Schibsted : becomes shareholder in Tibber after Kundkraft acquisition

Digital power company Tibber has been called the 'rebels of the power industry', much due to its unique business model, offering customers renewable electricity at cost and smart technology to help reduce energy consumption. The power company has now also acquired Kundkraft from Schibsted, making Schibsted a shareholder in Tibber.

'We founded Tibber to revolt against the power industry, which to this day is still characterized by outdated business models, low innovation and weak customer focus. Kundkraft, like us, aims to digitalize and increase customer focus in the power industry and to make the sustainable option also the most appealing option to customers,' says Edgeir Vårdal Aksnes, founder and CEO of Tibber.

Founded in 1999, Kundkraft has been owned by Norwegian group Schibsted since 2010 and now has 129,000 members. Tibber's acquisition of Kundkraft makes Schibsted a shareholder in Tibber with a shareholding of around 5%.

Tibber and Kundkraft will remain two separate companies, and, in practice, Kundkraft's members will not notice any changes due to the change in ownership. Both companies will continue working on digitalizing the power industry and offering customers better tools to reduce and streamline their energy consumption.

'Like Tibber, Kundkraft has always sought to offer our members renewable electricity at the best price. Both companies are challengers to the power industry giants. We now look forward to further developing Kundkraft and giving our members the opportunity to benefit from new services such as smart electric vehicle charging, smart heating and many of the other services with which Tibber has revolutionized the industry,' says Anders Kaijser, CEO of Kundkraft.