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HomeNewsCowi buys into Iceland renewables market

Cowi buys into Iceland renewables market

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Mannvit employs a team of 280 engineers and technical staff and operates internationally. Its acquisition is expected to strengthen Cowi’s position in the Nordic region where renewable energy transition is accelerating.

Both Cowi and Mannvit have strong track records in energy, infrastructure and industry. Mannvit, in particular, has broad experience in geothermal and hydropower, areas that Cowi considers are currently in high demand.

Cowi’s group chief executive Jens Højgaard Christoffersen described the takeover as “a perfect match” from both a business and a cultural perspective.

“Both companies have employees with great technical capabilities, and we share values as well as a strong buy-in to work with our customers to co-create sustainable and well-designed solutions that improve the quality of life for people today and many generations ahead,” said Christoffersen.

Iceland, with its unique access to volcanic geothermal and hydropower resources has the potential to become a ‘green energy’ hub for various industries, said Cowi.

The country is also a leader in carbon capture and storage, which Cowi says till be key to tackling climate change.

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“Since the green transition is a core pillar in our strategy, it makes sense to enter the Icelandic market,” commented Henrik Winther, Cowi’s executive vice president who will lead Mannvit’s integration.

Mannvit chief executive Örn Guðmundsson noted that the Icelandic government has been increasing investment into new infrastructure and green energy in recent years and that this creates a demand for skilled specialists with relevant experience.

“By joining forces with Cowi we get the opportunity to develop Mannvit as a company while building on our legacy,” said Guðmundsson. “From our collaboration on various projects, we know that there is both a technical and cultural fit between our companies. But most importantly, we share the same ambition for a sustainable future.”

“We see how requirements intensify, for example in our work with the bus rapid transit network in Reykjavík, which is why we teamed up with Cowi. So to strengthen our competitiveness, we have decided to tie closer bonds.”

As part of the transaction, Mannvit will become a fully-integrated business unit in the Cowi Group. It will change its name to Cowi and from January 2024 will operate fully under the Cowi brand. Until then, Mannvit will continue to operate under its own name and brand.

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