Aegir Insights, a leading provider of decision-making software, data, and intelligence for the offshore wind sector, has raised €8.5 million 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.
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. 1 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.
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.”
The €8.5 million 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.
Pablo Pedrejon Garcia, Partner at Seaya Andromeda, commented: “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, added: “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.”
