Skip to content

Equinor signs deal with 3D print start-up from the Equinor and Techstars Energy Accelerator

(UTC)Last modified
Group photo - Techstars Class of 2022
Class of 2022
(Photo: Ole Jørgen Bratland / Equinor ASA)

Equinor has signed a Letter of Intent (LOI) with the 3D print start-up Korall Engineering based in Bergen, Norway. This is a result of this year’s Equinor & Techstars Energy Accelerator programme.

Equinor believes the solution proposed by Korall Engineering is needed in the changes the industry is facing, where 3D print and digital inventories are important elements in transforming the supply chain into 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 utilising 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 it is Equinor’s intention to continue the collaboration started during the Equinor & Techstars Energy Accelerator programme”, says Brede Lærum, head of Additive Manufacturing Centre of Excellence in Equinor.

Equinor Ventures has also awarded two Accelerator Prizes to the start-ups Sol Clarity from USA, and to Powertrust from Canada. The companies will receive USD 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 programme has represented a unique opportunity to search for the best ideas within the energy sector.

"Innovation has been at the core for 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," says 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 programme. We are privileged to work so close to impressive corporate partners, Equinor and Capgemini Invent, to really understand how to engage an energy giant," says 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," says Elin Skauge, vice president Innovation & Strategy Capgemini Invent Norway.

About the companies

Korall Engineering, Norway:
Automate product design and optimize parts for 3D printing using artificial intelligence (AI) to improve functionality, reduce lead-time, material waste and production cost.

Sol Clarity, USA:
Water-free, automated and self-cleaning solar power. The company has developed a technology that can keep Solar panels clean autonomously without water, abrasion, moving parts, or manual labor.

SurplusMap, Norway:
Geospatial analytics to find ideal sites where it is possible to take advantage of renewable energy infrastructure. Helps decision-makers in the green transition.

Bioledger, UK:
Bioledger is a software solution company that tracks biofuels from point of origin through a mobile app and database. Bioledger gathers all entities in the supply chain together to give an immutable record of all transfers in the lifecycle of a biofuel.

Powertrust, Canada:
Help global corporations maximize the impact of their renewable procurement through renewable energy investments.

SeaDeep, USA:
SeaDeep is an underwater vision, ocean sensing company. Aims at high-resolution, high-quality ocean data to improve research, development and financial practices.

ComputerWell, Norway:

DrillComputer is a software application for surveillance and optimization of ongoing and historic drilling operations for the purpose of optimization and decision support.

ElectricFish, USA:
Distributed energy storage for charging of electric vehicles, and grid-scale energy backup. Building a network of storage devices that can also charge cars during normal hours but store energy for outages.

What is the Equinor & Techstars Energy Accelerator?

The Equinor & Techstars Energy Accelerator is a 13 weeks global, mentorship-driven programme for startups within the energy sector.

The programme is an opportunity for startups to accelerate development, with collaborative support from Equinor, Capgemini & Techstars. During the programme, startups engage with over 60 mentors and subject matter experts from all around the world tapped into the global network of Equinor, Techstars, Capgemini.

Latest news