Press release -
Nysnø invests in Spoor AI
Stavanger, 8 June 2022 - The Norwegian technology company Spoor AI develops software based on artificial intelligence to monitor and protect bird life at wind farms. The start-up company are now joined by investors Nysnø Climate Investments, Ørsted and Wiski Capital as they prepare for growth with the scaling of the offshore wind industry.
Spoor addresses a fast-growing market. Today, 837 GW of wind energy is installed globally. Over the next five years, 557 GW of wind energy is expected to be installed, corresponding to around 70,000 new wind turbines. Their technology can be used in the assessment and operation of a wind farm where the operator is required by law to make impact assessments of the wind turbines' impact on bird life.
“Spoor is an attractive company that has shown a fast and impressive technology development while also gaining access to important players in the wind energy industry. Going forward, we expect to see expansion of wind energy projects globally, which will demand in-depth knowledge about the environmental impacts, including bird life. Spoor can be a crucial player to make sure the necessary measures are initiated”, says Guro Skjæveland, Senior Associate in Nysnø.
The company develops industry-leading software that uses artificial intelligence to collect critical bird data. Through smart cameras placed in concession areas, Spoor can visualize the bird's actual and expected flight path. Their solutions will help protect bird life, facilitate more efficient planning and operation, and reduce greenhouse gas emissions.
“Spoor is led by a forward-looking team with relevant experience, and we therefore believe that the company is well rigged to turn a solid product into profitable growth in an expanding wind energy market”, Skjæveland concludes.
“We are delighted to have Nysnø, Ørsted and Wiski Capital join us. It is a clear signal of confidence in Spoor and the potential of our technology. This investment will accelerate the development of our software, the rollout speed on existing windfarms, and enable new projects to include the highest standard of AI-based bird monitoring from day one”, says Spoor CEO Ask Helseth.
Contact:
Nysnø: Guro Skjæveland, Senior Associate - guro@nysnoinvest.no
Spoor AI: Lorea Coronado-Garcia, Co-Founder and COO - lorea@spoor.ai
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Established in 2017, Nysnø Climate Investments (Nysnø) is a state-owned company that invests in companies and funds with profitable and smart solutions to reduce climate gas emissions. With 2.9 billion NOK in assets under management Nysnø invests within clean energy, digital and enabling technologies, resource efficiency, sustainable demand, and the circular economy. Nysnø is based in Stavanger and owned by the Norwegian Ministry of Trade, Industry & Fisheries.
