Ownership
Since the establishment in 1997 the company has had strategic owners, and will also in the future focus on industrial long term owners. - The owners in Hammerfest Strøm has had a central and important strategic part in the development of the company, and now as we are getting closer to the commercial phase we wish to strengthen the ownership further to create a industrial and financial strong foundation towards the industrialization and commercialization, says Chairman of the Board Einar Næss.

The company is established with the parent company in Hammerfest in Norway and a subsidiary in Glasgow, Scotland. The technology development will continue from the parent company, and turn-key tidal power stations will be delivered to the energy market by the company’s subsidiaries.

Management
Hammerfest Strøm has a strong focus on bringing the technology in to an industrial and commercial sustainable phase, with results already at the next generation (HS1000, 1MW full-scaled demonstration model). This causes a reconstruction in the management.

Hammerfest Strøm AS has been managed by Harald Johansen since the establishment in 1997. Johansens competence is very important for the further development of the technology, which now puts him in the position as Technology Director. – To strengthen the further development towards commercialization, we see the necessity to divide in to two focus areas; company development and technology development. Previously, I worked on the intersection of these fields, and I'm now looking forward to having a greater focus on technology development, says Johansen.

The company has employed Stein Atle Andersen as new Managing Director. Andersen will focus on financial and owner structure. Andersen has long experience from international work, and has among other employment had the position as Managing Director in Nidar, OCEANOR and Maritime Information Systems. – I look forward to work with Hammerfest Strøm, which is in a very exiting phase, says Andersen, who will work from Hammerfest, Glasgow and Oslo.

Contact person: Chairman of the Board in Hammerfest Strøm AS, Einar Næss: +47 784 06 292/ +47 91368073

Note to editor:

- Hammerfest Strøm was established in Hammerfest in 1997. In 2003 the company installed the world’s first tidal turbine converting electricity from the kinetic energy in the water. Delivering the electricity into the national grid.
- The company are jointly owned by Statoil New Energy, Hammerfest Energi, Perseo, Hammerfest Næringsinnvest, Origo Kapital, Alta Kraftlag and smaller shareholders who have followed the company since the establishment.
- The company has four years operational experience from the prototype installed in Kvalsundet in 2003. The technology has been verified and the prototype was reinstalled for further research in the summer 2009.
- The plan is to install a 1MW full-scaled demonstration model, HS1000, in Scottish water in 2010/2011. The further intention is to install a pre- commercial park for ScottishPower Renewables in 2012.
- The company are now building UK as reference market, and intend to expand to 4-6 new market the next ten years.