G&O Maritime Group has entered into an agreement with the technology group Eltronic Group to acquire Eltronic FuelTech, which is expected to support Eltronic FuelTech’s continued growth journey and create strong synergies between established brands in the maritime sector.
Anders Egehus, G&O Maritime Group CEO, said: “Eltronic FuelTech has delivered impressive double-digit growth and strong results in recent years, and through innovation established themself as a credible and significant first mover within fuel supply systems for green fuels. The company is a very attractive addition to G&O Maritime Group – and a natural strategic match with clear platform advantages and a shared stakeholder landscape.”
Jesper T Lok, Chairman of the Board, G&O Maritime Group, added: “The addition of Eltronic FuelTech is a natural next step in G&O Maritime Group’s growth strategy. We are pleased to add a solid and growing business to the group, creating strong synergies with the existing brands in the Propulsion Management division, and the opportunity to develop and leverage the exciting potential in the aftermarket.”
Owner and founder of Eltronic Group, Lars Jensen, said: “Eltronic FuelTech is ready for the next step in their growth journey, and G&O Maritime Group is a strong match – both strategically and in terms of values. As part of a strong Danish maritime group, FuelTech gains access to significant synergies, shared competencies, and a combined strength that further equips the company to meet customer demands. With the customer at the centre, this creates a solid foundation for the next phase of the growth journey.”
According to G&O, the maritime industry is undergoing a significant transformation driven by stricter climate requirements, new fuel types, and accelerating technological development. The need for scalable solutions for future green fuels is growing rapidly in an industry where time to market is critical. By bringing several strong maritime competencies together in one group, both the innovative strength and the execution capability are enhanced, enabling all companies in the group to act quickly and determined to stay ahead of market demands.
Louise Andreasen, CEO FuelTech, said: “Scale and speed will continue to be competitive parameters in the coming years. By uniting strong maritime competencies, we can take on larger development tasks, respond more quickly to new fuel standards, and stand even stronger as a partner for our customers in the green transition. This is why we at Eltronic FuelTech look forward to becoming part of G&O Maritime Group.”
Eltronic FuelTech’s activities will continue unchanged, and the company will maintain its headquarters at its current location in Hedensted. Andreasen will continue as CEO and, together with G&O Maritime Group, will further develop the business through close collaboration across the group, with a strong focus on meeting future green fuel requirements.
Image: Eltronic FuelTech is to be part of G&O Maritime Group (source: G&O)
