Successful start-up Zinus AS brings DSD AS onboard to support its future development and international expansion
Since the LOS group set up the wholly-owned subsidiary Zinus AS to develop innovative shore power systems in 2018, it has experienced rapid growth and been highly successful. Now Stavanger-based DSD is acquiring an ownership interest in Zinus AS through a private placement.
“We are delighted that a financially strong company like DSD AS is taking an ownership interest”, says the CEO of the LOS group Jakob Særsten. “That will enable Zinus AS to continue expanding, and support the development of new products and a push into the international market.”
Successful products that help to achieve the UN Sustainable Development Goals
Zinus produces shore power and autonomous charging systems for ships, and since its establishment in the autumn of 2018 it has gone from having 1 employee to 7, as demand from the maritime sector for zero-emission solutions has grown.
“We now have lots of orders coming in, including a good order backlog, and we expect both our sales and staff numbers to continue growing over the coming years. Our products and services can play an important role in helping society to achieve several of the UN Sustainable Development Goals”, says Arne Mæland, who as well as chairing the company played a key role in building it up. “Zinus AS has appointed Kjell Stenersen of E&Y to help arrange the private placement”.
Want to expand internationally
“The design, technology and environmental footprint of our products has been a big hit with the market”, says the Managing Director of Zinus, Finn Inge Langeland, who also helps develop its technology. “Our products are simple to use because they can be automated, you have flexibility in terms of their location, they can withstand all kinds of climates and they are aesthetically appealing for modern ports. “That is drawing people’s attention, not just in Norway, but also in Europe, Asia and the US. We are receiving a constant stream of enquiries, in parallel with producing new systems as fast as we can”, explains Langeland, who is pleased that the company will now be in a strong position to expand. “We are busy developing exciting products for markets such as cruise ships, ro-ro vessels and the aquaculture industry.”
DSD is a strong partner for continued expansion
In 2019, DSD (formerly Det Stavangerske Dampskibsselskab), achieved the best financial results in its 165-year history after selling the ship-owning company Norled. DSD is a strategic, active owner that wants to invest in sustainable companies with strong growth potential. The company already has significant expertise in the maritime sector in general and electric vessels in particular, and it has a good understanding of the regulatory and market-related challenges facing the industry, particularly in Norway.
“Zinus is an investment that fits nicely into DSD’s revised investment strategy focusing on the maritime and marine sectors, mobility, tourism and health care. Shore power charging systems are a sustainable solution with a potential global market, and Zinus has put itself in a good position to become a key market player. We believe that Zinus possesses leading technology, which is clearly generating interest in the market, but the company needs capital to continue growing”, says DSD’s CEO Ingvald Løyning.
By investing in Zinus, which has its roots in Bømlo, we are investing in a local manufacturing business and in Norway’s highly competitive maritime cluster. It has already succeeded in becoming a market challenger that is supporting the transition to a green economy, but there is still lots of untapped potential”, says Løyning, adding that they look forward to being involved in the exciting future that lies ahead for Zinus.