Equinor Ventures, Wintershall Dea Technology Ventures and Sumitomo Corporation Invests in Total 75 mNOK in Norwegian Artificial Intelligence Software Provider Earth Science Analytics
2.9.2020 09:30:00 EEST | Business Wire | Press release
Earth Science Analytics AS, a Norwegian petroleum geoscience software provider, has raised a series B funding from Equinor Ventures, the corporate venture fund of Equinor, a broad energy company and the leading operator in Norway, Wintershall Dea Technology Ventures, the corporate venture subsidiary of Wintershall Dea, Europe’s leading independent gas and oil company and Sumitomo Corporation, one of the world’s largest general trading companies. The three new investors are joining Saudi Aramco Energy Ventures, who first invested in the company in 2019.
Earth Science Analytics is spearheading the development of the next generation petroleum geoscience software based on artificial intelligence, physics- and data-driven approaches. Earth Science Analytics’ proprietary software package EarthNET, is a modern cloud-native application that allows faster, cheaper and more accurate prediction of rock and fluid properties in the subsurface. This leads to greater profitability and higher success rates for oil and gas exploration, development and production.
The funds will allow Earth Science Analytics to continue developing its unmatched cloud based geoscience software to the next level as well as expand its presence across the world.
Lisa Rebora, Senior Vice President in Equinor Exploration, commented “Digitalisation is impacting how we work, making it easier to analyse and be creative with data, improving how we collaborate and enhancing our understanding of the subsurface. We are always seeking to learn and improve, looking externally for those partners and innovators who can help us release the value of our data and the knowledge of our people. The Earth Science Analytics cloud-native solutions will contribute to empower more people to access data-driven and cutting-edge technology, and help generate more opportunities and value with increasing efficiency.”
Andreas Berger, Managing Director of Wintershall Dea Technology Ventures, commented “Our industry will be led by companies who integrate digital technology into all areas of the business and foremost in their key processes in order to gain value. The solutions of Earth Science Analytics will enable us to make data-driven decisions faster and more precise with direct impact on our bottom line.”
Kenichi Hotta, GM of Sumitomo Corporation Global Energy Service Department, commented “We believe that Earth Science Analytics (ESA) brings more digital capability to the industry. Together with ESA, Sumitomo continuously contributes to ongoing digital transformation initiatives by supporting process automation, cost reduction and minimizing greenhouse gas emissions. Furthermore, initiatives such as our new ‘green’ subsurface businesses (including carbon capture and storage, geothermal development and underground energy storage) will greatly benefit from the use of ESA’s data-driven and cutting-edge technology.”
Kjell-Erik Østdahl, Chairman of Earth Science Analytics, commented “We are proud to welcome Equinor Ventures, Wintershall Dea Technology Ventures and Sumitomo Corporation as new institutional investors. Together we will continue to develop the technology to create a step change in geoscience interpretation using AI.”
About Equinor Ventures
Equinor Ventures is Equinor’s corporate venture fund dedicated to investing in attractive and ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change and transition the energy industry towards a low carbon future.
About Wintershall Dea Technology Ventures GmBH
Wintershall Dea Technology Ventures GmbH (WDTV) is the venture capital arm of Wintershall Dea, Europe’s leading independent gas and oil company. WDTV is responsible for integrating innovative concepts and technologies to the core businesses of the company. The aim of WDTV is to make investments into digital solutions and relevant break-through technologies and business innovations along the value-chain of our industry. The focus of investment is on cost reduction, increased recovery of hydrocarbons, reduction of environmental footprint or reduction of subsurface uncertainty.
About Sumitomo Corporation
Sumitomo Corporation (SC) is a leading Fortune 500 global trading and business investment company with 136 locations (Japan: 22, Overseas: 114) in 66 countries and regions. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include Metal Products, Transportation and Construction Systems, Infrastructure, Media and Digital, Living Related and Real Estate, Mineral Resources, Energy, and Chemical and Electronics.
