Irish renewables fintech start-up Exceedence has raised over £300,000 in a crowdfunding campaign set to close in less than 24 hours.
The Irish firm received support from 346 investors from 36 countries, exceeding its own expectations with 120% of the round financed in exchange for 13% of Exceedence, according to the company’s chief executive Ray Alcorn.
“It is great to have this much global support, and this will put us in a great position to execute our plans. Many of the investors are from the renewable or fintech sector and these multiple connections will be invaluable once we come to the roll out of our software,” Alcorn said.
The campaign, run on the Crowdcube platform, was launched to support roll-out of the company’s new cloud-based renewable financial modelling software, Exceedence Cloud, set to revolutionize the way onshore and offshore wind, wave and wind projects and technologies get planned and financed.
Financial modelling for renewable energy projects can be costly and, according to Alcorn, no current solution gives all of the key players a proper ‘big picture’ view.
That’s why his company has purpose-built software to provide a ‘helicopter view’ for these projects, helping to assess whether they will make or lose money, and to identify and manage risks effectively, Alcorn said.
The software is the first of its type built around standards making it suitable for wave and tidal energy sectors, as well as wind – including onshore, offshore and floating variants.
Although Exceedence is an Irish company, it has just opened a UK office in Belfast as it aims to tap into more than $330 billion is spent per year on renewable energy projects globally, having identified at least 4,000 companies around the world could make use of the Exceedence Cloud software.