The idea was not wrong when the partner couple Scott Urquhart and Rikke Nørgaard founded Aegir Insights in 2019.
The ambition was to take data analysis, advanced modeling and digitalization in the offshore wind industry to a new level by creating one tool to model a business case rather than using multiple software for different parts of the inputs, so that customers could make better decisions faster.
Better decisions are always in high demand, and in February the two founders were able to invite the Spanish venture fund Seaya Andromeda and the Danish ditto Climentum Capital into the circle of owners, after both have invested double-digit million amounts in the company.
Today, Aegir Insights' data, knowledge and mathematical models are part of the argumentation and decision-making basis when developers, governments, manufacturers and investors are to develop the next offshore wind farm in North America or the North Sea, Energy Cluster Denmark states in a statement.
Interest from the large
The Danish energy sector's culture of collaboration is a large part of the explanation for why Aegir Insight's talent and good idea have become a great success. In Denmark, there is a tradition of open collaboration; of thinking across the energy system and of supporting innovation financially – a 'sweet spot' for innovative SMEs, says Rikke Nørgaard:
- There is a focus on innovation and incubation environments from the large players. They want to be at the forefront and know the latest methods and trends. This means that new good ideas from small, agile SMEs can get access and speaking time to the large companies. If you can do something that is interesting enough, they will listen, she says and continues:
- It is a great privilege to be able to draw on the time and commitment of large companies. That you can draw on their experience and hear what they actually need, says Rikke Nørgaard.
For Aegir Insights, this approach meant that from the very beginning you could count major players such as Equinor, Vestas and Ørsted among your customers.
SMEs must be ready for the next step
Aegir Insights has participated in the Innovation Fund Denmark's Innobooster program and in the Energy Technology Development and Demonstration Program (EUDP)-supported innovation project Realise, which is facilitated by Energy Cluster Denmark.
The innovation project addresses the need for digital forecasts for several parts of the energy system and sector, and participation in this has been valuable in Aegir Insight's internal development and access to industry-relevant networks, but also for the development the company has undergone.
- It is of great importance that you have access to support at an early stage. Without soft funding, we would not have achieved the results that make others now believe in us on a large scale, says Rikke Nørgaard.
That is also why Rikke Nørgaard has made herself available as a representative of the SMEs on the board of Energy Cluster Denmark.
- You don't become a big company from soft funding or from being part of a project, but you become ready to take the next step. And that can be what makes the big difference. We must help ensure that more companies reach a point where they have the opportunity to take the next step, she says.
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