Argentum invests NOK 120m in energy

The Norwegian state fund-of-fund, Argentum, has invested NOK 120m in Energy Ventures II. Energy Ventures II is the second fund raised by Energy Ventures, and it will focus on early-stage companies in the upstream oil and energy sector. Argentum invested in the first fund too. Due to its performance, Argentum's CEO, Jørgen Kjærnes, said they wanted to continue to support Energy Ventures.Ole Melberg, Energy Ventures II's fund manager, stressed the importance of returning investors. 'If large investors from the first fund, like Argentum and Ferd, had not showed continuous support, we would never have recruited Schlumberger as an investor for the new fund,' he said. Schlumberger is an important player within the oil and energy sector.Energy Ventures II has in total raised NOK 589m, NOK 14m more than their target. Based in Stavanger, the new fund is the second energy sector fund managed by Energy Ventures.

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