Schibsted : increases its ownership share in Tibber

On 2 September Schibsted announced its investment in the smart digital energy provider Tibber. This was achieved through Tibber acquiring Schibsted's Swedish company Kundkraft AB with a settlement in shares. Schibsted is now investing an additional NOK 350 million in Tibber through Norwegian Strawberry selling its stake in Tibber to Schibsted.

Almost on this day five years ago, Petter Stordalen made his first investment in Tibber. Now Stordalen's company Strawberry is selling its stake in Tibber in a transaction valued at approximately NOK 350 million. Through this investment, together with the investment recently made in connection with Tibber's acquisition of Kundkraft, Schibsted will have a total stake of approximately 15 percent in Tibber.

"We have been following Tibber closely for a long time, and are very pleased that we now have the opportunity to increase our investment in the company through Strawberry selling their stake. Tibber's basic idea and products perfectly fit Schibsted's mission to empower people in their daily lives. We truly believe in the company, and are eager to take part in - and not least contribute to - Tibber's further development together with the founders of the company. Schibsted can support Tibber in building the brand, entering new markets and contributing with capital," says Kristin Skogen Lund, CEO of Schibsted.

In October 2016, Tibber founder Edgeir Vårdal Aksdal won the start-up contest "The Strawberry million", resulting in Petter A. Stordalen entering as an owner with an investment of NOK 2.5 million. Since then, Stordalen has invested further in several capital share issues through his company Strawberry Equities. Prior to the sale of the Tibber stake to Schibsted, Strawberry had a shareholding of 11 percent in Tibber.

"When I first became acquainted with Tibber five years ago, I remarked that this is the school example of a startup that had all the opportunities to become a global success, not only Norwegian or European. I was deeply impressed with Edgeir and the company at the time by how they delivered on their ambitious plan - and I still am. Strawberry is on the lookout for companies with unique market approach, and leadership with ability to double or multiply the value by ten - with our support. It's safe to say that Edgeir has succeeded with that, and now the time feels right to let an industrial owner like Schibsted come in and help Tibber really take the step out onto the European scene," says Petter A. Stordalen, Chairman of the Board and owner of Strawberry.

Tibber has an ambitious plan for rapid international expansion, which in addition to further investment in Norway and Sweden also includes Germany and the Netherlands. The company's founder and CEO Edgeir Vårdal Aksnes has really appreciated having Petter Stordalen and Strawberry as an owner, but is also delighted that Schibsted is now strengthening its ownership position in the company.

"When Petter and Strawberry chose to invest in us, Tibber was just an idea to turn the energy market upside down. I am deeply grateful that they decided to take a chance on some rebels like us, with a plan to do the impossible. Maybe it's because they are rebels themselves. Likewise, I am incredibly happy that Schibsted has taken the helm and demonstrated such faith in us. We have already established a good collaboration in a short time, and I look forward to tackling the next challenges together with them," says Edgeir Vårdal Aksnes, co-founder and CEO of Tibber.

The transaction between Strawberry and Schibsted is expected to be completed in November 2021.

For further information:

Tibber:
Eunice Aguilar, Head of PR, Tibber, [e-mail], [phone]
Schibsted:
Atle Lessum, Head of Communications Schibsted Group, [e-mail], [phone]
Rune Røsten, Head of Schibsted Ventures in Norway, [e-mail], [phone]
Strawberry:
Bettina Flatland, Head of Communications Nordic Choice Hotels, [e-mail], [phone]

About Tibber

Tibber is the smart digital energy provider founded in 2016 by Norwegian Edgeir Vårdal Aksnes and Swedish Daniel Lindén. Their app replaces traditional utilities with smart technology, and supplies households with renewable energy at purchase prices. Tibber's vision is to make sustainable energy consumption simple and affordable for all households, and their mission is to reduce the residential energy consumption for European households by 20 percent. This is made possible by their app that provides consumers real-time analytics into energy usage, and pairs with a variety of smart home devices to reduce energy consumption at home. Read more on www.tibber.com

About Strawberry

Strawberry is a privately held Nordic corporation consisting of 11 companies operating in a wide range of business fields. The corporation primarily invests in real estate, finance, hotel operations and art. In addition, the group supports selected initiatives and organisations that contribute to a more sustainable society. Strawberry is owned by Petter A. Stordalen, Emilie A. Stordalen, Henrik A. Stordalen and Jakob A. Stordalen.