The LOS Group’s owned company for innovative shore power products, Zinus AS, has experienced strong growth and major success in the market since it was founded in 2018. Now, Stavanger-based DSD has become a co-owner in Zinus AS following an equity issue.
“We are highly pleased that a powerful financial player like DSD AS is joining as a co-owner,” says the LOS Group’s CEO, Jakob Særsten. “This will enable continued expansion of Zinus AS and strengthen the further development of products and global investment.”
Successful products contributing to the UN’s sustainable development goals
Zinus manufactures innovative onshore power connection products and autonomous solutions for ships; since it was established in the autumn of 2018, it has grown from 1 to 7 employees – in line with the increasing demand for zero-emission solutions in the maritime market. “We currently have a good order intake, a comfortable backlog, and we expect increased growth in both sales and employees over the coming years. With our products and services, we are a strong contributor to the community being able to meet several of the UN’s sustainable development goals,” says Arne Mæland, Chairman of the Board and a key person in the growth of Zinus AS.
Zinus AS has selected Kjell Stenersen at E&Y to arrange the equity issue.
“The design, technology and environmental footprint of our products are being well received by the market,” says managing director Finn Inge Langeland. “Our products are easy to operate by being automated, flexible in terms of location, able to withstand all types of climate and are attractive additions to modern ports. This has been noted both in Norway, as well as Europe, Asia and the USA. We have a high intensity of requests, while in full production” says Langeland, delighted that Zinus now has a stronger opportunity to further growth. “We are in the process of developing exciting products for the cruise, RoRo and the aquaculture industry.”
DSD means a strong co-owner for further growth
In 2019, the traditional DSD (formerly Det Stavangerske Dampskipsselskap), had the best result in its 165-year history after the sale of shipping company Norled. DSD is a long-term, active owner that wants to invest in sustainable companies with considerable potential for growth. The company already has considerable expertise within the maritime sector in general and electric vessels in particular. It also has a good understanding of the regulatory and market challenges now facing the industry, particularly the Norwegian market.
“Zinus is an investment that fits well with DSD’s updated ownership strategy and its commitment to focusing on maritime and marine, mobility, tourism and health.”Shore-power charging solutions are sustainable with global market potential and Zinus is, from the get-go, well placed to play a central role. We believe Zinus has leading technology and can see that the company is experiencing positive interest in the market; however, it needs capital to grow further,” says DSD CEO Ingvald Løyning.
“An investment in Zinus – originally from Bømlo, on the west-coast of Norway – is an industrial investment in the competitive Norwegian maritime cluster. It has already established itself internationally as a challenger within the green shift – still with a considerable unresolved potential,” continues Løyning, adding that they look forward to being part of Zinus’s continued exciting investment.
For questions, contact: Arne Mæland, Chairman of the Board, Zinus AS. Tel: +47 907 38 264, Finn Inge Langeland, Managing Director, Zinus AS. Tel: +47 406 03 902 Ingvald Løyning, Chief Executive Officer, DSD: Tel: +47 905 40 855Jakob Særsten Chief Executive Officer, LOS Gruppen AS. Tel: +47 481 62 111