Energy transition data and analytics company Orennia announced that it has raised $25 million in a Series B equity round, with proceeds aimed at scaling the company’s data and analytics platform.
Founded in 2021, Calgary-based Orennia provides commercial analytics aimed at helping inform investment and capital allocation decisions through insights across the renewables, storage, clean fuels and decarbonization sectors. The platform provides differentiated data and advanced analytics across energy transition-focused areas including solar, wind, storage, power, RNG, CCUS, clean fuels and hydrogen.
Brook Papau, co-founder and CEO of Orennia, said:
“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. Our platform continues to be the only solution developers and investors have to find accurate and actionable information focused purely on the energy transition.”
Orennia co-founder and CFO Tanya Baeza added that the financing round will enable the company to continue expanding its team, “while executing on our product roadmap and continuously building accurate insights for our clients.”
The financing round was led by investment management firm Wellington Management, with participation by existing investors Quantum Innovation Fund, NGP, Veriten, and Tupper Lake Partners.
Michael DeLucia, sector lead for private climate investing with Wellington, said:
“Effective data and robust analytics play a pivotal role in expediting the development of energy transition project infrastructure. 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.”