Norwegian company eSmart Systems was among one of the first in the world to develop an Artificial Intelligence based solution, Grid Vision^®, for the inspection and maintenance of critical energy infrastructure. With over 20 years of experience, it has become the leading international player within its field. The company has global customers including several of the world’s largest energy companies, such as Naturgy, Xcel Energy and E.ON.

Oslo, Norway, August 22, 2022 – In the recently completed Series B share issue, the current investors – Equinor Ventures, Kongsberg Group, Nysnø Climate Investments, Energy Impact Partners, and Future Energy Ventures – together with the U.S.-based investment fund manager, Arosa Capital, have raised ~€40 million.

The capital will be used to accelerate the company’s commercial development and international growth.

Arosa Capital, which manages traditional and alternative energy investments, and who recently became an investor of eSmart Systems, believes the company can take a leading position in the global energy market.

Mr. Bache added: “We are thrilled that a respected, long-term strategic investor like Arosa Capital shares our view of growth opportunities going forward. The completion of this share issue in today’s financial climate is a confirmation of our company’s strong position and prospects.”

According to Princeton Environmental Research and Rystad Energy the global energy transmission network is expected to triple in size, and over $18 trillion is to be invested by 2050 to reach net zero, creating massive growth opportunities for eSmart Systems.

“The current geopolitical situation has increased attention on energy security and emphasized the need for a stable power grid. We are also experiencing more frequent occurrences of extreme weather, resulting from climate change, making power infrastructure more vulnerable. eSmart Systems is uniquely positioned to assist grid operators in meeting these challenges.”, says Mr. Bache.

Last summer, eSmart Systems acquired the Stavanger-based company Verico to strengthen and expand its international platform. Verico offers specialized product and services within Enterprise Asset Management complementing eSmart Systems’ existing services. The combined company employ 110 employees in Norway, Sweden, Germany, the Netherlands, the UK and the US.

Investment banks DNB Markets and Arctic Securities were financial advisors of the share issue.

About eSmart Systems

eSmart Systems is a leading provider of AI-powered solutions for the inspection and maintenance of critical infrastructure. With the Grid Vision® portfolio, the company provides Inspection Management and Asset Information Management solutions and services to utilities globally. Grid Vision provides a data-driven and condition-based approach to infrastructure inspections and support utilities to reduce inspection costs, improve inspection safety, improve the quality of asset data and prolong asset life. More information about the company can be found at www.esmartsystems.com.

About Arosa Capital

Arosa Capital Management LP is an U.S.-based alternative investment fund manager that focuses on energy both within traditional and alternative energy sources. Arosa was founded in 2013 and combines fundamental analysis with a long experience and deep knowledge of the energy markets to invest in venture companies, private and public companies, as well as in credit and commodities. More information about Arosa Capital can be found at www.arosacapital.com.