A ‘spin out’ company from University College Cork has been granted a licence for a financial modelling and analytics software tool for the renewable energy sector.
Founded in 2014 by Dr Ray Alcorn, Exceedence Ltd will 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.
Dr Ray Alcorn and Profession Anita Maguire at the launch of the ExceedenceFINANCE solution
“Through the innovation of the Exceedence solution, a wide range of stakeholders including device developers, project developers, investors, government agencies and utilities, will be facilitated as they work to create renewable energy infrastructure that can address the need for low or no-carbon energy within Ireland and abroad,” commented Professor Anita Maguire, UCC’s VP of Research and Innovation.
She added the technology was “very significant” for Ireland’s blue economy. “We’re delighted to see Exceedence develop commercially with the objective of supporting the marine industry and ultimately creating jobs.”
The software analyses the viablity of potential renewable projects and helps to make “intelligent decisions” on where and when projects should proceed.
“The licensing agreement is important to scale and capture the opportunity presented by the technology solution,” explained Dr Alcorn.