Norwegian energy giant Equinor has signed a letter of intent with 3D printing start-up Korall Engineering following this year’s Equinor & Techstars Energy Accelerator program.
Equinor believes that the solution offered by Korall Engineering is necessary in the changes facing the industry, where 3D printing and digital inventories are important elements to transform the supply chain into a digital supply network.
3D printing is a production technique where three-dimensional objects are built layer by layer. A digital inventory reduces the need for physical inventory, saving time and money.
“Equinor has identified great potential in the use of 3D printing. The main areas are to reduce maintenance and modification costs, reduce lead times, reduce physical inventory, reduce waste and improve functionality. Equinor finds Korall Engineering’s technology and skills attractive, and Equinor intends to continue the collaboration initiated under the Equinor & Techstars Energy Accelerator program,” said Brede Laerum, Head of Additive Manufacturing Center of Excellence at Equinor. ‘Equinor.
Equinor Ventures also awarded two Accelerator Awards to start-ups Sol Clarity and Powertrust. The companies will each receive $50,000.
Equinor & Techstars Energy Accelerator was hosted by Equinor at the offices in Oslo, Norway, along with eight start-ups from around the world.
Over the past 13 weeks, start-ups have tapped into the global network of Techstars, Capgemini and Equinor. About 100 mentors participated, helping the start-ups mature and grow, and further supported by equity capital provided by the Sandwater venture capital fund. The program represented a unique opportunity to seek out the best ideas in the energy sector.
“Innovation has been at the heart of Equinor for 50 years and now we see that we must use that same muscle to shape the future of energy. We believe that start-ups will play an important role in developing new technologies and new value chains for a low-carbon future,” said Mary Karunakaran, Head 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 closely with impressive business partners, Equinor and Capgemini Invent, to understand how to engage a giant energy.” said Audun Abelsnes, Managing Director, Equinor & Techstars Energy Accelerator.
“This year’s class is an amazing cohort of startups with bright 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 idea of bringing the future to life, and startups are doing just that by growing the industry through innovation in practice,” said Elin Skauge, Vice President of Innovation and Strategy, Capgemini Invent. norway.
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