History

Arendals Fossekompani ASA was established January 30, 1896. The company’s original objective was to acquire waterfalls for utilization in power production or resale to other developers of power. After its establishment, the company bought several waterfalls, among these the Bøylefossen waterfall in Froland and the Flatenfossen waterfall at the border of Froland and Åmli municipalities.

In 1911 the construction of the Bøylefoss power station started, and the first electrical power was delivered in the summer of 1913. The same year Arendals Fossekompani ASA was listed at the Oslo Stock Exchange.

To utilize the relatively huge amounts of power from Bøylefossen, the companies DNN Aluminium and Arendal Smelteverk were established at Staknes on the Tromøysund Strait. Staksnes was in 1913 renamed Eydehavn.

Over the years the company strengthened its financial base and thus its capacity to get involved on other kinds of business activities. At the end of the 1960s, the company’s mission statement was therefore changed to additionally include operation of or participation, direct or indirect, in other industrial activities or commercial enterprises, including investments in real estate.

The power production in the municipalities Froland and Åmli is still considerable, and, over the years, the power plants have regularly been expanded and modernized. Today, the three power stations combined have 10 generators with a total installed capacity of 77,6 MW. The last 10 years, the average annual production has been 480 GWh.

In addition to the power production, Arendals Fossekompani has over the years made considerable industrial and financial investments, mainly in Norwegian companies.

In 1992, the subsidiary Markedskraft was established and in 2004, the majority shareholding of Scanmatic AS was acquired. Then in 2007, Norsk Vekst AS became a wholly owned subsidiary and in 2008 was merged with Arendals Fossekompani ASA. Through the merger, EFD Induction became a subsidiary. In 2009, Arendals Fossekompani acquired the majority of shares in Powel; in 2010, the majority in WWMC, in 2011 the majority in Cogen, in 2012, the majority in Glamox, in 2013, the majority in Tekna and in 2015 the majority in Arendals Industrier AS.