Norwegian energy major Equinor has signed a Letter of Intent with the 3D print start-up Korall Engineering as a result of this year’s Equinor & Techstars Energy Accelerator program.
Equinor believes the solution proposed by Korall Engineering is needed in the changes the industry is facing, where 3D printing and digital inventories are important elements in transforming the supply chain into a digital supply network.
3D printing is a production technique where three-dimensional objects are built up layer by layer. A digital inventory reduces the need for physical inventory, saving time and money.
“Equinor has identified a great potential in utilizing 3D print. The main areas are to reduce maintenance and modification costs, reduce lead time, reduce physical inventory, reduce waste, and improve functionality. Equinor finds Korall Engineering’s technology and competence interesting, and Equinor intends to continue the collaboration started during the Equinor & Techstars Energy Accelerator program”, said Brede Laerum, head of Additive Manufacturing Centre of Excellence in Equinor.
Equinor Ventures has also awarded two Accelerator Prizes to Sol Clarity and Powertrust start-ups. The companies will receive $50,000 each.
Equinor & Techstars Energy Accelerator was hosted by Equinor at the offices in Oslo, Norway, with eight start-ups from around the world.
During the past 13 weeks, the start-ups have tapped into the global network of Techstars, Capgemini, and Equinor. Around 100 mentors have participated, assisting start-ups mature and grow, and further supported with equity capital provided by the venture capital fund Sandwater. The program has represented a unique opportunity to search for the best ideas within the energy sector.
“Innovation has been at the core of Equinor for 50 years and now we find that we must use that same muscle to shape the future of energy. We believe start-ups will play an important role in developing new technologies and new value chains for a low-carbon future,” said Mary Karunakaran, leader of Equinor & Techstars Energy Accelerator at Equinor Ventures.
“I am very proud of what the start-ups have achieved and how far they have come during the program. We are privileged to work so close to impressive corporate partners, Equinor and Capgemini Invent, to understand how to engage an energy giant,” said Audun Abelsnes, managing director, Equinor & Techstars Energy Accelerator.
“This year’s class is a great cohort of startups with brilliant ideas and innovative business models that drive the energy transition. Throughout the program, we have seen tremendous progress. At Capgemini Invent, we are passionate about bringing to life what’s next, and the startups do exactly that by developing the industry through innovation in practice,” said Elin Skauge, vice president of Innovation & Strategy Capgemini Invent Norway.
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