THE Ohlthaver & List (O&L) Group has acquired a majority stake in German-headquartered Cronimet Mining Power Solutions GmbH.
The group in a statement yesterday announced that the stake was acquired from the exiting shareholder Cronimet Mining AG in Switzerland.
According to the press statement, Cronimet, among other things, develops renewable energy projects as well as assets and investments management.
Cronimet Mining Power Solutions GmbH is the holding company of Cronimet Mining Power Solutions Namibia (Pty) Ltd.
The O&L group become a shareholder as of 1 August 2020, and the deal was sealed after half a decade of partnering with Cronimet in Namibia through a joint venture.
A new name, O&L Nexentury, was adopted and as of August 2020 Cronimet Mining Power Solutions, and O&L Energy and subsidiaries will operate under the trade name and brand O&L Nexentury GmbH, the company said.
Sven Thieme, group chairman, and chief executive officer Wessie van der Westhuizen said the group will continue unlocking and maximising synergies, value for renewable energy and long-term sustainable business for both the group and external customers.
“This new partnership is a big leap in the O&L Group’s quest of venturing beyond our 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,” they said.
Rollie Armstrong and Steffen Kammerer, co-founders and directors of O&L Nexentury GmbH, said 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.
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