ltor Fund V (“Altor”) has signed an agreement to acquire a 30% stake in OX2 AB (“OX2”) and to enter a partnership with Peas Industries AB. Altor will support the company on its continued growth journey and to continue lead the shift to renewable energy in Europe. The founders through Peas Industries will remain as majority shareholders and continue to stay active in the development of OX2.

OX2 is a leading European renewables development company. Founded in 2004 OX2 has grown to become the #1 independent developer in Europe having realised more than 2.4 GW of wind power. OX2 currently has management contracts for 38 wind farms (2.1 GW). OX2 currently has operations in six countries and operates across the entire renewable development value chain with a significant pipeline across Europe within onshore and offshore wind as well as solar energy.

“We are pleased to have Altor as a partner in OX2. The company has an ambitious plan, and we are convinced that Altor will be able to contribute its expertise in the steps we plan to take with the company. It has been important for Peas Industries to maintain the majority ownership and at the same time collaborate with one of the leading players in the private equity sector”, says Johan Ihrfelt, CEO and Co-founder of Peas Industries.

“We are very impressed by OX2, the management team and the employees. We truly believe in the company, its strategy and its employees and think it will be very exciting to partner with the founders and Peas Industries on this journey to accelerate the ongoing energy transition and develop OX2 into the leading renewables company.” says Petter Samlin, Partner at Altor.

“OX2 is on an exciting mission of leading the ongoing energy transition and we are confident that getting Altor on the team will strengthen our position in the rapidly expanding renewable energy market. In the coming years we aim to focus on further growth in our core markets as well as adding new geographies and technologies to our portfolio”, says Paul Stormoen, CEO of OX2.

“This is a landmark investment for Altor. I am excited to partner up with OX2 and Peas Industries and jointly drive the transition to a fully renewable energy sector in order to achieve a carbon neutral future.” says Harald Mix, founder and Partner at Altor.

KeyFacts Energy Industry Directory: OX2