Innovation, Startups and Venture Capital in Iceland

Marorka acquired by Gaztransport & Technigaz

French engineering multinational Gaztransport & Technigaz (GTT) has acquired all shares of Icelandic maritime tech company Marorka. The managers of Marorka – who two years ago bought Marorka out when its Danish parent company went bankrupt – have now sold the rest of their shares to GTT. They will keep working for the company.

Darri Gunnarsson, CEO of Marorka, says in a statement in Viðskiptablaðið: “I’m glad we’re becoming a part of the GTT Group. That way, the market position of the company will get stronger and we can meet our customers needs even better than before.”

The purchase is said to be a part of GTT‘s strategy of increasing their service for the shipping industry, both in digital solutions and energy management, along with ways to reduce the environmental impact of the shipping industry.

Darri Gunnarsson states: “There are many opportunities to reduce the fuel consumption of the shipping industry, and make the operations more efficient. Marorka’s customers are already seeing great results in that area. The vision we share with GTT is that digital services for the shipping industry can deliver a high operational- and economical profit.”

Marorka designs and sells energy management systems and mechanisms for ships, installed in over 600 ships already, and is stated to be one of the leading companies, world wide, in technology designed for the shipping industry. It made a $5m profit in 2018.

Read more about this (in Icelandic) in Viðskiptablaðið.

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