Energy One rejects 'opportunistic' $539m takeover bid from Norwegian software firm Volue. By Business News Australia 30 July 2026 Australian energy software company Energy One (ASX: EOL) has unanimously rejected a revised $539.7 million unsolicited takeover proposal from Norwegian energy technology firm Volue AS, calling the all-cash bid "opportunistic" and saying it significantly undervalues the business. Volue's non-binding proposal of $17 per share represents a 57 per cent premium to Energy One's last closing price of $10.85 yesterday and a 47 per cent premium to the one-month volume-weighted average price of $11.55. The offer was structured as a scheme of arrangement to acquire 100 per cent of the company's 31.74 million shares on issue. The revised bid follows an earlier proposal of $16.50 per share submitted by Volue earlier this month, which Energy One also rejected. "After evaluating the merits of the revised proposal, the Energy One board has unanimously rejected the unsolicited, non-binding and conditional proposal on the basis that it undervalues Energy One," says the company in a statement to the ASX this afternoon. The company says the proposal presents execution risk including due diligence, Foreign Investment Review Board approval and potentially antitrust approvals. "We also note that the proposal required exclusivity and the unanimous recommendation of Energy One's board and each director to confirm it would vote all of its shares in favour of the proposal," says the company. "A number of Energy One's directors are meaningful shareholders in the company." The Energy One board says it is "strongly confident" the company's management team will deliver superior value for shareholders through continued execution of its growth strategy, and that the proposal also undervalues the business in the context of a change of control transaction. Energy One is currently valued at $344 million based on yesterday's share price, or just over half of the $640 million the company was worth last October when its shares hit a record high of $20.19. Volue, which is backed by private equity firms Advent International and TA Associates along with Generation Investment Management and Norwegian industrial group Arendals Fossekompani, sees the acquisition as a "compelling proposition" to build the world's leading AI-enabled energy data and software platform. The Oslo-headquartered company expresses "deep admiration" for Energy One's business and described the proposal as a "rare opportunity". Energy One is is a global software and service provider for wholesale energy, environmental, and carbon trading markets, supplying software and operational support to help energy generators, retailers and traders manage power and gas portfolios. The rejection comes as Energy One rides a strong growth trajectory under newly appointed CEO Ben Tranier, who took the helm in March this year. The company reported first-half FY26 revenue of $34.8 million, up 21 per cent, with annualised recurring revenue hitting $64 million, a 20 per cent increase. EBITDA climbed 31 per cent to $9.7 million while net profit after tax surged 63 per cent to $4 million. The company is targeting billed annualised recurring revenue growth of 13 per cent for the full FY26 year. Energy One's board points to these growth metrics and the strategic value of its platform as reasons the Volue offer falls short of reflecting the company's intrinsic worth, noting that directors hold significant shareholdings that align their interests with those of all shareholders. "The Energy One board considers that the revised indicative proposal is opportunistic, and does not reflect Energy One's position as one of the world's leading energy trading software and service suppliers," says Energy One. "Energy One continues to deliver strong top line and earnings growth, and margin expansion as it scales in Australia and Europe. "The Energy One board is strongly confident that the management team will continue to deliver superior shareholder value when compared to the proposal from Volue AS." Business News Australia Australia's business news. Free. Always. Join thousands of founders, investors and executives who read Business News Australia every morning. No paid subscriptions, just free. Unsubscribe anytime. Partner Content

Energy One, an Australian software provider for wholesale energy and carbon trading markets, features high insider ownership and is positioned among ASX growth stocks with forecast earnings growth of 24% annually. The company, with a market capitalisation of A$397.13 million, operates across Australasia and Europe, providing software products, outsourced operations and advisory services to energy, environmental and carbon trading markets. Alongside Energy One, other notable ASX growth companies with significant insider ownership include Clinuvel Pharmaceuticals, which trades at a discount to fair value with earnings forecast to grow 24.9% annually, outpacing the broader Australian market's 12% growth rate. The screener identified 105 fast-growing ASX companies demonstrating high insider ownership.