Aiming to take the risk out of investing in marine renewable energy, Cork startup Exceedence has launched a revolutionary new software tool which can assess whether an energy project stands to make money or lose it.
“It is the first purpose-built financial and technical planning tool for marine renewables and is more comprehensive and complete than anything else on the market.
"Programmed to assess 1,015 variables including everything from wind speed to operational costs, it enables companies to save time, reduce risk, optimise project development, increase profitability and maximise resources,’’ says Exceedence chief executive, Dr Ray Alcorn.
An electrical engineer who has worked in the marine renewable energy industry for 20 years, Dr Alcorn was involved on the team which developed the software which his spin-out company Exceedence licensed from UCC last week.
The software is designed for a wide range of users in the wind, offshore wind, tidal and wave sectors.
Dr Alcorn says this is game-changing technology which he believes can improve investment in the marine renewable energy sector at a global level.
“Until now companies have had the option of using Excel to build their own analytic tool, paying an expensive consultant or using a tool not designed for marine renewables.
"Exceedence now sees scope to establish its product as the gold standard evaluation tool for the renewable energy industry.
"We have identified 4,500 companies globally which could use our software and an addressable market of €150 million per annum,” says Dr Alacorn who plans to build up a staff of 30 and generate a multi million euro turnover within the next three years.
Once ready for market Dr Alcorn set up his new company at the Western Gateway Building at UCC in October 2014.
Since then he has worked on building up a customer base providing consultancy services and performing evaluations on projects.
While negotiating with UCC for the licence he began trialling the software with a number of marine renewable energy companies and utility companies.
Securing a priming grant from the Local Enterprise Office in Cork, Exceedence took on three staff this year and now plans to employ a sales person.
Signing the license agreement last week means that the company can proceed full steam ahead with plans to develop sales internationally and host an official launch at Ocean Energy Europe in Dublin this month.
This week the company has signed its first licence customer, a multinational involved in combined wind and wave projects.
“Over the next few months we expect to convert more of the companies who have trialed our software into customers,” says Dr Alcorn, adding that most early sales are expected to be to companies in the wave and tidal sectors.
Dr Alcorn says he has now a pipeline of 120 interested parties which he expects to become customers over the next two years. The main strategy is to go after a number of major multinational players which the company has identified as key targets.
A key objective for 2016 will be fundraising to enable the company to grow quickly and pursue these key targets.
It will also allow Exceedence to start work on building a global network of resellers and distributors.
This week Exceedence will move from the Gateway building to a new home among other renewable energy companies at IMERC Incubator space in Ringaskiddy.
Location: IMERC, Ringaskiddy.
CEO: Ray Alcorn.
Produce: Financial and planning tool for marine renewable energy.
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