Denmark-based G&O Maritime Group has acquired Eltronic FuelTech, a leading fuel-system specialist, strengthening its portfolio in alternative marine fuels and expanding its global maritime capabilities across Dubai, China, and South Korea. The acquisition supports the group’s strategy to accelerate green fuel adoption in the maritime industry.
Denmark | February 19, 2026 – In a move set to strengthen Denmark’s position in the rapidly evolving maritime technology landscape, G&O Maritime Group has signed an agreement to acquire Eltronic FuelTech from its parent company, Eltronic Group.
The transaction, expected to be finalized during the first quarter of 2026, significantly enhances G&O Maritime Group’s technological footprint within fuel systems for alternative marine fuels and reinforces its ambition to be a leading niche supplier to the global maritime industry.
Following the acquisition, the enlarged group will generate annual revenues exceeding DKK 1.1 billion and employ more than 700 people, the majority based in Denmark. In addition to its Danish headquarters, the group operates offices and production facilities in Dubai, China and South Korea, supported by an extensive global service network.
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Strategic expansion in a transforming industry
The maritime sector is undergoing one of the most profound transitions in its history. Stricter climate regulations, the introduction of alternative fuels such as methanol and ammonia, and accelerating technological development are reshaping vessel design and onboard systems. Against this backdrop, scalable and safe fuel supply solutions have become mission-critical.
Eltronic FuelTech has positioned itself at the forefront of this shift. The company designs and manufactures advanced fuel systems enabling vessels to operate on greener fuels, with a focus on safety, efficiency and operational reliability. In recent years, it has delivered consistent double-digit growth, driven by early-mover investments in green fuel technologies.
For G&O Maritime Group, the acquisition represents both a strategic and technological fit.
“Eltronic FuelTech has delivered impressive double-digit growth and strong results in recent years, and through innovation established themselves as a credible and significant first mover within fuel supply systems for green fuels,” said Anders Egehus, CEO of G&O Maritime Group. “The company is a very attractive addition to G&O Maritime Group – and a natural strategic match with clear platform advantages and a shared stakeholder landscape.”
Strengthening the propulsion and aftermarket platform
G&O Maritime Group comprises a portfolio of specialized maritime brands, including:
- G&O Compensators
- HJ Lubricators
- HECO
- Pres-Vac
- G&O Bioreactors
- Atlas Incinerators
- Global Boiler Services
Together, these companies operate across propulsion management, environmental systems and auxiliary marine technologies.
According to Jesper T. Lok, Chairman of the Board of G&O Maritime Group, FuelTech’s addition strengthens the group’s Propulsion Management division in particular, while opening new aftermarket opportunities:
“The addition of Eltronic FuelTech is a natural next step in G&O Maritime Group’s growth strategy. We are pleased to add a solid and growing business to the group, creating strong synergies with the existing brands in the Propulsion Management division, and the opportunity to develop and leverage the exciting potential in the aftermarket.”
The integration is expected to unlock cross-selling opportunities, shared engineering capabilities and coordinated service offerings across global markets.
Backed by private equity, anchored in Denmark
The majority of G&O Maritime Group has been owned by Polaris Private Equity since 2021. The Nordic investment firm, headquartered in Copenhagen, has built its strategy around developing established medium-sized companies across the region.
The acquisition aligns with Polaris’ growth agenda for the maritime group: scaling niche market leaders with strong technological positioning and international reach.
For Eltronic Group founder and owner Lars Jensen, the agreement represents a logical next step in FuelTech’s development:
“Eltronic FuelTech is ready for the next step in their growth journey, and G&O Maritime Group is a strong match – both strategically and in terms of values. As part of a strong Danish maritime group, FuelTech gains access to significant synergies, shared competencies, and a combined strength that further equips the company to meet customer demands.”
Eltronic Group, founded in 2000 and headquartered in Hedensted, employs more than 1,500 people globally across its portfolio of technology and engineering companies focused on green transition, automation and life science.
Scale and speed as competitive drivers
Industry analysts note that scale and execution capability are increasingly decisive as shipowners race to comply with tightening emissions regulations and decarbonization targets. Fuel flexibility, safety compliance and rapid system integration are becoming differentiators in newbuild and retrofit projects alike.
Louise Andreasen, CEO of Eltronic FuelTech, emphasized that joining a larger maritime group enhances the company’s ability to respond to market shifts:
“Scale and speed will continue to be competitive parameters in the coming years. By uniting strong maritime competencies, we can take on larger development tasks, respond more quickly to new fuel standards, and stand even stronger as a partner for our customers in the green transition.”
She confirmed that FuelTech’s operations will continue unchanged. The company will retain its headquarters in Hedensted, Denmark, and maintain its presence in South Korea and China. Andreasen will remain CEO and lead the business in close collaboration with the broader G&O organization.
Positioned for the green transition
The integration of FuelTech underscores a broader trend in maritime supply: consolidation around specialized, technology-intensive niches tied directly to decarbonization.
By combining fuel-system expertise with propulsion management, emission control and boiler technologies under one umbrella, G&O Maritime Group is positioning itself as a multi-disciplinary partner capable of supporting shipowners through the technical complexities of alternative fuel adoption.
With final closing expected in the first quarter of 2026, the transaction marks a decisive step in building a Danish-anchored maritime technology group with global reach, and a sharpened focus on enabling the industry’s green transition.
About the Companies
G&O Maritime Group
G&O Maritime Group is a group of niche suppliers within the maritime industry, each delivering market-leading products and specialized solutions. The group consists of G&O Compensators, HJ Lubricators, HECO, Pres-Vac, G&O Bioreactors, Atlas Incinerators, and Global Boiler Services.
Headquartered in Denmark, the group maintains a global presence with offices and production facilities in Denmark, Dubai, Singapore, and China, supported by an extensive international service network. Since 2021, the majority of G&O Maritime Group has been owned by Polaris Private Equity.
Eltronic FuelTech
Eltronic FuelTech is a leading designer and manufacturer of advanced fuel systems that enable vessels to operate on greener alternative fuels such as methanol and ammonia. The company is recognized for its strong focus on safety, efficiency, and reliability in next-generation marine fuel solutions. Headquartered in Denmark, Eltronic FuelTech also has a presence in South Korea and China.
Eltronic Group
Eltronic Group is an international knowledge and technology group specializing in green transition solutions, industrial automation, and life science technologies. Founded on 1 March 2000 and headquartered in Hedensted, Denmark, the group operates globally.
At the end of its most recent financial year, Eltronic Group employed more than 1,500 people across its portfolio companies, including Eltronic, Eltronic FuelTech, ENABL, Dynatest, Epcido, MME Nordic, and Eltronic PtX.
Polaris Private Equity
Polaris Private Equity is a leading Nordic private equity firm investing in well-established medium-sized companies across the Nordic region. Headquartered in Copenhagen and founded in 1998, Polaris focuses on long-term value creation and strategic development. Polaris has been the majority owner of G&O Maritime Group since 2021.
Source: G&O Maritime Group