Since 2014, Shoreline has been developing and deploying cutting-edge SaaS solutions that deliver the essential, data-driven insights wind farm developers, operators, OEMs, contractors and consultants need to make wind energy more cost-efficient throughout the entire wind farm lifecycle. In 2022 Shoreline secured additional funding from the US-based Ecosystem Integrity Fund (EIF) and Nordic investor Ferd Capital. Existing investor Blue Bear Capital also participated in the round. The new funds are being used to drive Shoreline’s growth in the U.S. and APAC, and to expand the company’s feature set for lifecycle asset optimization. Since closing the investment, Shoreline has basically increased staffing two-fold with numerous hires in Norway, Denmark, Germany, Sweden and most recently in the Netherlands.
“Right now, Shoreline is perfectly positioned to realize exponential growth in lockstep with the growing global demand for wind energy,” said Ole-Erik Vestøl Endrerud, CEO and Founder of Shoreline. “We have proven to our customers that our patented technology can drive down construction and O&M costs but as the expands so must Shoreline. The next phase is all about scaling the business and execution capabilities.”
Ambitious wind energy installation and energy production goals are being announced globally with planned installations in APAC and the U.S. leading the trend. Wind farm developers and operators are increasingly reliant on smart simulation solutions to virtually plan and optimize construction and operation, and subsequently deploy and manage the assets using digital solutions. This is key to maximize return on investment in what is an increasingly cost-competitive market. Today Shoreline provides their solutions to major global players like Siemens Gamesa, Ørsted, Equinor, Ocean Winds and Vattenfall to name but a few, with more and more local players also adopting Shoreline’s solutions. Whether acting global or local Shoreline is committed to ensuring its platform and people deliver what these customers need to achieve their goals.
“David has worked for multiple clean energy tech scale-ups and he is really passionate about the energy transition. There are not many people around who have worked for big energy companies and a leading energy SaaS unicorn. The investors are thrilled to have him join the leadership team to help Shoreline realize its full growth potential,” said Geoff Eisenberg, partner at EIF.
David has 30 years of relevant international experience. Having spent the last 15 years leading private equity-backed climate technology companies, both at C-level and in board roles, it is fair to say he is a true industry veteran. He has worked with a broad range of technologies from solar PV and power electronics for grid integration of wind power to SaaS solutions for energy efficiency and demand response management. He is also a non-executive director of publicly listed Climate Transition Capital. Tuohy has an engineering background and studied at University College Dublin, INSEAD and the UCLA Anderson School of Management.
“Shoreline makes a real contribution to carbon reduction goals by enabling faster and cheaper deployment of wind energy at a global scale,” said David Tuohy the COO of Shoreline. “With its market-leading SaaS offering, Shoreline is well on its way to become the industry standard for project design, construction, and O&M for wind energy. This company can make a real difference. I am really excited to be part of the team.”
For more information about how Shoreline’s agent-based solutions are transforming wind farm construction and O&M, please visit the website’s solution pages.
You can also read our previous article on the expansion funding round: Shoreline Wind’s secures investments in expansion funding round.