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Newly acquired Green Tech Marine wins innovation award

Oslo, June 16, 2014
Green Tech Marine, the recent addition to Yara's emissions to air business, has been honored with Innovation Norway's 'Entrepreneur of the Year 2014' award.
Innovation Norway's 'Entrepreneur of the Year 2014' award
Norway's Crown Prince Haakon Magnus (second from left), presents award to Peter Strandberg, and GTM CFO Kenny Strandberg, at Innovation Norway's Signal Conference.

Norway's Crown Prince Haakon Magnus (second from left), presents award to Peter Strandberg, and GTM CFO Kenny Strandberg, at Innovation Norway's Signal Conference.

Over the last six months, Yara has acquired several companies within the Emissions-to-Air sector, building a complete nitrogen oxides NOx abatement value chain. Yara’s maritime NOx reduction solution builds upon years of expertise in NOx control reagent production and supply, as well as technical Selective Catalyst Reduction (SCR) technology know-how. Yara’s global supply platform implies that a customer can get reagent where he needs it, when he needs it.

Following the integration of Yarwil (a joint-venture with Wilhemsen Maritime Services), the acquisition of H+H Umwelt-und-Industrietechnik GmbH and the acquisition of a majority 63% stake in Green Tech Marine, Yara is the leader in NOx control for ships.

Number 1 out of 450 companies

Green Tech Marine (GTM) is an independent environmental and energy-saving technology provider that has developed the smallest footprint sulfur oxide (SOX) scrubber that can be retrofitted into any seagoing vessel. Yara acquired a majority 63 percent stake in GTM in April this year.

"It is a great honor to be recognized for all the hard work and time spent on this challenging product development. Anyhow this is not a one man show, I want to thank all of our employees for the hard work performed, they have a large part in this prize," says Green Tech Marine CEO Peter Strandberg.

Innovation Norway is the Norwegian government's leading body for the development of national enterprises and industry. The competition began with fully 450 companies vying for the NOK 250,000 prize.

The award was presented by His Royal Highness Crown Prince Haakon of Norway, Håkon Magnus, at a conference in Oslo on 3 June.

The prize criteria recognized a person or company that developed a new product or service that provided growth opportunities. According to the award jury, the GTM technology was a product "with both great economic and environmental potential" and that they were impressed "to see a small, newly established business succeed so quickly in competition with major international companies".

Awaiting IMO decision

"This is a great achievement by Peter Strandberg and the rest of the GTM team," says Rolf Isberg, responsible Business Unit Manager in Yara Industrial. "It is well deserved and a good recognition for all the hard work and the personal financial risk involved."

"It also reflects the outside world's view on the technology and that we as Yara did the right thing when investing in GTM," Rolf adds. "The prospects for the future are good and winning a prize like this will energize the team to deliver even better technology and results in the future."

The International Maritime Organization (IMO) decision that all ships must comply with emissions reduction requirements from January 2016 should provide a powerful business driver.

"I am very proud to receive this recognition from Innovation Norway," Peter adds. "The prize and high profile at home are important for an entrepreneur. Today we export 100 percent - now I hope the Norwegian maritime market opens."

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