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SINTEF spin-off sold for 500 million

SINTEF spin-off sold for 500 million

Published 13 March 2015
President (CEO)

The German company Dräger has acquired the SINTEF spin-off GasSecure for NOK 500 million.

Gas detector
GasSecure's wireless detector enables battery-powered gas detection with wireless communication in demanding industrial applications

GasSecure was founded in 2008 based on technology developed by SINTEF. The company has developed the world's first optical wireless gas detector for application in the oil and gas industry. Many of the world's leading oil companies are among its clients. Its products are used in locations from Alaska in the north to Australia in the south.

World class technology

"The development of new companies is a vital part of our contribution to society", says Anders Lian, CEO at SINTEF's commercialisation company SINVENT. "The sale of GasSecure demonstrates that we are contributing to society and that SINTEF delivers world class technologies", he says.

Lian is convinced that Dräger represents an ideal buyer and the best owner that GasSecure could get, given that the German company is a major industrial player with a worldwide distribution network and a well-established industrial brand. "Dräger has the resources needed to bring GasSecure to new heights", says Lian.

A healthy return

To date, GasSecure has been owned by its founders and employees, together with investors Viking Venture, Investinor, ProVenture Seed and SINTEF. The four latter-named organisations are national venture players based in Trondheim, and they have invested a total of NOK 50 million in the company.

The core technology was developed at SINTEF ICT, and the institute has worked closely with GasSecure since the company was founded in 2008.

"This sale represents a milestone for us. It's the result of outstanding research and technology development, an effective commercialisation model and last, but not least, a dedicated team of investors", says Aage Thunem, Executive Vice-President at SINTEF ICT. "We look forward to working with GasSecure and its new owners", he says.

Read more about the sale of GasSecure on the company website