An innovative financial modelling and analytics software tool for the renewable energy sector was licensed this week by University College Cork (UCC) to spin out company, Exceedence.
Exceedence will now bring to market the ExceedenceFINANCE solution developed by software engineers, financial analysts, industry specialists and researchers in the Marine Renewable Energy Ireland (MaREI) centre at UCC Beaufort, UCC’s press release reads.
ExceedenceFINANCE is built for the renewable energy industry, including wind, wave and tidal platforms, and it enables organisations and businesses to test and optimise the viability of renewable energy projects.
Its aim is to allow all the stakeholders from device developers, project developers, government agencies, VCs, utilities, consultants and financial houses to quickly and easily create robust and reliable techno-financial models built around existing and emerging standards.
Anita Maguire, UCC’s VP of Research and Innovation, said: “This technology is very significant for the blue economy, in Ireland and internationally. We are delighted to see Exceedence develop commercially with the objective of supporting the marine industry and ultimately creating jobs.”
Ray Alcorn, Exceedence CEO, said: “Our software analyzes the viability of potential renewable projects and helps to make intelligent decisions on where and when these projects should proceed. The licensing agreement is important to scale and capture the opportunity presented by the technology solution that we have devised and developed at UCC.”
Exceedence was set up in 2014 to catalyse commercialisation and investment in marine renewable industry by providing the gold standard financial evaluation for the sector.