O&L acquires majority stake in German company

Staff Writer

The Ohlthaver & List (O&L) Group has acquired a majority stake in CRONIMET Mining Power Solutions GmbH from the exiting shareholder CRONIMET Mining AG in Switzerland and the deal is effective, 1 August 2020.

Engineering-Procurement-Construction (EPC), is a German-based renewable energy project development, investment and asset management company.

“The merger comes after half a decade of successfully partnering with CRONIMET in Namibia through a joint venture. In cementing the corporate merger, the O&L Energy business and CRONIMET will henceforth adopt its new trade name and brand, “O&L Nexentury” As of August 2020, “CRONIMET Mining Power Solutions” and “O&L Energy” will no longer be marketed and from this point on the Company and its subsidiaries will operate under the trade name and brand O&L Nexentury GmbH.”

“In line with our Vision 2025 Breakthrough Strategy of ‘being a catalyst for positive change, creating new realities and fulfilling dreams’, we are excited to welcome on board O&L Nexentury as we continue unlocking and maximizing synergies and value for renewable energy and long-term sustainable business for both the Group and our external customers. This exciting, new partnership is a big leap in the O&L Group’s quest of venturing beyond borders. The projects successfully completed by O&L Energy and its partners have proven that we can compete with the best in the world and therefore it is time to take this Namibian business to the world,” said O&L Group Executive Chairman, Sven Thieme and Chief Executive Officer (CEO), Wessie van der Westhuizen welcomed the new member to the O&L family and portfolio.

“We are thrilled to officially be part of the O&L family after many successful years as partners as we inaugurate our next century by building a future together that enhances life and grows a profitable and long-term sustainable business. With this merger, the two companies have aligned their renewable energy and sustainable infrastructure business models to expand development and asset aggregation throughout Africa and into Europe. Capitalized with the O&L Group’s rich Namibian history, its corporate culture and financial muscle and combined with what was CRONIMET’s project development expertise, team diversity and track record, the new O&L Nexentury is set to be a major international force,” Rollie Armstrong and Steffen Kammerer, Co-Founders and Directors of O&L Nexentury GmbH said.

Gunni Hanke, O&L Group Chief Operations Officer (COO) and Bernd Walbaum, Director of O&L Nexentury GmbH said, “With this merger the O&L Energy Business enters into a new and very exciting era. By building an international business in Namibia, Africa and Europe we follow the O&L purpose ‘Creating a future, enhancing life.”

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