Verdane sells SmartMotor to Rolls-Royce

The company will continue to operate as SmartMotor.

Under Verdane's ownership, the firm has increased revenues six-fold, tripled its headcount and expanded on a global scale.

In 2006, the GP (then Four Seasons Venture) acquired the firm alongside four other unlisted technology companies from Trøndelag Vekst for an undisclosed sum. Follatech and Mison were two of the assets acquired. Aggregate turnover for the five assets amounted to around NOK 500m in 2005.

In 2011, the company entered into a partnership with US industrial group Moog, which committed capital to the firm.

Company
Founded in 1996 and based in Trondheim, SmartMotor designs and manufactures high-torque electrical machines with integrated drives and controls. The firm's products are based on its patented magnet technology platform. Its technology is focused on three main areas: renewable energy power generation, oil and gas, and marine applications.

The firm is a spinout of the Norwegian Technical University in Trondheim.

People
Bjarne Lie is managing partner at Verdane and chairman of the SmartMotor board.

Advisers
Vendor - Schjødt (legal); Steinvender (corporate finance).
Buyer - Wiersholm (legal).

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