Investment firm leads $4m fundraise for green energy software startup

A London-based investment specialist has led a multi-million dollar funding round for a field operations software specialist.

Ingenious has led a $4m investment round for Norway-based startup Shoreline, with participation from existing investors Blue Bear Capital, Alliance Venture and Investinor.

Shoreline has built an intelligent field operations and project development platform to help develop profitable wind projects, by constructing and operating them efficiently using intelligent schedule optimisation and simulation.

Ole-Erik V. Endrerud, founder and CEO at Shoreline, explained: “Software is already a central tool in any organisation that constructs and operates large renewable projects, but we have seen an incredible push from the industry as a whole towards new solutions that can help automate workflows.”

With the new funding, the firm plans to capitalise on the growth in the renewables market, as well as enhance its service to existing wind farms and assets by looking at new ways to plan and execute projects and daily operations.

Guy Ranawake, senior investment director at Ingenious, commented: “There has been rapid growth in renewables generation, which we expect to continue as we transition toward a net zero world by 2050.

“Shoreline’s development platform, which covers design and construction through to operation will allow clients to improve efficiency, consistently helping projects to meet both cost and time targets.

“We are very happy to support Shoreline and look forward to seeing the growth of the company, which aligns strongly with our investment strategy and renewable energy infrastructure sector focus.”