OSLO, NORWAY: AS Green Cube Innovation Holding and Smart Energy Sweden Group AB have merged their businesses to create Scandinavia’s leading renewable fuel company. The new company, Greenbit, will have 120 fuel stations in Norway and Sweden in addition to a significant B2B business in both countries.

The new group will benefit from economies of scale and has a clear growth ambition in the market for renewable fuels. This market is expected to grow significantly in the years to come, in line with the global target for reduced emissions achieved at COP26.

The merged company, Greenbit, expects a turnover of NOK 3.9 billion and EBITDA of NOK 180 million for 2022, and the parties have an ambition to list the company in Q2-2022.

“We are happy to have received the approval from Swedish competition authorities to combine the two companies AS Green Cube Innovation Holding and Smart Energy Sweden Group AB, and are eager to get started with the new combined company, Greenbit AS. With the new company, we will continue to pursue our goal to reduce CO2 emissions in the transportation industry across the Norwegian and the Swedish markets,” says Magnus Nyfjäll, who will be CEO of the combined company.

As a part of the combination agreement the new company will acquire a 20% ownership stake in Colabitoil Produktion AB. Colabitoil Produktion AB is planning to build a production plant in Norrsundet, north of Stockholm.

Colabitoil Produktion AB will use a unique technology developed by the Colabitoil Group to produce renewable gasoline and diesel at the production plant. The facility is expected to start production by 2025. The new combined company will also acquire an exclusive licence from the Colabitoil Group to produce renewable gasoline and diesel in Norway.

AS Green Cube Innovation Holding (GCI) is a Norwegian privately owned energy company established in 2006 with headquarters in Oslo, Norway. GCI was founded as a renewable company with a goal of replacing fossil energy with renewable energy sources.

GCI is a distributor of both biofuel and fossil fuel through the three brands Eco-1, Automat 1 and Nordic Fuel Supply in Norway and Sweden. The GCI Group has a total turnover of approximately SEK 1,900 million (2020), of which approximately SEK 560 million is generated in Sweden. The GCI Group has approximately 23 full-time employees.

Colabitoil Sweden AB (CBO) is a Swedish privately owned energy company established in 2013 with headquarters in Gävle, Sweden. CBO was previously listed on Spotlight Stockmarket in Sweden but was delisted on March 22nd, 2021.

CBO was founded with the vision of developing, producing and selling fossil-free fuels of the future and invests in the development of renewable petrol, diesel, and aviation fuel in Sweden. CBO is a distributor of both biofuel and fossil fuel through its sub-group Smart Energy and its subsidiaries. Smart has a total turnover of approximately SEK 1,350 million (2020) and has approximately 55 employees.