An innovative financial modelling and analytics software tool for the renewable energy sector was licensed this week by University College Cork to spin out company, Exceedence Ltd. The company, founded and led by Dr. Ray Alcorn, will now 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.
While this is the latest in a succession of UCC spin-out companies, Exceedence is the first in the area of renewable energy and associated financial analysis. Speaking at the signing of agreements that formalise the transfer of the product from UCC to Exceedence, UCC’s VP of Research and Innovation, Professor Anita Maguire said:
“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. This technology is very significant for the blue economy, in Ireland and internationally. We are delighted to see Exceedence develop commercially with the objective of supporting the marine industry and ultimately creating jobs.”
Exceedence CEO Ray Alcorn has 15 years of experience in ocean energy from a commercial and R&D background both overseas and in Ireland. His most recent position as Executive Director of the Hydraulics & Maritime Centre in UCC saw him build and manage a 40 strong technical team over 8 years through various national, EU and international funding mechanisms.
“Our software analyzes the viability of potential renewable projects and helps to make intelligent decisions on where and when these projects should proceed. The licensing agreement is important to scale and capture the opportunity presented by the technology solution that we have devised and developed at UCC,” said Dr. Ray Alcorn, Exceedence CEO.
“We are delighted to be signing contracts that will see Exceedence spin out with technology from the University. The idea and software was originally funded through an Enterprise Ireland research project with Dr Gordon Dalton. Since then, UCC, through its the Technology Transfer Office and GATEWAY UCC Incubation Centre, has been supportive, giving us the best possible start in business,” he added.
ExceedenceFINANCE is built for the renewable energy industry, including wind, wave and tidal platforms. Building on extensive expertise and data analytics, the Exceedence software enables organisations and businesses to test and optimise the viability of renewable energy projects. The solution was developed over a 4 year period with the support of the Enterprise Ireland Commercialistation Fund.
“Enterprise Ireland is delighted to work with Exceedence, in supporting their go-to-market strategy. This spin out company has international significance and appeal, and we look forward to working with Exceedence in the future to scale this solution and develop more innovation modelling solutions,” said Gearoid Mooney, Manager of Research & Innovation at Enterprise Ireland.
“This is a very exciting technology that will be a game changer in decision-making for future renewable energy projects. Working with entrepreneurs like Ray Alcorn in Exceedence on their journey from idea stage to fully commercialising and attracting global customers is what we do best at Gateway UCC through our Business Incubation Facilities and Business Support packages. The future looks very good for this company as it scales and grows,” said Myriam Cronin, Manager of Gateway UCC where Exceedence has been based.
Exceedence will accelerate the industry towards credible commercial returns. ExceedenceFINANCE is the first product in the company pipeline, which plans to develop further modules, software tools and services in response to the needs of the renewable industry.