Norsk Hydro and CRV Holdings (UK) Ltd. have entered into an agreement to merge Hydro’s on-line energy auction project Buyenergyhere.com (BEH) with The Utilities Exchange (TUE), a UK based on-line utilities broker.
The merged company will aim to provide the European utility market with a premier business-to-business service for contracting utilities between buyers and sellers. The transaction will combine TUE’s long standing position as a service provider to major energy buying clients in the UK, with Buyenergyhere.com’s modern technology and award winning solution as well as its already established position in the Scandinavian market. The business will, from the outset, have a market share of approximately 10 % of the largest energy users in the UK.
The company currently trades in Norway Sweden and the UK, but have plans for expansion throughout Europe.
Hydro and CRV (100 % owner of TUE) will, after completion, hold 14 % and 86 % of the combined entity respectively.
TUE took over responsibility for Hydro’s BEH activities as of 25st of September 2000 and the company’s head office and main trading location will be London, UK.
The transaction provides TUE with a fully developed eBusiness solution and provides BEH with access to volumes and customers. Together this will give a head start on competition.
For further information - please visit the web sites:Buyenergyhere.com and TheUtilitiesExchange.com