The weather software and decision support company StormGeo announced Monday that it will be acquired by Alfa Laval, a leading supplier of fluid handling and purification systems. Alfa Laval plans to purchase StormGeo in order to accelerate their digital services product line and add a new way to help clients along the route to decarbonization.
StormGeo provides weather services like digital weather displays, custom forecasting and weather routing to 2,200 customers around the world in a wide variety of industries, from shipping to hospitality. Extreme weather is the top cause of business disruptions, and its custom forecasts help customers to save fuel (for vessel operations) and safeguard their assets.
Since 2018, StormGeo has saved its shipping customers an estimated 2.1 million tonnes fuel, thereby reducing CO2 emissions by 6.2 million tonnes - the equivalent of removing more than 1.3 million tonnes of cars from the road for one year.
The purchase price was disclosed, and it amounted to about MNOK 3,630 ($435 million) free of debt or cash. The transaction's closing is expected in the second quarter, and it will see StormGeo integrated into Alfa Laval's marine division.
“Joining Alfa Laval, a world-leading industrial owner, benefits StormGeo by developing our business through increased geographic and technological expansion,” said Søren Andersen, StormGeo CEO. “By investing even more into developing leading software and SaaS products, we enable our customers to improve efficiency and reduce their carbon emissions while keeping their people, assets and operations safe from increasingly extreme weather.”