Norway sees uptick in electric propulsion market activity

Frydenbø Maritime Industries, a Norwegian company specializing in maritime and land-based industrial solutions, is set to acquire compatriot marine electric propulsion systems provider Elmarin.

As informed, the transaction is anticipated to clear the path for the organization’s growth targets, one of which is to provide a ‘broader’ range of “IMO-approved, low-emission” technologies and options involving electric propulsion. The purchase is now subject to approval by the Norwegian Competition Authority, which will determine whether the deal would impede effective competition in the market.

Until then, it is understood that the company will resume business as usual, with expectations to receive the final decision by May 2025.

As disclosed, following the acquisition, Elmarin—soon-to-be renamed to Frydenbø Elmarin— will operate as a sister company alongside Frydenbø Forward, an arm focused on propulsion systems, engines and other “energy-efficient” solutions, and Frydenbø Yards, which offers shipyard services to the maritime transportation industry, fisheries and aquaculture sectors.

​Frydenbø Maritime Industries is part of the Frydenbø Group, which has a history dating back to 1916. The group reportedly operates a total of five divisions. In January 2025, the Frydenbø Industri division rebranded, segmenting its operations into two distinct entities: Frydenbø Forward and Frydenbø Yards.

On the other hand, Elmarin—founded in 2015—is a player within the marine technology sector, with a focus on hybrid propulsion systems, electrical systems for ships, as well as automation and maritime electronics solutions. The company reports that it has been engaged in projects involving a total of 250 vessels.

As the representatives of both Elmarin and Frydenbø Maritime Industries have noted, the acquisition comes at an “important” time for the shipping industry in Norway, which has been steadily sailing toward net zero with brand-new national targets to slash at least 70-75% of harmful pollutant emissions by 2035.

The country has also made efforts to keep pace with the advancements within the electric propulsion systems sector. For instance, the Norwegian government has mandated that all ferries operating along its coastline transition to this type of propulsion by 2030. The policy is hoped to speed up the adoption of electric and hybrid technologies across various vessel types.

Among other recent developments in this sphere is the construction of Norway’s ‘biggest’ zero-emission battery-electric ferry, which set sail for the first time on April 15, 2025, the October 2024 commencement of the building of four battery-powered ferries for Norled, and the launching of DeepOcean’s, Solstad Offshore’s and Østensjø Rederi’s jointly-owned unmanned surface vessel (USV) Challenger, which took place in March this year.