ORSTED – MIT Technology Review: Ørsted among 15 climate tech companies to watch
MIT Technology Review – the independent media company founded by the Massachusetts Institute of Technology (MIT) in 1899 – has included Ørsted on its new list of 15 climate tech companies to watch.
The list, which was premiered today at this year’s ClimateTech conference on MIT’s campus, highlights start-ups and established businesses that could have the greatest potential to substantially reduce greenhouse gas emissions or otherwise address the threats of climate change.
Among the executives to speak at the CleanTech conference was Varun Sivaram, Senior Vice President and Head of Strategy, Innovation, Portfolio, Partnerships & M&A at Ørsted.
“I’m incredibly proud that Ørsted is recognised as a climate tech leader by MIT Technology Review, which is known around the world for its compilations of leading technology advances and innovators,” said Varun Sivaram, continuing: “Innovation is key to leading the world toward a future powered entirely by green energy. As a world leader in renewable energy, Ørsted has helped identify and deploy innovative solutions within the energy sector for more than two decades, and we’re more ambitious than ever to push for the next technology breakthroughs that can help solve the climate crisis.”
Ørsted’s scientists and engineers are advancing research, development, demonstration, and deployment of advanced technology projects with the aim of integrating even higher shares of renewables into the global energy system and decarbonising the world economy. Examples include the following:
- Ørsted recently built and patented the industry’s first uncrewed surface vessel, which uses onboard LIDAR to accurately predict offshore wind generation at prospective sites.
- Ørsted’s PICASO project with Oxford University has helped reduce the steel used offshore wind foundations. While wind turbines have grown larger and more powerful, if not for these design breakthroughs, foundations would be 500 tonnes heavier.
- Ørsted actively invests in clean technology start-up companies, including its most recently announced investment in Crux, to unlock finance for the green transition.
- The Danish Energy Agency has awarded Ørsted a landmark contract for our carbon capture and storage hub. We’ll capture biogenic carbon dioxide from our Danish combined heat and power plants and store over 400,000 tonnes of biogenic CO2 every year in the Norwegian North Sea. In relation to this, we have concluded the world’s largest carbon dioxide removal offtake contract with Microsoft.
- Ørsted recently announced a partnership with Newlab to support start-ups building, piloting, and scaling novel energy storage solutions and developing solutions for long-duration flexibility.
- Ørsted is a leader in developing and deploying artificial intelligence solutions, such as by analysing drone imagery to monitor corrosion in foundations and inspect the insides and outsides of wind turbine blades. These digital advances keep wind farm availability at industry-leading levels and help reduce the costs, time, and risks of sending manned crews out to sea.
Last year, Ørsted was included on the TIME 100 most influential companies list for bringing offshore wind to the US.
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EMR Analysis
More information on Ørsted: See the full profile on EMR Executive Services
More information on Mads Nipper (Group President and Chief Executive Officer, Ørsted): See the full profile on EMR Executive Services
More information on Varun Sivaram (SVP & Head of Strategy, Innovation, Portfolio, Partnerships & M&A, Ørsted): See the full profile on EMR Executive Services
More information on the Massachusetts Institute of Technology (MIT): https://www.mit.edu/ + The MIT community is driven by a shared purpose: to make a better world through education, research, and innovation. We are fun and quirky, elite but not elitist, inventive and artistic, obsessed with numbers, and welcoming to talented people regardless of where they come from.
Founded to accelerate the nation’s industrial revolution, MIT is profoundly American. With ingenuity and drive, our graduates have invented fundamental technologies, launched new industries, and created millions of American jobs. At the same time, and without the slightest sense of contradiction, MIT is profoundly global. Our community gains tremendous strength as a magnet for talent from around the world. Through teaching, research, and innovation, MIT’s exceptional community pursues its mission of service to the nation and the world.
