DNV GL takes 24 % ownership in expanded StormGeo
StormGeo, a global provider of weather and asset risk management for the offshore, shipping, renewable, aviation and media sectors, has acquired Applied Weather Technology (AWT). This acquisition gives StormGeo a world leading position within decision support for weather sensitive operations in the shipping and offshore industries. DNV GL has converted loans and invested an additional NOK 50 mill to secure 24 % ownership in the new company, the company said in its press release.
AWT, headquartered in Silicon Valley, California, has 11 offices in 7 countries. It has been a leader in marine forecasting for more than 15 years, supporting some 5.000 ships per day with routing guidance and operational efficiency. The main focus of the combined group is a broad approach to safeguarding weather sensitive operations with tailored software and decision support systems.
“Our partnership with StormGeo has developed into a valuable cooperation for both parties. We find it exciting to further develop this partnership based on a 24 % ownership in the company, says DNV GL Group CEO Henrik O. Madsen. “Weather and climate risk is ever higher on our customer’s agenda. To work with StormGeo’s experts on these issues is highly relevant for us. The maritime and oil and gas sectors are heading for harsher environments and rougher seas, while the renewable sectors like wind energy is moving offshore. To understand the consequences, makes us better able to serve the industries, and society at large, in building resilience and better prepare for change.”
Bjørn Kj. Haugland, DNV GL Chief Sustainability Officer and board member in StormGeo adds; "Through this acquisition, StormGeo added complementary expertise, a broader infrastructure and more than 5,000 new users. The company is now the world leader in weather routing at sea. StormGeo reinforces the global leadership of the Norwegian maritime industry, and the foray into Silicon Valley will be a push for continued innovation in the industry."
