Marine engineering specialist Alfa Laval is acquiring Norway-based weather intelligence software and decision support service supplier StormGeo to accelerate its digital services offering and to add an important tool to the decarbonising toolbox offering.
StormGeo provides weather-centric services to more than 2,200 customers globally in a variety of industries, including shipping, energy and onshore industries.
With extreme weather being the number one cause of business disruptions globally, the company’s site-specific forecasts, coupled with asset specific data, enable customers to safeguard people, assets and operations while minimising downtime, improving ESG performance and saving fuel and resources. From 2018, StormGeo claims to have advanced decarbonisation for its shipping customers by saving 2.1 million MT fuel, thereby reducing CO2 emissions by 6.2 million MT.
The purchase price amounts to approximately MNOK 3,630 on a debt and cash free basis. Closing is expected during Q2 2021, subject to customary conditions. StormGeo will become part of Alfa Laval’s Marine Business Division.
“The acquisition of StormGeo will be a strong addition to our toolbox of solutions that help our customers address the decarbonisation challenge in the industry. Furthermore, StormGeo fits excellently to our digital acceleration ambition, and we will use their digital and customer experience to level up our offerings and to get deeper experience in the digital space,” said Tom Erixon, President and CEO of Alfa Laval.
“Joining Alfa Laval, a world-leading industrial owner, benefits StormGeo by developing our business through increased geographic and technological expansion,” said Søren Andersen, StormGeo CEO. “By investing even more into developing leading software and SaaS products, we enable our customers to improve efficiency and reduce their carbon emissions while keeping their people, assets and operations safe from increasingly extreme weather.”