Fosstech was established in 1997. The company is the sum of two exciting stories. Steven Foss established his company Fosstech AS in Nøtterøy in 1997. In 2004, Fosstech Stokke AS was established as a continuation of what was then FTG AS. FTG was established as early as 1986. The companies at Nøtterøy and Stokke were then merged 1st. of January 2005, and today's Fosstech AS was established.
Fosstech has transitioned from being a mechanical workshop to becoming a technology company, supplying a full scope of encapsulated electronics and advanced electromechanical solutions.
The company is known for its dynamic and progressive approach and during its first year of operations received several awards for innovation and for its positive working environment. In 2009, Fosstech was named "Company of the Year" by NHO Vestfold. The same year, in connection with the acquisition of the Hortens-based company Jatronic AS, the company's business was greatly expanded with cable and communication products. Jatronic is now a Sister-Company, www.jatronic.no, but original Jatronic products still constitute a significant part of Fosstech's product portfolio. Major investments in modern CNC equipment were made in 2008-2009, while the company still had mechanics and machining as its main business.
The market changed dramatically in 2014 as a result of the drop in oil prices and less activity in oil and gas related businesses. At that time, Fosstech was developing expertise in casting /moulding technology and electronic encapsulation. The decline in the oil and gas-related market hit Fosstech hard. In response to market decline, Fosstech invested considerable resources in developing into a leading manufacturer of encapsulated electronics. History shows that this was an important and successful initiative. Fosstech is now a leading supplier of electromechanical solutions for the subsea market as well as for use in extreme environments. Tens of millions of NOK have been invested in the development of expertise and equipment that is currently used for the production of advanced signal cables, high-tech underwater sonars, encapsulated LED lighting, etc.
Until 2018, Fosstech was fully owned by Steven Foss, through his company Steven Foss Holding AS. In 2018, Otterlei Group AS came in as co-owner, further strengthening the company. Today, Fosstech AS is owned by Steven Foss and Otterlei Group AS, 60% and 40% respectively.
Otterlei Group AS is a private investment company mainly owned by Jan Sigurd Otterlei of Arendal. The company has operations in industry, real estate and financial activities. Among Otterlei's industrial companies are Adax, Norac, Norac Bath Cabinets, Bosvik, Agdersveis, Kristiansand's Screw Factory & Mechanical Workshop, Sabro, Vestmar Production, AG Mechanics, Arendals Brewery amongst others. The company has operations in Norway, Sweden, Denmark, Lithuania and China. Otterlei Group has a turnover of NOK 1 billion and has 1,000 employees.