CPower Energy Ltd., an offshore energy services and manpower supplier, and Semco Maritime A/S, an international engineering and contracting business, have announced a strategic alliance, with Semco Maritime purchasing a 20% stake in CPower Energy.
The partnership looks to harness the substantial growth opportunities in the UK and global offshore wind markets, bringing significant benefits to both companies and their customers.
Established in 2015 by Peter and Tsvetelina Jørgensen, to provide industry with an innovative one-stop solution to resourcing that has seen significant growth in its infancy, CPower Energy 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. The company has established a strong market position and exceptional track record with customers in the UK market, and the collaboration with Semco Maritime will accelerate the momentum in the European market to further expand their presence in the global offshore wind space.
”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,” says founder and CEO of CPower Energy, Peter Jørgensen.
The collaboration with CPower Energy supports Semco Maritime’s goal of growing the group’s service activities to account for 20% of total revenue by 2023, strengthening and expanding their footprint and network in the UK while simultaneously contributing to the continued globalisation of the group’s business and the ongoing pursuit of a balanced split between Renewables and Oil & Gas activities.
“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,” says Senior Vice President, Renewables, Semco Maritime, Jacob Øbo Sørensen.
The vast potential of the offshore wind market in the UK is underlined by significant government and private sector investment, focused on growing installed capacity from around 13 GW today to around 50 GW by 2030. This represents a great opportunity for the strategic partnership between CPower Energy and Semco Maritime.
CPower Energy expands its Board of Directors with the appointment of Senior Vice President of Renewables at Semco Maritime, Jacob Øbo Sørensen, to accelerate joint business development and strengthen collaboration.
”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,” says chairman of CPower Energy, Martin Dronfield.
The parties have agreed not to disclose further details about the transaction.