Cowi, a leading consulting engineering firm, has announced its acquisition of Mannvit, a specialized Icelandic consulting engineering outfit focusing on green energy solutions. This strategic move further solidifies Cowi’s presence in the Nordic region, where investments in the green transition are rapidly accelerating.
With this acquisition, Cowi gains access to new capabilities that will fuel its ambitious growth plans. Mannvit’s team of 280 employees brings extensive expertise in geothermal and hydropower, two highly sought-after competencies in the industry. The alignment between the two companies goes beyond technical synergies, as they share common values and a strong commitment to co-creating sustainable solutions that enhance the quality of life for present and future generations.
Jens Højgaard Christoffersen, Group CEO of Cowi, expressed enthusiasm about the integration, stating, “We are excited to welcome Mannvit to the Cowi Group. It’s a perfect match, both from a business and cultural perspective. Both companies have employees with great technical capabilities, and we share values as well as a strong buy-in to work with our customers to co-create sustainable and well-designed solutions.”
Iceland, known for its abundant renewable energy resources, has the potential to become a hub for green energy across various industries. Recognizing this opportunity, Cowi’s Executive Vice President in Denmark, Henrik Winther, who will lead the integration, emphasized the strategic importance of entering the Icelandic market. Cowi’s focus on the green transition aligns with the Icelandic government’s increased investments in infrastructure and green energy in recent years.
As part of Cowi, Mannvit will expand its competencies and scale, positioning itself to tackle the challenges of complex future infrastructure projects. Örn Guðmundsson, CEO of Mannvit, expressed confidence in the collaboration, stating, “By joining forces with Cowi, we get the opportunity to develop Mannvit as a company while building on our legacy. From our collaboration on various projects, we know that there is both a technical and cultural fit between our companies. But most importantly, we share the same ambition for a sustainable future.”
Under the terms of the agreement, Mannvit will integrate fully into the Cowi Group, adopting the Cowi name and brand from January 1, 2024. Until then, Mannvit will continue to operate under its existing name and brand, maintaining its ongoing projects and commitments.