Investment will enable Orennia to rapidly grow its team, while continuing to support the most sophisticated renewable power investors in the world.
CALGARY, AB, May 18, 2021 /PRNewswire/ - Orennia, a technology company focused on the renewable power sector, today announced the closing of their Series A funding. Quantum Energy Partners, Global Reserve Group, NGP Energy Technology Partners III, and Stronghold Resource Partners were all significant investors. The financing will enable Orennia to scale rapidly as it provides highly innovative analytics in the renewable and zero-carbon power sector.
Orennia provides trusted commercial analytics to help inform investment and capital allocation decisions for investors taking advantage of this generational opportunity in renewable energy. Orennia's unique approach to objective insights begins with the aggregating and cleansing of massive amounts of commercial, engineering, pricing, transmission facilities and demand data. Our insights, curated by highly experienced industry experts, help investors in the renewable power sector accelerate their time-to-value and make confident investment decisions.
"The energy transition represents the most prolific investment opportunity of our lifetime. Orennia's high quality analytics and insights help teams uncover and execute investment decisions, build accurate valuation models, and develop new insights," said Brook Papau, chief executive officer of Orennia. "We are thrilled with the support of our investors as well as our visionary early-adopter clients, both of which represent the most sophisticated investors in the space today."
"With trillions of dollars of future investment around the world supporting sustainability and renewable energy, Orennia is well-positioned to support operators, developers, investors, lenders, and regulators," said Jeffrey Harris, founder of Global Reserve Group. "Orennia's strategy to provide consultative advice to its clients underpinned by comprehensive data and leading-edge analytics will make it a required resource for those participating in this space."
"Orennia fills a critical market gap between thematic macro-level energy transition research and high-frequency power trading data to help capital allocators make better informed decisions," said James Wallis, Partner at NGP Energy Capital Management. "We are thrilled to partner with Orennia and look forward to collaborating with Brook and team to build the preeminent provider of clean data and advanced analytics to the renewable power industry and its capital providers."
Joe Bob Perkins, former CEO and chairman of Targa Resources, now chairs Orennia's board of directors. Prior to Targa, Joe Bob was a senior executive at Reliant Energy. Additionally, Orennia's board consists of industry veterans with unparalleled expertise in private equity, energy data and technology, and independent power production.
Quantum Energy Partners, founded in 1998, is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. To learn more, visit www.quantumep.com.
Global Reserve Group was established in 2012 by Jeffrey Harris following a 29-year career at Warburg Pincus. As a senior partner at Warburg Pincus he had a long history of successful investing in technology and energy-oriented companies. Orennia represents the ninth venture investment supporting innovative technology and data analytics companies serving the energy and sustainability ecosystem that GRG has made in partnership with Quantum Energy Partners, including ChargePoint, workrise, and Dragos. To learn more, visit www.globalreservegroup.com.
NGP Energy Technology Partners III ("NGP ETP III") invests in innovative technology companies with products, services or technologies serving the renewable energy, power, energy storage, energy efficiency, environmental, and transportation sectors. NGP ETP III is affiliated with NGP Energy Capital Management ("NGP"). Founded in 1988, NGP is a premier investment franchise in the energy industry, with over $20 billion in cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. NGP's 32-year history gives it unique insight into the drivers of value creation in all facets of the energy industry. For more information visit www.ngpenergycapital.com.
Orennia, Inc., provides trusted commercial analytics to help inform investment and capital allocation decisions for renewable and zero-carbon energy. Orennia's insights, curated by highly experienced industry experts, help investors in the renewable power sector accelerate their time-to-value and make confident investment decisions. To learn more, visit www.orennia.com.