Copenhagen, Denmark, February 13th, 2024 – Aegir Insights, a leading provider of decision-making software, data, and intelligence for the offshore wind sector, has raised €8.5M in Series A funding, led by Seaya Andromeda with the participation of Climentum Capital. The company will use the funds to develop the next generation of its web platform, encompassing decision software, data, and intelligence products for the offshore wind industry. Scott Urquhart, co-founder and CEO of Aegir Insights, said: “We are excited to have found investors with such strong experience in scaling SaaS businesses in the energy sector.”
Offshore wind power is among the fastest growing segments within clean energy investments according to the International Renewable Energy Agency (IRENA)’s latest World Energy Transition Outlook (2023), indicating the necessity of offshore wind to grow from today’s 64 GW capacity to 494 GW by 2030 and reach 2,465 GW by 2050. However, the project development process remains long and complex, taking as long as 10 years from site identification to commercial operations.
Aegir Insights’ solutions play a crucial role in making data-driven decisions, optimizing development, and reducing costs, thereby accelerating investment in the sector. This is critical in the current environment of cost volatility to ensure optimal capital allocation and project economics. Aegir Insights’ existing client base includes leading developers such as BP, Equinor, and JERA, and it is expanding further into governmental and financial services segments.
The €8.5M in Series A funding will support the development of Aegir Insights’ software-as-a-service (SaaS) platform, data, and intelligence offerings. The company’s technology roadmap includes solutions for simulating price-competitive auctions, streamlined project and portfolio analysis, and broadening functionality to evaluate hybrid assets and system integration. The funding will also enable Aegir Insights to expand its expert client support, serving as a trusted independent advisor.
Aegir Insights was founded in 2020 by CEO Scott Urquhart and CCO Rikke Nørgaard, who, between them, have almost 35 years of energy industry experience working for major renewable energy players, including Ørsted and Vattenfall.
Scott Urquhart, co-founder and CEO of Aegir Insights, said: “We are excited to have found investors with such strong experience in scaling SaaS businesses in the energy sector.” Commenting further on the unique value proposition provided by Seaya Andromeda and Climentum Capital, he said, “Their hands-on experience and renewable sector network will help us accelerate our product roadmap, where we are aiming to set the market standard for offshore wind decision software.”
Rikke Nørgaard, co-founder and CCO of Aegir Insights, added: “Over the past three years, we’ve built a unique product offering, serving offshore wind developers, investors, and governments around the world. This is an important milestone in our journey, both for Aegir Insights as a company and for our clients, that will enable us to enhance our products and mission to accelerate offshore wind deployment.”
Pablo Pedrejón García, Partner at Seaya Andromeda said: “At Seaya Andromeda, we are very excited to partner with Scott and Rikke on the next phase of Aegir’s growth. They have developed a unique solution that is poised to change how investment and planning are done in the offshore wind sector. Under their leadership and considering the huge opportunity within this vertical, we are convinced that Aegir Insights will become the ‘gold standard’ solution for offshore wind decision-making.”
Morten Halborg, Managing Partner at Climentum Capital stated: “In a crowded field of cleantech solutions, Aegir Insights brings clarity with a data-driven software solution. Aegir tackles real-world challenges in the offshore wind industry, offering an integrated platform that will restore profitability while significantly reducing CO2 emissions. Aegir’s focus on logic and impact perfectly aligns with our mission to invest in companies that substantially contribute to our CO2 emissions reduction target of 1 million tons annually at fund close.”
About Aegir Insights
Smarter, faster, greener.
Aegir Insights is a technology-driven company offering decision-making software, data, and intelligence products for the offshore wind sector. Aegir Insights serves a global client base across corporate, financial, and governmental segments, with product coverage across more than 60 offshore wind markets.
Aegir Insights leverages data science and deep industry experience to help global renewable players make smarter decisions. Its expertise lies in contextualizing complex information through the use of proprietary models developed in close cooperation with industry and academia. Going beyond data, Aegir Insights brings independent strategic insights based on industry experience.
About Seaya Andromeda
Seaya Andromeda is the largest ClimateTech Venture Capital in Southern Europe. With €300M assets under management, Andromeda is an SFDR Article 9 fund on a mission to address global sustainability challenges and deliver profits with purpose through investments in technology-driven companies focusing on Energy & Decarbonisation, the Circular Economy, and the Sustainable Food Value Chain.
Seaya Andromeda is a fund of Seaya –the leading European and Latin American Venture Capital platform, with offices in Madrid, London and Mexico City, that invests in exceptional entrepreneurs who are building global technology companies. Seaya raised its first funding in 2013 and currently manages over €600 million across five early-stage venture funds. Seaya accelerates the growth of startups by leveraging the founder’s strategic vision, providing them with Seaya’s global platform, its extensive network of founders, investors and multinational corporations, as well as all its experience in the global expansion of companies such as Glovo, Cabify, Wallbox (NYSE:WBX), Spotahome, Clarity AI, Clicars, Alma and RatedPower.
About Climentum Capital
Climentum Capital is a Venture Capital firm based in Copenhagen, Berlin, and Stockholm. The team invests in European hard-tech startups that cut emissions at the core of industries. The pioneering Article 9 fund has a double incentives structure, with carry indexed on both CO2 emissions reductions and financial returns.
The General Partners Malin Carlström, Dörte Hirschberg, Morten Halborg, and Stefan Mård target late Seed and Series A investments in the five sectors that demonstrate the largest CO2 reduction potential: Energy, Industry, Food, and Agriculture, Buildings, and Transportation. Climentum’s portfolio includes Continuum, Qvantum Industries, Jolt Technologies, Novatron, one.five, and more.
