Hydro research fund (January 2001)

Norsk Hydro is setting up a 350 million NOK venture capital fund for energy sector R&D.

Norsk Hydro is to establish Norsk Hydro Technology Venture (NTV), a venture capital fund which will invest in energy sector R&D projects implemented outside of the company's own operations. The fund has been allocated with 350 million NOK (about $ 40 million) for its first four years.


The fund will inject capital into companies developing projects which are of importance for Hydro such as oil exploration and recovery. A prerequisite of investment is that the fund achieves a rate of return on a par with that stipulated for Hydro's other businesses. Jørgen Rostrup, currently financial director for Hydro's oil operations in Norway, has been appointed head of NTV.

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