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Image via Fenris Creations
EVE Online developer CCP Games is becoming an independent studio and rebranding as Fenris Creations.
The Icelandic company was sold back to its management team by former owner Pearl Abyss in a deal worth $120 million. The South Korean publisher acquired CCP Games in 2018 for around $425 million.
Now, after regaining its independence, Fenris will operate as a standalone studio responsible for its own strategy, operations, and creative direction.
"Fenris Creations is now governed by its own Board of Directors, returning to a model similar to how the company operated before 2018, and one designed to support strategic decision-making for persistent live games and long-running virtual worlds," reads an announcement on the Fenris website.
"The ownership group comprises Fenris Creations’ senior management and long-term investors aligned with the company's future as a developer, publisher, and operator of player-driven online experiences."
Fenris CEO Hilmar Veigar Pétursson said the studio will not be making layoffs or restructuring as a result of the transition and said EVE Online closed 2025 with some of its best financial results in years after delivering record revenue in November. The company ended the year with over $70 million in reported revenue.
"There are no planned changes to the company’s organizational structure, and its headquarters will remain in Vatnsmýrin, Iceland. Studios in Reykjavík, London, and Shanghai will continue to operate as they do today." the announcement adds.
Fenris will continue to support the EVE franchise 'with forever in mind'
Notably, Fenris has also entered into a research partnership with Google DeepMind that will see Google acquire a minority stake in the company. The financial terms of the partnership were not disclosed, but Fenris said the duo will focus on "advancing understanding of intelligence in complex, dynamic systems."
"The collaboration will explore areas including long-horizon planning, memory, and continual learning, using EVE Online as a uniquely rich environment for study. Google DeepMind will work with an offline version of EVE Online running on a local server to test and evaluate models in a controlled setting," the announcement continues.
"Together, the partnership will also explore new gameplay experiences enabled by these technologies."
Deepmind is the artificial intelligence division of Google parent company Alphabet Inc. It has developed a number of generative AI tools such as image generator Nano Banana 2 and world model Genie 3, which Google claims is capable of creating digital worlds that can be explored at will.
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Looking ahead, Pétursson said the EVE franchise is "built to endure" and will continue to be supported over the coming decades.
"This transition gives us direct ownership, clear accountability, and the independence to invest in worlds that grow over decades,” said Pétursson.
"We're grateful to Pearl Abyss for their partnership and for the consistent support they’ve shown us over the past seven and a half years. EVE Online exists today because of pioneering thinking, patience, and trust between developers and players. Our new structure and partners enable us to carry that legacy forward—continuously evolving a living universe and actively exploring what it can become, with forever in mind."
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Senior Editor, News, GameDeveloper.com
Game Developer news editor Chris Kerr is an award-winning reporter with over a decade of experience in the game industry. His byline has appeared in notable print and digital publications including Edge, Stuff, Wireframe, International Business Times, and PocketGamer.biz. Throughout his career, Chris has covered major industry events including GDC, PAX Australia, Gamescom, Paris Games Week, and Develop Brighton.