AxSol Becomes Part of Novax

Apr 25, 2024

Axel Johnson’s solar energy company, AxSol, will become part of Axel Johnson’s investment arm, Novax, starting in June. This integration establishes a new focus area for Novax’s investments and business development—Energy—under the leadership of AxSol CEO Marie Strannegård. Based in solar energy, AxSol also encompasses service sectors that support the growth of renewable energy in various ways.

Axel Johnson made its first investment in solar energy in 2019, and the following year, AxSol was formed as a unit to invest in and develop leading Northern European solar energy companies. Today, AxSol owns stakes in six different companies, focusing primarily on solar energy, where the majority-owned companies Solkompaniet and EnergiEngagemang had a combined turnover of approximately 1.1 billion SEK last year. AxSol is led by CEO Marie Strannegård, who took on the role in the fall of 2023.

Novax invests in and develops small and medium-sized growth companies, focusing on the sectors of Future Food, Preventive Health, and Technical Safety. With this change, Energy is added as an investment theme. Last year, the turnover of the majority-owned companies by Novax was 2.3 billion SEK. The total turnover of all companies in which Novax holds a stake was 18.6 billion SEK. As previously communicated, Niclas Palmstierna will assume the role of CEO for Novax in June.

Thomas Ekman, CEO of Axel Johnson and Chairman of the Board at Novax:

This provides the best possible context and leverage for both the team at AxSol and for Novax as a whole. There is a clear logic in this change since AxSol has a similar mission to Novax—to create significant future companies and areas within Axel Johnson, but specifically within the energy sector. With this merger, Novax becomes a clear growth and renewal engine within Axel Johnson, with four highly interesting focus areas.”

Marie Strannegård, CEO of AxSol and incoming sector head for energy within Novax:

Our current companies within solar energy form the base and starting point for our continued efforts in the energy sector. However, we also see that the increased share of renewable energy sources, combined with a more distributed energy market, creates space for new support services to grid and power production, including balancing and optimization services. Our main focus is to develop our companies and identify new relevant services and entrepreneurs that support the transition to renewable energy. In this effort, having access to the broader Novax network will be a great strength.”

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