Lightrock successfully exits two Norwegian companies focused on building a more sustainable future

Lightrock successfully exits two companies focused on building a more sustainable future

11 December 2023, London: Lightrock, the global impact platform that backs purpose-driven companies, is pleased to announce the successful exit of two Norwegian portfolio companies committed to building a more sustainable future. Kiona, a platform specialising in energy efficiency Software-as-a-Service (SaaS), has been acquired by CAREL, a global leader in energy efficiency solutions. Norsk Gjenvinning Group (“NG Group”), Norway’s largest recycling company, has been acquired by a Summa Equity-backed vehicle.

Kiona is a leading software-as-a-services company that aims to stop all unnecessary energy usageand CO2 emissions in buildings, with the overall ambition of making properties part of the solution to climate change. With a team of 135 employees, Kiona serves over 55,000 commercial, residential, and public buildings, including 3,000supermarkets. Their cloud-based platform focuses on energy efficiency, greenhouse gas emissions reduction, and food loss prevention, enabling customers to align financial and sustainability objectives by digitising both new and old buildings, along with the associated heating, cooling, ventilation, and refrigeration systems.

NG Group's goal is to accelerate the global shift toward an efficient circular economy, aiming to create a world free of waste. The organisation comprises upstream and downstream divisions, along with five specialised businesses offering environmentally friendly waste management services and facilitating the extraction of raw materials from waste throughout the entire supply chain. Operating in Norway, Sweden, Denmark, and the UK, the company, with its 2,200employees, managed over 2.3 million tonnes of waste in 2022, achieving a 58percent reuse, recycling, or recovery rate.

Commenting on the exits, Pal Erik Sjatil, CEO and Managing Partner of Lightrock, said: “Our successful exits from NG Group and Kiona provide evidence of our conviction: that impactful and sustainable investments yield superior long-term returns. We wish these forward-thinking companies and their dedicated teams every success in their future endeavours.”

About the Kiona Group

Kiona is a leading SaaS company with the vision to significantly impact the fight against climate change by offering the most innovative and cost-efficient prop-tech platform on the market. With well-proven solutions for integration and connectivity, Kiona helps customers achieve their financial and sustainability objectives by digitalizing new and old buildings and their heating, cooling, ventilation, and refrigeration systems.

For more information, visit www.kiona.com

About NG Group

The NG Group is Norway's leading environmental services provider and a key operator in this sector in Northern Europe. The company offer a wide range of sustainable waste management and recycling solutions, working with businesses, industry and local authorities across the country. Working across four main areas, NG Group’s solutions help to recover raw materials and preserve natural resources.

For more information, visit http://www.nggroup.no/

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