More information on Sally Kornbluth (President, MIT): https://president.mit.edu/about-mit-president-sally-kornbluth
More information on MIT Technology Review: https://www.technologyreview.com/ + Founded at the Massachusetts Institute of Technology in 1899, MIT Technology Review is a world-renowned,
independent media company whose insights, analysis, and interviews explain the newest technologies and their
commercial, social, and political impacts. MIT Technology Review derives its authority from its relationship to the
world’s foremost technology institution and from its editors’ deep technical knowledge, capacity to see technologies
in their broadest context, and unequaled access to leading innovators and researchers. Our in-depth reporting
reveals what’s going on now to prepare you for what’s coming next.
More information on ClimateTech Conference (October 4-5, 2023, US): https://sustainability.mit.edu/event/climatetech-2023 + ClimateTech, hosted by MIT Technology Review, will focus on how new and emerging technologies across all industries are making it possible to craft realistic plans to transition to clean energy systems, hit aggressive carbon zero goals, and adopt a circular economy mindset for their organization. Climate is a time problem. We now have but a few years left to take corrective action. Only technology is fast enough to generate the innovations that will lead to a sustainable future.
More information on the Danish Energy Agency (DEA): https://ens.dk/ + At the Energy Agency, we work with Denmark’s energy and supply sector. We are a diverse workplace with a focus on interdisciplinary strengths.
At the Danish Energy Agency, we make a difference every day. In Denmark and in countries around the world. Our vision of achieving a climate-neutral society in growth and balance is the biggest task we must help solve. We know that we have to think ambitiously and we know that we have to think new. Our goal is a smart, green transition, where Denmark takes the lead and Danish experience is used globally. Where green solutions, safe and efficient supply and economy are thought together.
The Danish Energy Agency comes under the Ministry of Climate, Energy and Supply.
More information on Newlab: https://www.newlab.com/ + Newlab was founded to address significant societal needs by scaling and commercializing emerging technologies and companies.
Today, Newlab includes more than 900 entrepreneurs, partnerships with forward-thinking corporate and civic entities, and the support of domain experts—all working together to scale frontier technologies.
To date, Newlab has supported its 200+ member companies in raising over $2B in capital from 260 venture capital firms, with over $1.5B of successful exits and a collective valuation of over $5B.
More information on David Belt (Co-founder and Chairman, Newlab): https://www.newlab.com/about + https://www.linkedin.com/in/david-belt-374b6b44/
More information on TIME: https://time.com/ + TIME is a global media brand built on 100 years of unparalleled trust and authority, with an audience of more than 100 million people worldwide across our platforms. Created in 1923, TIME began as the first weekly news magazine: a digest of world events, for busy people to read. Today, TIME includes a website; a magazine; a social media footprint of over 51 million; TIME Studios, an award-winning film and television division; live events; Red Border, an award-winning in-house branded content studio; TIME CO2, a climate action platform; TIME Stamped, a recommendations and e-commerce platform created in partnership with Taboola; and TIME Sites, a customer-experience platform.
More information on Jessica Sibley (Chief Executive Officer, TIME): https://time.com/time-masthead/ + https://www.linkedin.com/in/jessicasibley/
EMR Additional Notes:
- Carbon Dioxide (CO2):
- Primary greenhouse gas emitted through human activities. Carbon dioxide enters the atmosphere through burning fossil fuels (coal, natural gas, and oil), solid waste, trees and other biological materials, and also as a result of certain chemical reactions (e.g., manufacture of cement). Carbon dioxide is removed from the atmosphere (or “sequestered”) when it is absorbed by plants as part of the biological carbon cycle.
- Decarbonization:
- Reduction of carbon dioxide emissions through the use of low carbon power sources, achieving a lower output of greenhouse gasses into the atmosphere.
- LiDAR:
- Remote sensing method that uses laser to measure the elevation like the ground, forest, and buildings. It uses the ultraviolet, visible, or near-infrared source to sense objects. Light energy emitted by LiDAR system is known as Pulse and light reflected from the ground/object is known as Return.
- Like radar, lidar is an active remote sensing technology but instead of using radio or microwaves it uses light. Because lidar systems provide their own energy they can used in the day or at night.