Powel ASA signs contract with EB Group


Trondheim, 12 February 2009 – Powel ASA has signed a contract with the EB energy company to participate in the development of a completely new product platform for distribution management to be named Powel Grid Operation which will dramatically improve reliability of the power grid.

"We are very excited to be working with EB on this strategic initiative. This first contract marks a significant step forward in the development of this new product and increases Powel’s position as a supplier of business critical systems to the Nordic energy market. Through development efforts like these we continue adding value to our customer’s software investments and operational improvements," explained CEO Bård Benum of Powel ASA.

Powel Grid Operation is a distribution management system (DMS), and is designed to improve power quality, reliability and customer service by improving the way errors are managed and maintenance interruptions are planned. Powel Grid Operation software provides real-time and 24/7 operational support by continuously receiving status data from the power grid. From this information, automation processes provide improved error handling, operational statistics, reporting and automated customer notification features ensuring that they are informed of power interruptions and irregularities.

The contract has an estimated value of approximately 3.0 MNOK.

CEO, Thorstein Thiseth, of EB Electronic AS stated: "The investment in this new platform is a step forward in EB’s future vision of its system structure, which will contribute to a more effective way to manage operational failures and improve power quality."

About Powel
Powel ASA, headquartered in Trondheim, Norway, delivers business-critical software solutions and related services specifically designed to help energy companies and public utilities improve daily operational processes and service quality. The company is a market leader in smart metering, generation, grid maintenance and water management solutions with offices in Norway, Sweden, The Netherlands, and North America. Founded in 1996, Powel ASA is a publicly traded company with more than 230 employees.

About EB
Energiselskapet Buskerud AS (EB) is owned by Buskerud county council through Vardar AS and Drammen municipality with respectively 50 % share each. The Group had 2007 revenues of 1 127 MNOK and annual results on 139 MNOK. EB is a result of acquisition and mergers in the energy sector, mainly within production and infrastructure operations in the Buskerud region. Today, EB is one of Norway’s biggest regional power companies with ambitions on future growth and development. EB Net is owned by Energiselskapet Buskerud (73), Kongsberg municipality (16%) and Nedre Eiker municipality (11%) and is responsibility for operations, maintenance and development of the regional net in Buskerud and the distribution net in Drammen, Kongsberg and Nedre Eiker. The company has 55 000 net customers.