Namibian tycoon Sven Thieme’s O&L sells clean energy stake to Belgium’s CMB.TECH

Namibia’s largest privately owned company, Ohlthaver & List (O&L) Group led by prominent businessman Sven Thieme, has sold its stake in Cleanergy Solutions Namibia to H2Infra NV, a subsidiary of Belgian-based CMB.TECH. The deal, which still awaits clearance from the Competition Commission, will make H2Infra the sole owner of Cleanergy Solutions, one of Namibia’s flagship clean energy ventures driving the country’s green hydrogen ambitions.

O&L’s next chapter embraces green future

For O&L, led by executive chairman Sven Thieme, the move reflects a strategic decision to streamline its portfolio and reinforce its long-term growth plan under Vision 2029. “While our shareholder chapter comes to an end, our partnership story does not,” Thieme said. “We will continue to support CMB.TECH and look forward to working together on future projects that advance clean energy.”

Thieme praised both the Cleanergy and CMB.TECH teams for their innovation and commitment, saying he remains confident that the company will continue to make progress under new ownership. “As CMB.TECH takes the lead, we believe Cleanergy Solutions will remain a key driver of Namibia’s green energy development,” he added.

O&L boosts Namibia’s clean energy ambitions

Founded over a century ago as a trading business between Hermann Ohlthaver and Carl List, O&L has grown into a cornerstone of Namibia’s economy, contributing nearly 4 percent to the country’s GDP. The group operates across food, beverages, property, and leisure, employing thousands across the country.

Cleanergy Solutions Namibia, the joint venture now transitioning to full CMB.TECH control, develops green hydrogen and related technologies for domestic and industrial use. In September, the company inaugurated a green hydrogen production and refueling facility in Walvis Bay. The facility boasts a solar-powered electrolyzer that produces hydrogen for vehicles industrial equipment and off-grid power systems.

Namibia expands green hydrogen training hub

The facility also hosts a Hydrogen Academy aimed at training local engineers and technicians in hydrogen technologies. The project has already supplied hydrogen for trucks, tractors and generators setting a foundation for wider commercial use. The European Union, which has partnered with Namibia on renewable energy development, said the project demonstrates how cooperation can deliver tangible results.

Beyond its environmental benefits, the initiative is expected to create new jobs, expand technical training opportunities and help small businesses participate in Namibia’s emerging green economy. With CMB.TECH assuming full ownership, Cleanergy Solutions enters a new chapter—one that continues Namibia’s broader goal of becoming a hub for clean hydrogen production in Africa.