Cowi has acquired Mannvit, an Icelandic consulting engineering outfit which specialises in green energy.
The acquisition will give Cowi an even stronger market position in the Nordic region where investments in the green transition are accelerating.
Mannvit’s employees provide new capabilities to accelerate Cowi’s growth ambitions.
In addition, its 280 employees have broad experience in geothermal and hydropower, which are capabilities that are in high demand.
“We are excited to welcome Mannvit to the COWI Group.
“It’s a perfect match, both from a business and cultural perspective.
“Both companies have employees with great technical capabilities, and we share values as well as a strong buy-in to work with our customers to co-create sustainable and well-designed solutions that improve the quality of life for people today and many generations ahead,” said Group CEO of COWI, Jens Højgaard Christoffersen.
Thanks to its good access to renewables, Iceland has the potential to become a green energy hub for various industries.
“Since the green transition is a core pillar in our strategy, it makes sense to enter the Icelandic market,” said Henrik Winther, Executive Vice President of Cowi in Denmark, who will lead the integration of Mannvit and COWI.
The Icelandic government has increased its investments in new infrastructure and green energy in recent years.
The size and complexity of future infrastructure systems require an extensive team of skilled employees and relevant experience.
As a part of Cowi, Mannvit will expand in terms of competencies and scale and be ready for most challenges.
“By joining forces with Cowi, we get the opportunity to develop Mannvit as a company while building on our legacy. From our collaboration on various projects, we know that there is both a technical and cultural fit between our companies.
“But most importantly, we share the same ambition for a sustainable future,” said Örn Guðmundsson, CEO of Mannvit.
As part of the transaction, Mannvit will become a fully integrated business unit in the Cowi Group.
Mannvit will change its name to Cowi and operate fully under the Cowi brand as of 1 January 2024.
Until then, Mannvit will continue to operate under its own name and brand.