Founded by Alf Bjørseth in 1987
In 1994, Dr. Bjørseth set up ScanWafer, a company within the global solar industry that specialized in the production of multi-crystalline silicon wafers. He later established a further three companies related to solar cell and module production, as well as a solar module installation company.
These companies were in 2000 merged into one holding company known as Renewable Energy Corporation (REC), of which Dr. Bjørseth served as President and CEO from the onset. REC was listed on the Oslo Stock Exchange in 2006 and was at the time one of the largest solar energy companies in the world.
When the IPO of REC was decided in 2005, Dr. Bjørseth retired as CEO in order to focus his time on developing new business ideas within his private company Scatec AS which he founded in 1989. These efforts have so far resulted in one more IPO, when the integrated independent solar power producer, Scatec Solar ASA, was listed on the Oslo Exchange in 2014.