(2022-09-30) Kitron has entered into a production agreement with Ferroamp, a rapidly growing Swedish greentech company. The value of the agreement is expected to reach approximately NOK 90 million in 2023 and NOK 350 million over a three-year period.
Ferroamp has developed EnergyHub, a system that controls electricity use using a patented DC technology, so that property owners can get more out of their solar panels and integrate electric car charging and energy storage. During the first half of 2022, Ferroamp increased its sales by 60 percent and is now planning an international launch.
“Ferroamp continues to expand its operations through collaborations with strategic partners. We are delighted to have signed an agreement with Kitron, which has a leading position in electronics production and has the capacity to produce large volumes of EnergyHub systems for our residential customers,” says Krister Werner, CEO of Ferroamp.
The EnergyHub system is available for both commercial properties and multi-family buildings, with EnergyHub Wall 14 being specifically adapted to residential systems. Through the collaboration with Kitron, Ferroamp triples the production of EnergyHub Wall 14.
“We are very happy that Ferroamp has chosen Kitron as a manufacturing partner to enable its strong growth journey. For a few years now, Kitron has invested heavily in meeting the sharply increasing demand within the Electrification market, and we are well positioned to meet that demand. Signing a long-term partnership agreement with Ferroamp, a market leader in the integration of local power grids, is a great recognition,” says Kristoffer Asklöv, COO of Kitron.
The production for Ferroamp will take place at Kitron's facility in Poland and is expected to start within a few weeks.
For further information, please contact:
Peter Nilsson, President and CEO, tel. +47 94 84 08 50
Kristoffer Asklöv, COO, tel. +46 76 768 29 10 68
Kitron is a leading Scandinavian electronics manufacturing services company for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group is located in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, China and the United States. Included the acquisition of BB Electronics in January 2022, Kitron has about 2 800 employees, and pro forma revenues were about NOK 5 billion in 2021.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act