Orennia Raises US$25 Million in Series B Financing to Expand Cutting-Edge Energy Transition Analytics Platform
Investment led by Wellington Management and supported by existing investors Quantum Innovation Fund, NGP, Veriten and Tupper Lake Partners
CALGARY, Alberta, July 11, 2023 (GLOBE NEWSWIRE) — Orennia Inc. today announced the completion of its Series B financing, raising US$25 million to accelerate the growth of its best-in-class data and analytics platform. The investment highlights Orennia’s differentiated solution for the energy transition with insights across the renewables, storage, clean fuels and decarbonization sectors. Orennia helps increase returns for the most sophisticated developers, investors, bankers and corporations by providing up-to-date and reliable energy transition analytics.
“As the world decarbonizes its energy stack, trillions in capital need to be deployed. Without accurate data and predictive analytics, developers and investors will struggle to deploy capital efficiently and maximize returns,” said Brook Papau, Orennia’s co-founder and CEO. “Our platform continues to be the only solution developers and investors have to find accurate and actionable information focused purely on the energy transition.”
Global investment in energy transition technologies has reached unprecedented levels. Yet, according to the International Renewable Energy Agency, investment must quadruple to over $5 trillion annually to stay on the 1.5°C pathway.
“Effective data and robust analytics play a pivotal role in expediting the development of energy transition project infrastructure,” said Michael DeLucia, sector lead for private climate investing with Wellington. “Orennia’s cutting-edge software platform provides a comprehensive solution for clients and empowers them to make smarter capital allocation choices. We are looking forward to the company’s next phase of growth.”
Orennia’s platform helps its clients leverage technology to reduce error, grow faster and increase returns on invested capital. Orennia’s clients rely on differentiated data and advanced analytics across the solar, wind, storage, power, RNG, CCUS, clean fuels and hydrogen sectors to out-compete their peers, win the energy transition and mitigate the effects of climate change.
“Our company has grown substantially since launch. This Series B investment will allow Orennia to expand our team further, while executing on our product roadmap and continuously building accurate insights for our clients,” said Tanya Baeza, Orennia’s co-founder and chief financial officer. “We are honored to partner with this investment team, who share our vision of the future, as we accelerate our growth and innovation.”
Orennia welcomes Michael DeLucia, sector lead for private climate investing with Wellington Management, and Jeffrey Harris, partner with Quantum Energy Partners, to its board of directors.
Wellington Management is one of the world’s largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1 trillion for clients, including pensions, endowments and foundations, insurers, and global wealth managers. Wellington offers investment solutions that span global equity, fixed income, currency, commodity, alternatives, and private markets. Wellington Private Investing has raised nearly US$8 billion in global assets and invests in early-stage venture through late-stage growth across multiple sectors (consumer, technology, health care, financial services, biotechnology, and climate technology) and geographies (Asia, Europe, and the Americas). The Private Investing Team leverages Wellington’s 1,000+ investment professionals around the world, combining deep private market experience with public market expertise, extensive networks, and robust research to benefit both investors and entrepreneurs. For more on Wellington Private Investing, please visit wellington.com/privateinvesting.
Quantum Energy Partners, founded in 1998, is a leading provider of private equity, credit, structured, and venture capital to the responsibly sourced energy and energy transition & decarbonization sectors, having managed together with its affiliates more than $21 billion in capital commitments since inception. Quantum Innovation Fund, which began investing in 2017, has 15 investments across the energy transition and climate/sustainability sector.
NGP is a premier private equity firm that believes energy is essential to progress. Founded in 1988, NGP is moving energy forward by investing in innovation and empowering energy entrepreneurs in natural resources and energy transition. With over $20 billion of cumulative equity commitments, we back portfolio companies focused on responsibly solving and securing the energy needs of today and leading the way to a cleaner, more reliable, more affordable energy future.
Veriten is a research, strategy and investing firm focused on understanding the long-term energy landscape. Independent and employee-owned, Veriten is dedicated to finding and analyzing real, market-based solutions for all stakeholders across traditional and emerging energy markets by providing diverse perspectives, technical expertise and a robust analytical approach. NexTen, Veriten’s investment fund, invests in companies aligned with Veriten’s vision of the evolving energy landscape.
Tupper Lake Partners is a team of former executives and seasoned investors, utilizing successful track records, leveraging deep expertise and networks, and immersing in each startup to build technology ventures across the energy spectrum from traditional energy to new energy.
Orennia provides trusted commercial analytics to help inform investment and capital allocation decisions for renewable and low-carbon energy. Orennia’s insights, curated by highly experienced industry experts, help investors across the energy transition accelerate their time-to-value and make confident investment decisions.
For further information, please contact:
Cassondra Dickin, Orennia
Alyssa Wadey, Brookline Public Relations Inc.
A video accompanying this release is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/0b168958-2f12-45ee-87ed-a42a1621491d