Exceedence is set to revolutionise the way onshore and offshore wind, wave and wind projects and technologies get planned and financed.
Financial modelling for renewable energy projects can be costly and, according to Exceedence CEO Ray Alcorn, no current solution gives all of the key players a proper ‘big picture’ view. That’s why his company has purpose-built software to provide a ‘helicopter view’ for these projects, helping to assess whether they will make or lose money, and to identify and manage risks effectively.
This is a global opportunity and this is why Exceedence chose to raise equity finance through crowdfunding. Alcorn said “As well as having the opportunity to work with our clients and supporters, we also wanted to connect to the wider crowd as we want ambassadors, realists and critics to support us on the journey. We intend to fully engage with our investors post the round to make best use of this.”
Exceedence will shortly close a public equity crowdfunding campaign on Crowdcube and to date has secured 70% of the round with investors from 22 countries. Many of the investors come from a renewable energy background including floating wind project developers, mooring system developers and marine data specialists.
The software is the first of its type built around standards and suitable for wind energy (onshore, offshore and floating), wave energy and tidal energy. To date Exceedence have been involved in a number of offshore and marine renewable projects and are building a customer base in these areas.
Exceedence is now set to tap into this opportunity by presenting a new way to technically and financially model, analyse and optimise renewable projects and to connect developers to governments and investors through a cloud-based platform. The company aims to connect the supply chain without the overbearing need for document control and auditing of spreadsheets, much like SAGE or Quickbooks has done for the accounting world. The strength of Exceedence’s software is not only quickly understanding the basics but also being able to analyse, optimise and ask those all important what-if scenarios.
Currently in excess of $330bn is spent per year on renewable energy projects globally and, according to Exceedence, at least 4,000 companies around the world could make use of this software.
Exceedence are crowdfunding to support the roll out of their new cloud based package, Exceedence Cloud which will bring the software to the market through a tiered subscription model making it accessible to even small technology developers.
Although Exceedence is an Irish company, they have just opened a UK office in Belfast, where CEO Ray was born. Exceedence has chosen the UK as the first stop on its growth journey as it has spotted a unique opportunity in the 5-year funding package announced for ORE Catapult. According to ORE Catapult, the UK plans to install 30 GW of offshore renewables by 2030, with a planned investment of £48bn in offshore wind infrastructure. This is expected to create 16,000 new jobs and contribute more than £900m to the UK economy.