Impact investor Norselab and industrial investor Umoe join forces with the company to target a multi-billion dollar decentralized renewable energy production market.
Oslo/Ålesund, Norway, February 1, 2024
Founded in 2020, Inseanergy specializes in turnkey solutions for floating solar power systems. With the new investors on board, the company is preparing to become a leader in decentralized renewable energy production in emerging markets. Norselab and Umoe invested a total of USD 3 million in the round.
— We are delighted that leading Norwegian investors in impact and renewable energy are demonstrating their belief in our business. The new owners have significant expertise in international scaling and value creation alongside a broad network that gives our company global reach, says Inseanergy CEO Kari-Elin Korsnes Hildre.
The world’s energy systems require a drastic transformation to reduce emissions and achieve the UN Sustainable Development Goals. Most remote regions of the world, such as island states, lack infrastructure for renewables. Fossil fuels, especially diesel generators, are their primary source of energy. Inseanergy offers complete and scalable solutions that enable rapid solar energy production capacity deployment in areas with no renewable alternatives.
While large-scale renewable energy installations such as offshore wind projects receive much attention at the government level and in the media, they are complex and often involve significant interference with natural ecosystems. It is crucial to scale innovative energy solutions that can replace fossil fuels faster than these projects allow. Inseanergy has the ambition to offer solutions to island states in emerging markets, where access to renewable energy is vital for the transition to a net zero future.
Inseanergy has established a strong foothold in aquaculture by providing floating solar energy solutions for farming facilities. The company emphasizes the significant role of clients Hofseth, Ode, and Bjørøya, who have been among the early adopters of Inseanergy’s solutions to electrify fish farms. The market for such solutions in salmon and trout farming alone is estimated at a billion dollars. The broader global market for floating solar energy, which the company is now targeting together with investors Norselab and Umoe, is so massive that it’s difficult to estimate its size.
— A significant amount of energy globally is produced from diesel, which is profoundly unsustainable. To tackle this challenge, Inseanergy has developed a hybrid system that utilizes different technologies and energy sources to produce and distribute energy more efficiently and sustainably. Our turnkey solar solutions can be used anywhere in the world, and our partnership with the solar technology provider Ocean Sun has further strengthened Inseanergy’s position. With a fully integrated system, we manage the entire process from installation and maintenance to monitoring and ESG reporting-ensuring that energy delivery to the client is seamless, says Inseanergy founder Jan Erik Våge Klepp.
Norselab is a leading impact investor with vast experience in setting strategic direction for portfolio companies, aiming to create superior returns for both investors and the planet. Umoe is one of Norway’s largest privately owned investment companies with an extensive track record in building industrial companies and strong expertise in renewable energy.
— We have followed Inseanergy since its inception. The company has a solid team and has dedicated the past year to maturing the product and business model. We believe the timing is perfect for international scaling. There is massive interest growth in the market for distributed, renewable energy production, comments Yngve Tvedt, Chief Investment Officer at Norselab.
— Through efficient system deliveries and a competent team, Inseanergy has solid prerequisites for introducing floating solar cells to the market. Their model and platform are poised to grow in a market with alternative solutions. The potential is substantial nationally and internationally, says Jostein Eiesland, CEO of Umoe.
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Point of contact:
Kari-Elin Korsnes Hildre
kari-elin.hildre@inseanergy.no
About Inseanergy
Inseanergy is a cleantech company that develops and delivers green energy systems. The company was established in May 2020 and currently has nine employees. Inseanergy’s head office is in Aalesund, Norway.
About Norselab
Norselab is a leading Nordic impact investment platform based in Oslo, Norway. With an uncompromising focus on creating a meaningful future for all, we invest in net-positive companies that accelerate the urgently needed change in global industries. Norselab currently manages four funds in growth equity and credit. They are all governed by our industry-leading impact frameworks and classified as SFDR Article 9 while being designed for long-term superior capital returns. Norselab is backed by Capricorn Investment Group, one of the largest mission-aligned investment firms in the world. Norselab is a Certified B Corp™. Learn more at norselab.com.
About Umoe
Umoe is a family-owned industrial investment company founded by Jens Ulltveit-Moe in 1984. The company has a long-term perspective and exercises active ownership in its investments. Sustainability is fundamental to Umoe’s strategy and operations, and approximately 85% of the company’s managed assets are invested in sustainable businesses.