New Year’s Greetings from Momentum Energy Group
To begin with, 2022 was our first year with Arcus Infrastructure Partners LLP onboard – a collaboration that has truly been exemplary. Together with Arcus, we set ambitious goals for what we wanted to achieve for the year, and with very few exceptions, we have achieved them all – and then some.
Many new colleagues have enriched us with fresh knowledge and new ways of solving tasks. To put things into perspective, Momentum had 23 employees when Corona hit the ground in February 2020. Now we are almost counting 100 employees.
We have an enormously strong “Momentum” in the company these days. This “Momentum” is created by our ability to listen to each other, learn, develop and help each other. In other words, we create “Momentum” by making each other better!
This is the kind of company we want to run! A super ambitious company where we create fantastic results together. A company that is a true leader in the green transition.
We look back on 2022 with great pride.
The year was one of the most eventful in the history of Momentum and like everybody else we were affected by extreme outside forces. Let us start a couple of years ago and name a few:
With Corona invading the Globe in 2020 many companies took on a defensive and hesitant strategy. In Momentum, we turned everything upside down and adopted a very ambitious strategy. We wanted to take advantage of the hesitation of others. We saw huge opportunities in the market and wanted to make use of them in due time: Plenty of money in the market, zero percent interest, no inflation, political tailwind everywhere regarding green energy. In other words – the opportunity to leave our mark on the sustainable agenda was almost limitless. And with no further ado, it was decided to go full speed!
We bought a large number of turbines ourselves, created development teams in Denmark and Germany, started our own service & repair company, acquired several players in the market. We furthermore employed specialists everywhere in the Group, who supported this ambitious strategy and our desire to be both an investor, developer, and asset manager within solar and wind projects.
Such an ambitious strategy requires funding. A lot of funding. And that is why Arcus came into the picture as an investor in December 2021. With Arcus onboard, the final countdown had begun, and the Momentum growth rocket was ready for liftoff in the beginning of 2022.
But then war broke out in Ukraine and as a result, we were hit by explosive inflation, followed by rising interest rates. This was not going to be an easy journey to the stars after all.
A crazy electricity market presented us with absurdly high electricity prices, which in turn challenged the valuation of the assets we wanted to buy. It also became extremely demanding to handle our own ever-growing production of electricity. And by the way – our turbines now generate enough electricity to cover the annual power consumption of more than 250,000 adults!
At the same time, we of course had to help our many bewildered customers who, having seen record low electricity prices during the Corona crisis, now suddenly found themselves in a situation where price levels went through the roof.
To deal with this, we manned up everywhere in Momentum. Several skilled technicians were employed to ensure continuous turbine uptime and production. A completely new risk management team was established and built from scratch to make sure that we could manage our risk on the electricity market. We reorganized many teams and did everything we could to stay on top.
So the challenges that we were given from “the outside”? They have been dealt with absolutely and utterly fantastically by all our colleagues!
With this, we wish you a happy new year.