The Telemark power-based industry started in 1902 when Sam Eyde, along with Norwegian and Swedish investors, bought Rjukan Falls—establishing A/S Rjukanfos on 30 April 1903. The same year, on 13 February, Eyde and Kristian Birkeland had met and started working on refining the electric arc to produce an electric flame; allowing Eyde to complete his process of converting air and electricity into fertilizer. On 19 December 1903 Det Norske Kvælstofkompagni was founded, followed by Det Norske Aktieselskap for Eletrokemisk Industri (today Elkem) in 1904; both were in part owned by the Wallenberg family, Stockholms Enskilda Bank and Banque de Paris et des Pays-Bas.