VEO signed one of the most significant agreements in its history with Neste in Singapore

VEO and Neste signed an agreement under which VEO supplies energy-efficient main electrical distribution technologies to Neste’s renewable and sustainable products expansion project in Singapore.

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TechTeam360 as part of the VEO Group

VEO enchased its local Swedish expertise by acquiring TechTeam360 (TT360), a Swedish-based consultancy firm specialising in turnkey substation deliveries as well as the planning and preparation of electrification projects.

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Vector passed the type tests required to fulfil the latest IEC standards for 40 kA

Thanks to the test passing, Vector is now the first modern switchgear in the Nordic countries to achieve both current withstand and internal arc withstand capabilities at the 40 kA level.

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VEDA switchgear production started in the UK

After having moved its production to a new facility in an extraordinarily short time, UK-based I.C. Electrical (ICE), which has been part of VEO since 2017, now manufactures low-voltage VEDA switchgear.

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Hydropower customer network expanded in Norway

VEO signed two new electrical modernisation contracts; one with a new customer Helgeland Kraft, and one with an already existing cooperation partner Glitre Energi.

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Expanded cybersecurity service

The threat of cyberattacks, using advanced techniques, poses a significant risk to critical infrastructure in the energy sector. Thus, VEO expanded its cybersecurity services to combat such potential threats and protect both old and new automation solutions.

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CEO’s review

Our main focus during the year was to achieve profitability, which we managed splendidly. We could not have done it without working together for this common goal.

Chairman’s greetings

On behalf of the board, I would like to warmly thank all of VEO’s personnel for their excellent work during 2019. I think we can proceed very satisfactorily, based on what we achieved together last year.

Power Utilisation

Both VEO’s contract manufacturing and project-driven business finished the year 2019 with a lot of positive news to share.


We had a clear direction of where we wanted to go when we started to develop the production – and we have done well as a result.


The finance organisation now has a more active role to play in company decision-making, as we provide business management with more accurate financial and follow-up data.

I.C. Electrical

During the year, ICE has evolved from being VEO’s British sales office to a more independent member of the VEO Group.

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