through reconstruction and bankruptcy proceedings. On Wednesday, the company announces that the new board has proposed the company’s further direction.
It is stated that Axxis will change its name to Carbon Transition, and will become an investment company “with a focus on” energy transition “and which contributes to a significant reduction in carbon emissions”, as stated in the stock exchange announcement.
– Carbon Transition will focus on investing in companies that have a short-term goal of listing, or in companies as they are listed, it is stated.
The market is obviously positive about the news about the name change and the strategy change. From the start, the share rises around ten percent, and is traded for around NOK 0.16.
Investor profiles on the owner side
That was earlier this year that an investor group with profiled names as Edvin Austbø, Fredrik Sneve, Kristian Lundkvist and Ketil Skorstad wanted to save and take over the company.
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The group then guaranteed $ 17 million from a capital raising of a total of $ 20 million, and is now among the company’s largest shareholders.
In Wednesday’s stock exchange announcement, the now renamed company writes that the current seismic business will be continued under the name Axxis Geo Solutions, but that in future it will be defined as one of the company’s investments.
– The new strategy is completely compatible with having the old business arranged in this way for a transitional period. Seismic contracts and the seismic library are expected to be able to provide revenue to fund this new direction. It is essential that the costs associated with operations from this part of the business are low, the company writes in the report.
First investment ready
In a separate stock exchange announcement from the company on Wednesday morning, the “new” company’s first investment is announced, which is an investment of NOK 30 million in a convertible loan in Arbaflame as.
Arbaflame will develop a patented technology that produces black pellets from biowaste. In the long run, this can replace coal in coal-fired power plants globally, Carbon Transition writes in the report.
Arbaflame is valued at approximately NOK 500 million, and has just raised NOK 156 million through the issuance of a convertible loan.
– We believe Arbaflame with their strong management and board, together with their investors, will be able to fully utilize their potential and become winners on a global basis, says Gisle Grønlie, chairman of the board of Carbon Transition in a statement. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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