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Shell (SHEL) Division & Idekapital Invest $90M in Kongsberg

Zacks Equity Research
·2 min read

Shell plc’s (SHEL) division, Shell Ventures, along with Idékapital, a Norway-based venture and growth capital firm, invested $90 million in Kongsberg Digital Holding ASA, a KONGSBERG business unit. Kongsberg Digital's future growth and development will be supported and accelerated by the funds and new investors. According to the KONGSBERG business unit, the investment is worth $540 million post-money.

Kongsberg Digital, as an industrial software firm, is revolutionizing how organizations build, run and maintain their assets. It is doing so by altering how people work for a better tomorrow. Since its inception in 2016, the company has expanded and solidified its position as the forerunner in the digitalization of heavy asset industries, with a particular emphasis on the energy, marine and renewable sectors.

Businesses depend on Kongsberg Digital for its leading technology in grid balancing and complex power systems, new energy ventures toward Net-Zero, voyage optimization, emissions reduction, and carbon capture and storage.

According to Shane McArdle, CEO of Kongsberg Digital, the company understands the value of digitalizing carbon-intensive industries by deploying new ways of working. He added that the investment from Shell Ventures and Idékapital is a turning point for Kongsberg and stands as a strong recognition of what has been accomplished thus far.

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The new owner structure and partnership will aid Kongsberg Digital’s objective of enabling smarter, safer and greener operations across sectors and at a bigger scale.

Zacks Rank & Key Picks

Currently, Shell carries a Zack Rank #3 (Hold).

Some better-ranked stocks for investors interested in the energy sector are Sunoco LP SUN, Murphy USA Inc. MUSA and Dril-Quip, Inc. DRQ. While Sunoco sports a Zacks Rank #1 (Strong Buy), both Murphy USA and Dril-Quip carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Sunoco, a distributor of motor fuel to approximately 10,000 convenience stores, has a stable business model with sustainable and predictable cash flows. For this year, SUN has witnessed an upward earnings estimate revision in the past seven days.

Murphy USA, a leading retailer of gasoline, operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. MUSA, with more than 1,700 stores, has witnessed an upward earnings estimate revision for 2023 and 2024in the past seven days.

Dril-Quip is a leading provider of highly engineered equipment, service and innovative technologies that are being employed in the energy sector. DRQ’s balance sheet is free of debt, highlighting a sound financial position.

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Dril-Quip, Inc. (DRQ) : Free Stock Analysis Report

Sunoco LP (SUN) : Free Stock Analysis Report

Murphy USA Inc. (MUSA) : Free Stock Analysis Report

Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report

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Zacks Investment Research