Orennia gets US$25M for energy transition analytics platform

 Orennia gets US$25M for energy transition analytics platform

Image courtesy: Pexels

Calgary-based renewable analytics startup Orennia has raised US$25 million in a Series B financing round to enhance its energy transition analytics platform. The investment was led by Wellington Management and participated in by existing investors Quantum Innovation Fund, NGP, Veriten and Tupper Lake Partners.

Orennia’s platform provides data and analytics across the renewables, storage, clean fuels, and decarbonization sectors. The company says it will use this investment to speed up the growth of its unique data and analytics platform.

According to the company, the platform’s design aims to boost returns for various stakeholders. These include developers, investors, bankers, and corporations. It achieves this by offering reliable, current energy transition analytics.

“Our platform is the sole solution for developers and investors seeking accurate, actionable information. This information is purely focused on the energy transition.”

Brook Papau, Co-founder and CEO, Orennia

Also read: Clean energy firm CHAR Tech gets CA$6.6M from ArcelorMittal

Orennia’s energy transition analytics platform helps investors deploy capital efficiently

As the global community aims to decarbonize its energy stack, the need for capital deployment is in the trillions. Here, Orennia’s platform steps in with the necessary data and predictive analytics. This helps stakeholders deploy capital efficiently and maximize their returns.

Orennia’s technology-enabled platform assists businesses in reducing errors, growing faster, and increasing ROIC. Solar, wind, storage, electricity, RNG, CCUS, clean fuels, and hydrogen are among the industries covered by the platform’s unique data and advanced analytics. As per the company, this allows clients to stay ahead of the competition while also mitigating climate change.

“Our company has grown substantially since launch. This Series B investment will allow Orennia to expand our team further, while executing on our product roadmap and continuously building accurate insights for our clients. This investment team shares our vision of the future. We are honored to partner with them as we speed up our growth and innovation.”

Tanya Baeza, Co-founder and CFO, Orennia

Additionally, the company has also added Michael DeLucia and Jeffrey Harris to its board of directors. DeLucia is the sector lead for private climate investing with Wellington Management. Harris is a partner with Quantum Energy Partners. Both these firms are well-known for their extensive experience in investment management and the energy transition sectors.

Last year, Orennia announced a partnership with FlexGen, a leading energy storage integrator. This collaboration saw FlexGen utilizing Orennia’s proprietary analytics to enhance its market intelligence on developer strategies, thereby improving performance in the complex and rapidly changing battery storage market.

In 2021, Orennia received significant investments in Series A funding from Quantum Energy Partners, Global Reserve Group, NGP Energy Technology Partners III, and Stronghold Resource Partners. This enabled Orennia to scale rapidly and provide innovative analytics in the renewable and zero-carbon power sector.


Also read: Clean energy innovations get CA$5.2M more support from BC

Editor

The Tech Factor is a new-age media platform focused on Canada. Our mission is to provide insightful and comprehensive coverage of the Canadian startup and technology ecosystem. To connect with us, report any inaccuracy in our writing, or to share news about the ecosystem, please reach out at editor [at] thetechfactor.ca or fill the 'Submit Tips' form in the top menu.

Related post