The Story of ALEVO GROUP

This site retraces the story of ALEVO GROUP which under the leadership of Jostein Eikeland managed to raise over $350 million between 2012 & 2017 and then spectacularly went bankrupt in early 2018 with many questions still left unanswered as to where all the money went…

This site is under continual construction, but provides an outline of the key events in a timeline, with links to relevant posts concerning events and people associated with ALEVO GROUP as we try to unravel where all the missing money went. We will also be providing some key facts and resources.

Alevo Payments of $2 million to TSG Global Solutions

Dr Rubar S. Sandi (on the right) is the principal of TSG Global Solutions, pictured here in a very friendly pose with Jostein Eikeland. We found an attestation from 2015 that confirmed that TSG Global Solutions had been paid $2 million by Alevo in 2014. During this time Alevo had...

Alevo Group’s Convoluted Share Registration System

At the 2016 AGM a shareholder asked the Board of Alevo Group why the shares had been registered using the SIX SIS securities depository system. This was highly cumbersome, especially for non-Swiss shareholders, as it meant that they needed to have a correspondent bank hold the shares they had in...

August 2016 Detailed Newspaper Article

In August 2016 Dagens Næringsliv, “Norway’s leading business publication”[1], released a critical 16-page article about Jostein and his new venture. The article covered the Labyrinth of how money passed to Alevo, and between its companies, including how a large amount of the invested funds were sent straight to Jostein’s BVI...

2015 & 2016 – questions to answer

In Switzerland companies are required to hold AGMs at least six months after the year end, and to produce audited accounts to shareholders before then. In 2013, 2014 & 2015 the company failed to adhere to this. AGMs are the ultimate governance mechanism for companies, but the board of ALEVO...

2013 & 2014 – time to have fun!

In 2013 Jostein appeared able to get beyond his secretive grouping of investors who put their money into Clydemont and Alevo in order to cleanse it, and was actually able to attract real investors, even at tremendous valuations! (Much of it based on an unrealistic business plan but which was...

Other relevant sources of information

An article on some of the people Jostein Eikeland raised his money from (written in early 2017, before Alevo's collapse) Business North Carolina on Alevo's fall Cryptic claims of a smear campaign against journalist who help bring down Alevo - The original article in Norwegian is available here From 9...

Clydemont Finance Limited

Clydemont Finance Limited is the British Virgin Islands (BVI) company held by Jostein Eikeland. The company is mentioned in the June 2014 article that appeared in Dagens Næringsliv concerning the early funding of Alevo by a narco traficker. There appears to be another Florida-registered company with more or less the...

Alevo’s early funding by a narcotics trafficker

In June 2014 Dagens Næringsliv published an article in which the newspaper claimed that Jostein Eikeland had on many occasions borrowed money from the narco trafficker Gjermund Cappelen in order to finance Alevo. Apparently many millions of NOK had passed through the accounts of DLA Piper (where Tord Eide worked...

The early days of Alevo

Alevo was initially founded on the premise of licensing and using the fortu Powercell battery technology which has previously been developed for over a decade in Germany and which was due to have a production factory built in Michigan. In 2009 the initial business was founded in Florida, and soon...

Julian Tanner

Public Relations specialist. Julian Tanner never appears to have been part of Alevo management, although he had a very prominent role in the opening ceremony on October 28, 2014 whilst he was working at Axicom. Jostein Eikeland has worked with Mr Tanner for about 20 years. Since April 2018 Mr...

Markus Alder

Former Chief General Counsel of ALEVO GROUP SA, starting in early 2017  In March 2017 alevo.com described Markus Alder as: An internationally respected corporate attorney and published legal scholar with more than two decades of experience, Markus Alder oversees all legal affairs worldwide for the Alevo Group. A long-time partner...

Tord Eide

Former Chief General Counsel In May 2016 alevo.com described Tord Eide as: An internationally respected attorney who has ranked among the Top 5 in his native Norway, Tord Eide has daily responsibility for legal affairs of the Alevo Group. As a partner and one of the founders of the Norwegian...

Per Dybwad

Director, from March 2016 & also interim CEO from 2016 Per Dybwad was elected onto the board of ALEVO GROUP SA in March 2016. In May 2016 alevo.com described him as: An international business executive and start-up specialist with nearly 30 years in leadership roles, Dybwad brings vast experience in...

Scott Schotter

In May 2016 Scott Schotter, Jostein Eikeland's longstanding associate, front man and helper for many of the problems Jostein gets himself into, appeared on alevo.com. He is described as: An international expert in branding and sales strategies with an abiding passion for human health and the environment, Scott Schotter leads...

Anthony Walsh

Acclaimed as a great die caster, Tony Walsh was the leader of the "Michigan Mafia" who were supposed to build the batteries for Alevo. These people were picked by Jostein Eikeland but they apparently had no clue about battery manufacturing and the company kept failing to deliver on its promises....

Eric Cameron

Eric Cameron was elected to the Board in March 2016. In May 2016 alevo.com described him as: A career journalist who rose to hold myriad board positions with companies across the globe, Eric Cameron brings vast media and business savvy to the Alevo board. His posts have included executive editorship...

Christopher Christiansen

President, Alevo Energy In January 2016 alevo.com wrote of Christopher: Uniquely adept at understanding the science of cutting-edge battery technology — as well as evaluating future revenue models and designing sales strategies — Christopher Christiansen is responsible for co-authoring the master plan for the company’s entry into the global marketplace....

Larus Arnason

Chief Financial Officer 2015 to 2016 January 2016 alevo.com wrote of Larus: With more than 15 years’ experience in international capital markets and executive leadership, Larus Arnason carries the overall responsibility for finance matters for the Alevo Group. His varied career has included investment banking, proprietary trading and fund-raising with...

Jeff Gates

Former Vice President Sales, Alevo Energy (more…)

Randell Johnson

In May 2016 Dr Johnson appeared in alevo.com as: Dr. Randell Johnson, P.E. holds degrees in engineering, quantitative finance and corporate finance. He has built an unprecedented resume in his 20-year career — with more than $35 billion of energy infrastructure projects across 70 countries in his engagement portfolio. Utilizing...

Alan Greenshields, BSC BENG CENG MIET MIMECHE

In 2016 Alan Greesnhields appeared on alevo.com, being described as: As co-founder of the Swiss/German company that developed many of the core scientific and technological breakthroughs that give the inorganic Alevo batteries their unprecedented life, durability and safety features, Alan Greenshields is responsible for Alevo’s strategy for technology development. A...

Jostein Eikeland at the Alevo launch, October 28, 2014

Here is Jostein Eikeland proclaiming that Alevo will be creating lots of jobs in Concord which he adds that Concord really needs. He proudly proclaims that Alevo has not taken any tax credits or grants (with a new CEO Alevo later changed course on this as it must have realised...

Harrison Wellford

Director, from March 2016 Harrison Wellford was elected onto the board of ALEVO GROUP SA in March 2016. In May 2016 alevo.com described him as: Among the world’s most respected advisors in the sectors of both energy and presidential transitions, Harrison Wellford plays a hands-on role at Alevo in governance...

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