Former Frontline Management chief executive Robert Hvide MacLeod is entering the board of thermal battery company EnergyNest.
The move sees the former John Fredriksen lieutenant join the Norwegian energy company as it plans to raise between NOK 500m and NOK 700m ($58m and $82m) ahead of a listing on the Oslo Stock Exchange.
MacLeod confirmed the plans to Norwegian business newspaper Finansavisen.
He is joined by four former colleagues at trader Glencore, which owns 27% of the EnergyNests shares. MacLeod worked for the trading company between 2004 and 2011.
“It is very fun to work together again,” MacLeod said.
Among the former Glencore co-workers is EnergyNest chairman Vivian Bennett, who was earlier head of diesel trading at the trading giant.
“When I realised that he entered the board, I really understood that this company had a potential,” MacLeod told Finansavisen.
Founded in 2011, EnergyNest provides its large thermal batteries to the power sector and industrial customers. Each of the company's projects promises substantial CO2 emissions cuts. MacLeod has a more than 4% stake in EnergyNest, which also has the Wilhelmsen family among its shareholders.
Last year, MacLeod left New York and Oslo-listed tanker owner Frontline — a key company in the Fredriksen Group — to pursue his own investments.
His resignation was announced on 7 October 2020, but his replacement has yet to be found.
Frontline commercial director Lars Barstad took over MacLeod’s position on an interim basis.
MacLeod left the top job at Frontline after six years on what he described as very friendly terms.
The executive declined to comment on Tuesday when contacted for this story, noting that he enjoyed living with a lower profile.
