FutureOn, the global energy software company, has just announced a strategic partnership with Kongsberg Digital (KDI), the digital division of the Kongsberg Group, strengthening its position as a leading international digital twin software provider.
The partnership will bring together FutureOn’s FieldTwin and KDI’s Kognitwin platforms, supporting a comprehensive approach for designing, building and operating digital twins for energy projects.
Central to the partnership will be a focus on energy transition through the development of digital twins for renewable projects. This will include emerging sectors such as offshore wind, green hydrogen and carbon capture solutions, where many oil and gas operators are seeking solutions as part of diversification strategies.
This new partnership fully complements FutureOn’s existing partnership with Bentley Systems (NASDAQ: BSY) and its iTwin® platform, and positions FutureOn as a leading provider of integrated digital twin technology to the global energy industry.
To support the partnership KDI will invest a total of $4.5M (USD) in a single tranche investment, and join Bentley Systems as a strategic minority investor.
The collaboration with KDI also enhances FutureOn FieldTwin’s ability to integrate with other solutions, positioning it as the digital twin platform of choice for energy companies. This adaptability and compatibility with legacy systems is critical to accelerating the uptake of digital twin technologies.
Earlier this year, Accenture listed digital twins as a top-five technology trend for 2021 and the technology is widely recognised as an enabler for emissions reduction and decarbonisation. This interest has been reflected in FutureOn’s customer success, with more than 15 leading international energy companies now using its digital twin technology, with several more now finalizing their decision to adopt the FieldTwin open API platform as a core component of their digital twin strategy.
(l-r) Pål Roppen, CEO FutureOn AS; Hege Skryseth, EVP Kongsberg Group ASA and President Kongsberg Digital; Geir Håøy, President & CEO, Kongsberg Group ASA.
Pål Roppen, CEO at FutureOn, commented:
“This new strategic partnership and investment from Kongsberg Digital enables us to continue providing streamlined and effective operations for our valued customers.”
“We are excited to bring together the powerful capabilities of KDI’s Kognitwin alongside our already strong partnership with Bentley Systems and its iTwin platform. This positions our award-winning FieldTwin solution as one of the leading integrated digital twin solutions in the global energy industry.”
FutureOn’s goal is to support its customers to achieve their net zero ambitions, using its data-driven, cloud-based platforms. By using FutureOn’s digital solutions, energy companies can gain significant efficiency improvement, create savings across CAPEX and OPEX and reduce the environmental impact of their operations.
Kongsberg Digital joins Bentley on the FutureOn Board as a strategic minority shareholder.
Hege Skryseth, President of Kongsberg Digital and EVP KONGSBERG commented:
“We are very excited to contribute with our Kognitwin platform and invest in this forward-looking project together with Bentley Systems. By integrating our solutions with FutureOn’s FieldTwin platform, we will support energy innovation at the core and function as a digital accelerator of the energy industry’s shift towards net zero.”
Santanu Das, Chief Acceleration Officer, Bentley Systems said:
“The addition of Kongsberg Digital to our partnership with FutureOn is very promising. Over the past year, FutureOn has made significant progress leveraging our open iTwin® platform to accelerate FieldTwin solution development for offshore energy and renewables projects. We look forward to collaborating with both FutureOn and Kongsberg Digital in the development of open, user-focused digital twin solutions.”
About FutureOn
Experts in data visualization, FutureOn emerged from Xvision in 2016 to become a standalone provider of state-of-the-art visual engineering for the global energy sector. The company transforms the performance of complex capital projects with cutting-edge visualization and collaboration technology enabling the energy industry transition to Net Zero.
FutureOn is proud to offer its global customer base industry-leading software solutions to create digital twins that deliver a complete asset visualization and integrated data model that unlocks value through increased efficiency, improved safety, reduced costs, risk mitigation, lower emissions and increased uptime.
About Kongsberg Digital
Kongsberg Digital, a subsidiary of KONGSBERG, is a provider of next-generation software and digital solutions, to customers within maritime, oil and gas, and renewables and utilities. The company consists of more than 500 software experts with leading competence within the internet of things, smart data, artificial intelligence, maritime simulation, automation and autonomous operations. Kongsberg Digital is the group-wide center of digital expertise for the KONGSBERG group.
About Kongsberg
KONGSBERG (OSE-ticker: KOG) is an international, leading global technology corporation delivering mission-critical systems and solutions with extreme performance for customers that operate under extremely challenging conditions. We work with nations, businesses and research environments to push the boundaries of technology development in industries such as space, offshore and energy, merchant marine, defence and aerospace, and more. KONGSBERG has about 11,000 employees located in more than 40 countries, creating a total revenue of NOK 25.6bn in 2020.