Annual Report 2025

Mr. Erik Sneve has over 25 years of diverse experience in the investment, technology and renewable energy sectors, both in Norway and internationally. His career spans operational roles and strategic leadership within venture capital, industrial renewables, and family office environments.

He has held positions as analyst, consultant, Chief Operating Officer, and Investment Director at organisations including EY, DNB Markets, Energy Future Invest (a joint venture between Statkraft, Hafslund, and Eidsiva Energi), and Torstein Tvenge. Mr. Sneve has extensive international experience and has led the development and successful exits of several renewable ventures, including Solibro AB (sold to Q-Cells AG), Evolar (sold to First Solar), and Helios Nordic Energy (sold to Vinci Concessions).

Mr. Sneve holds a BSc in finance from Arizona State University, graduating with Summa Cum Laude honours and recognition on the Dean’s List.

Mr. Bård Olsen has extensive international experience from various financial and compliance roles, particularly in the United States. He has held several controller positions and worked as an external auditor at Henry & Horne. Additionally, he served as an internal auditor and was responsible for regional SOX compliance at AutoNation, a NYSE-listed automotive dealership group.

In Norway, Mr. Olsen worked at EY in a risk and internal control advisory capacity, supporting banks and financial institutions. Prior to joining Magnora, he was Vice President of Global Compliance at MHWirth, a drilling equipment company within the Aker Group. During his nine-year tenure, he held multiple roles across the group, including Head of Internal Audit at Aker Solutions corporate.
Mr. Olsen holds a BSc in finance and an MBA from Arizona State University.

Mr. Stein Bjørnstad has a broad professional background spanning research, advisory, and strategic communication. His career has primarily focused on consulting, where he has addressed complex, non-standardised strategic challenges for a diverse range of clients.

As a former Director at Deloitte, Mr. Bjørnstad is a seasoned strategy advisor with a strong portfolio of M&A and analytics engagements, particularly within the public sector and energy industries. He has also contributed to the growth of two tech start-ups and served as an advisor to numerous early-stage companies.

He has also held a part-time associate professorship at BI, where he taught scaling, innovation, and entrepreneurship in collaboration with the Massachusetts Institute of Technology (MIT).
Mr. Bjørnstad holds a PhD in economics from BI Norwegian Business School.

Mr. Torstein Sanness has extensive technical expertise and leadership experience in the oil and gas industry. He served as Managing Director of Lundin Petroleum Norway from 2004 until April 2015, after which he was appointed Chairman of the Board of the same company until March 2017. He subsequently joined the board of International Petroleum Corp.

Prior to this, Mr. Sanness was Managing Director of Det Norske Oljeselskap AS. From 1975 to 2000, he held various executive roles at Saga Petroleum in both Norway and the United States.

He currently serves as a board member of Fjord Defence Group ASA, Chairman in Atticka AS and Concedo AS, and Vice Chairman in Panoro Energy ASA.
Mr. Sanness holds an MSc in geology, geophysics, and mining from the Norwegian Institute of Technology (now NTNU) in Trondheim.

Ms. Hilde Ådland is Vice President of Facilities Excellence at Vår Energi ASA, a leading Norwegian oil and gas company. She brings extensive experience from a range of technical, operational, and leadership roles onshore and offshore across organisations including Kværner, Statoil, GDF SUEZ (now Engie), Neptune Energy, and most recently, Vår Energi.

She has previously served as Chair of the Board of NOFO (the Norwegian Clean Seas Association for Operating Companies) and the Operations Committee of Norwegian Oil and Gas (now Offshore Norge) and has previously held Board positions at Hermana Holding ASA and Panoro Energy ASA.
Ms. Ådland holds a BSc in chemical engineering and an MSc in process engineering.

Mr. John Hamilton is the Chief Executive Officer of Panoro Energy ASA. He brings extensive international experience from leadership and financial roles within the oil and gas industry.

Prior to joining Panoro Energy, Mr. Hamilton served as CEO of President Energy PLC, a UK AIM-listed exploration company focused on Latin America. Before that, he was Managing Director of Levine Capital Management, an oil and gas investment fund, and CFO of Imperial Energy PLC, a UK FTSE 250-listed company, which was sold for over USD 2 billion in 2008.

He spent 15 years with ABN AMRO Bank, working across Europe, Africa, and the Middle East. Most of his tenure was within the energy group, specialising in upstream oil and gas financing.
Mr. Hamilton holds a BA from Hamilton College in New York and an MBA from both the Rotterdam School of Management and New York University.