The investment will enable SOREN Hydrogen to advance the development of its dedicated software, designed to streamline feasibility studies for energy businesses in a matter of weeks and significantly reducing the time required for project planning.
Leading investors in this round include RunwayFBU, Startuplab, Antler and two Spanish: Ship2B Ventures and Bonsai Partners. With the support of these strategic partners, SOREN has already made significant progress, collaborating with seven pilot customers, five industry partners, and benefiting from guidance from three experienced industry advisors. “The newly secured capital will primarily be allocated towards expanding SOREN's team and extending its operations throughout the Nordics and Europe.” said Bielenis Villanueva Triana, CEO of SOREN.
The market for green hydrogen projects is highly fragmented and cost-sensitive, making streamlined processes essential. Peder Hjermann, Investment Manager at RunwayFBU, explained the rationale behind their investment in SOREN, stating, "We recognized the urgent need to expedite green hydrogen projects and saw SOREN’s software as the perfect solution. This investment aligns with our thesis focusing on industrial software and presents multiple opportunities to leverage the expertise of Aker companies to support SOREN."
The relationship between RunwayFBU and the SOREN team predates the current funding round, when the startup joined the RunwayFBU Tech Hub in Fornebu in September 2022. As part of the RunwayFBU ecosystem, SOREN gained valuable connections with Aker companies, including Aker Solutions, Aker Horizons and Cognite. “Honestly the support is beyond what we thought it was going to be: the people, the new companies joining, and the facilitating that they have done with the Aker group for us", reminds Bielenis.
The future of green hydrogen
Recognizing the significance of green hydrogen in achieving global decarbonization goals, Bielenis emphasized the economic benefits and potential of green hydrogen. "Green hydrogen presents an opportunity for decentralized energy access and offers an economically viable alternative to industries currently reliant on natural gas or gray hydrogen," stated Bielenis. "By utilizing renewable electricity to produce green hydrogen, we can make substantial progress in our transition towards a sustainable future."
“SOREN’s vision aligns with the European Hydrogen Strategy, which aims to increase electrolyzer capacity from the current 1GW to 40GW by 2030, positioning the EU as a global leader in hydrogen production”, says Jaime de Antonio, Investment Manager at Ship2B Ventures. “We share this ambition and will provide valuable assistance in empowering developers and manufacturers to produce cost-competitive hydrogen.” adds Jaime.
About POWELY
SOREN is an Oslo-based company dedicated to accelerating the transition to green hydrogen through advanced software solutions. By enabling energy businesses to conduct feasibility studies rapidly and obtain precise calculations for hydrogen costs and technology, SOREN simplifies and expedites the planning process. With a mission to facilitate widespread adoption of green hydrogen, SOREN aims to revolutionize the energy industry's approach to sustainability. Join SOREN’s OEM Partners here.
Check the full list of portfolio investments here
