Semco Maritime has acquired a 20% stake in UK outfit CPower Energy, with both companies forming a strategic partnership to help grow the offshore wind market.
The partnership will look to harness the substantial growth opportunities in the UK and global offshore wind markets, bringing significant benefits to both companies and their customers.
The parties have agreed not to disclose further details about the transaction.
CPower Energy was stablished in 2015 by Peter and Tsvetelina Jørgensen and provides a range of value-adding services to the global offshore energy sector, with a focus on offshore wind.
The company employs 9 people and maintains a close network of highly experienced partners who provide services within three primary areas: Construction Support, O&M Support, and Skilled Personnel.
CPower Energy will also appoint of Semco Maritime senior vice president of renewables Jacob Øbo Sørensen to its Board of Directors to accelerate joint business development and strengthen collaboration.
CPower has established a strong market position and exceptional track record with customers in the UK market and this collaboration will accelerate the momentum in the European market to further expand their presence in the global offshore wind space, Semco Maritime said.
It will also support Semco Maritime’s goal of growing the group’s service activities to account for 20% of total revenue by 2023, the company added.
CPower Energy chief executive officer and founder Peter Jørgensen said: “We are excited to join forces with Semco Maritime, boosting our sales and providing access to valuable experience and organisational muscle, enabling us to pursue growth at a much faster pace and gearing up to accommodate the increasing demand from customers in the global offshore energy industry.”
Semco Maritime senior vice president of renewables Jacob Øbo Sørensen said: “The highly skilled CPower Energy team has built a fantastic company with a solid foothold in the UK market and great growth prospects.
“We look forward to pursuing these opportunities in a close partnership focused on developing our joint business by improving and expanding our existing product and services offering to customers across the globe.”
CPower Energy chairman Martin Dronfield said: “CPower Energy has established a solid platform for continued growth in a very short period of time, and the partnership with a specialist firm as well-reputed and experienced as Semco Maritime unlocks great value for both parties.
“We are certain that the sum is greater than the parts in this collaboration, and we will seize the opportunities in the market together.”