His last venture, a welding technology company called Quickflange sold for hundreds of millions Norwegian kroner.
His current company, Otechos, was valued at MNOK 100 last year, when Øystein Spetalen and other high-profile Norwegian investors bought a piece.
In 2013, GCE NODE participant Otechos launched a program to develop a new type compressor for air and gases. The main objectives for this new machine, which is based on several patent-pending principles, are less energy consumption (up to 20 per cent reduction compared with conventionally screw- and piston based machines), an oil free compression process, a vibration free and low noise operation, simple construction (very few moving parts) and low weight and small footprint.
“Our technology allows for a compression process with no mechanical touching parts in the process chambers, and with no mechanical valves incorporated. This means that there is no need for lubrication, and also that water injection can be used during the compressing. This reduces energy consumption considerably and also performs a sealing effect between the parts, forming the chambers for suction and discharge,” explains Hauge.
After receiving a phase 1 grant last year, Otechos was also given a NOK 14.2 million phase 2 grant from of Horizon 2020, one of several EU initiatives supporting innovation of environment-friendly technology.
”Compressors account for 10 per cent of the industrial world’s total energy consumption. Out technology reduces the need for energy by 20 to 30 per cent,” says Hauge to Finansavisen. The Norwegian newspaper, specializing in financial and business news, recently ran a three-pages story on Otechos and Hauge.