Engineering company Alfa Laval has completed its acquisition of weather intelligence software provider StormGeo.
The acquisition cost Alfa Laval 3.360 million Norwegian krone ($436,303) in debt and cash, the company said in an emailed statement on Monday.
StormGeo estimates it has helped reduce its customers' fuel consumption by a total of 2.1 million mt since 2018. The company was founded in 1997, and will now join Alfa Laval's marine division.
"The acquisition is part of Alfa Laval's strategy to support the marine industry's efforts to make operations more efficient and will also enhance Alfa Laval's knowledge within digital services," Alfa Laval said in the statement.
A wide range of digital and hardware solutions are now being offered to the shipping industry to increase its fuel efficiency with a view to cutting emissions. Fuel efficiency will be a much more important measure in the coming decades as the industry moves to using zero-carbon fuels with a significantly higher price tag.