Investment to diversify from reliance on oil

15th July 2019

Alex Lynn

0 0

Singapore PE manager Elite Partners Capital (EPC) has announced an investment of €1.95m in TAG Sensors. EPC's Elite InNorvate Growth signed the agreement with TAG Sensors on Monday. TAG will set up Asian headquarters in Singapore to leverage on the country's skilled local talent, modern IT infrastructure, rigorous IP protection and strategic importance as a major logistics hub.

The investment represents one of the first by a Singaporean fund in a technology company from Norway, which is seeking to diversify from its reliance on the oil and gas sector. EPC will leverage on its network and resources to help TAG Sensors expand in Asia, a region experiencing accelerated demand for advanced logistics solutions.

The investment agreement was signed by EPC's Executive Chairman Mr. Micheal Tan and TAG Sensors' CEO Mr. Knut Nygard and CFO Mr. Thomas Nilssen at the Norwegian Embassy in Singapore. The signing was witnessed by the Ambassador of Norway to Singapore, Her Excellency Anita Nergaard, and Innovation Norway's Director and Commercial Counsellor Pal Kastmann.

EPC's Micheal Tan said: "TAG Sensors has a suite of technologies which can transform the entire cold chain logistics industry. Our investment decision is anchored by the firm belief that this is a game-changer which has great potential for expansion in Asia and beyond."

"We also hope that through this inaugural investment in Norway, EPC can help facilitate Singapore as an important bridge between Asian capital and Nordic technology. This will also open up more Asian-EU economic and technological partnerships."

TAG Sensors' Knut Nygard, said: "We are delighted to have EPC as a significant investor. We intend to tap on EPC's network to expand across Asia and add value to the cold chain sector across the region. EPC is a welcome addition to our existing investors that include London-based Breed Reply and Platform Ventures USA."