About Earth Science Analytics AS
Earth Science Analytics AS (ESA) is a Norwegian technology company developing the next generation web-based cloud-native geoscience software and solutions. ESA incorporates extensive knowledge and experience in geoscience, computer science, artificial intelligence, and machine learning, to develop software and solutions for the energy industry. The software products provide geoscientists with opportunities to work with large data sets more efficiently and obtain more accurate results at a lower cost compared to what can be achieved with traditional methods.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200901006003/en/
Contact information
Equinor Ventures
Fredrik Jebsen Bråten, Communications Manager
Phone: +47 984 02 255
Email: fjbr@equinor.com
www.equinor.com
Wintershall Dea Technology Ventures GmbH
Dr. Andreas Berger, Managing Director
Phone: +49 561 301-0
Email: Andreas.Berger@wintershalldea.com
www.wintershalldea.ventures
Sumitomo Corporation
Kenichi Hotta, GM of Sumitomo Corporation Global Energy Service Department
Phone: +47 948 50 125
Email: kenichi.hotta@sumitomocorp.com
www.sumitomocorp.com
Earth Science Analytics AS
Kjell-Erik Østdahl, Chairman
Phone: +47 928 72 213
Email: contact@earthanalytics.no
www.earthanalytics.ai
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
ICC Arbitral Tribunal Issues Quantum Award for AOP Health in BESREMi® Proceedings7.8.2026 20:48:00 EEST | Press release
An ICC Arbitral Tribunal has awarded AOP Orphan Pharmaceuticals GmbH (“AOP Health”) a total of about EUR 112 Mio in a quantum award issued in the ongoing arbitration proceedings with PharmaEssentia Corp. (“PharmaEssentia”) concerning BESREMi® (ropeginterferon alfa-2b). The award quantifies AOP Health’s damage claims for PharmaEssentia’s intentional breaches at ca. EUR 82 Mio. It also awards AOP Health ca. EUR 31 Mio plus interest as reimbursement for AOP Health overpayments made to PharmaEssentia as a result of excessive pricing in the years 2019-2022. The Tribunal thereby confirmed that PharmaEssentia has been overcharging AOP Health by up to 900% over these years. The Tribunal affirmed AOP Health's valid set-off of the profit-sharing payments amount owed to PharmaEssentia of approximately EUR 17 Mio against AOP Health's substantially exceeding damages claims. This means that AOP Health shall not make any payment to PharmaEssentia. Interest on AOP Health’s claims will continue to accr
Coulson Aviation Canada Acquires 10 Former RCAF Hercules, Doubling C-130H Fleet7.8.2026 20:16:00 EEST | Press release
Coulson Aviation Canada, the Canadian division of Coulson Aviation, has acquired 10 former Royal Canadian Air Force CC-130H Hercules aircraft from the Government of Canada. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260807019094/en/ Britton Coulson, left, and Wayne Coulson stand in front of one of 10 former Royal Canadian Air Force CC-130H Hercules aircraft recently acquired by Coulson Aviation from the Government of Canada. At right is a Coulson C-130H outfitted for aerial firefighting with the company’s proprietary RADS-XXL retardant delivery system, capable of carrying up to 4,000 U.S. gallons, or more than 15,000 litres, of water or fire retardant. The acquisition doubles Coulson’s global C-130H fleet to 20 aircraft, expanding its capacity to build the world’s largest C-130 airtanker fleet. The acquisition doubles Coulson’s global C-130H fleet from 10 aircraft to 20 and gives its Canadian division the scale to build
Energy Vault Announces Strategic Agreement to Deploy 1.25 GW of Integrated Power Infrastructure for Hyperscaler AI Data Center with Leading Power Generation EPC Deploying Caterpillar Gensets7.8.2026 19:16:00 EEST | Press release
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a global leader in sustainable energy infrastructure, today announced the execution of a strategic commercial agreement under which Energy Vault will supply battery energy storage systems ("BESS"), grid-forming power conversion systems and AI infrastructure controlsoftware to support an initial deployment totaling 1.25 gigawatts ("GW") of integrated power infrastructure for hyperscaler AI data centers. The agreement establishes a repeatable AI power infrastructure platform that combines dispatchable power generation, intelligent battery energy storage, grid-forming inverter systems, advanced AI infrastructure controls software and turnkey EPC and plant integration into a single integrated solution designed specifically for hyperscaler AI data centers and high-performance computing campuses. The companies will jointly deploy fully integrated, off-grid power systems capable of bringing AI compute capacity online significantly fas
SES Advances Next-generation MEO Strategy Following Successful Completion of IRIS² Rendez-vous 17.8.2026 11:52:00 EEST | Press release
SES today announced the successful completion of Rendez-vous 1 (RDV1) under the Infrastructure for Resilience, Interconnectivity and Security by Satellite (IRIS²) programme, marking a key milestone in the programme's implementation phase and reinforcing Europe's path towards sovereign, resilient and secure satellite connectivity. The successful completion of RDV1 confirms the programme's readiness to move forward with implementation and provides greater visibility on the long-term scope, performance and economics of the MEO segment. SES's expected capital commitment for the MEO segment is up to €1.35 billion, reflecting current programme scope, while maintaining the deployment of 18 MEO satellites and the targeted service entry in 2030. SES’s share of the investment in the IRIS² programme for 2026 is included in SES’s FY26 Capex outlook as previously communicated. No future exceptional cash proceeds will be used to fund the project. Since the signing of the IRIS² Concession Contract in
Allianz Delivers Record Result and Is Well on Track to Achieve Its Targets7.8.2026 08:10:00 EEST | Press release
2Q 2026 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806509750/en/ Oliver Bäte, Chief Executive Officer of Allianz SE Total business volume at 45.6 billion euros, an internal growth of 5.7 percent1, with contributions from all segments. Asset Management delivers excellent growth. Operating profit rises 10.6 percent to a record level of 4.9 billion euros. Shareholders’ core net income at 2.6 billion euros; 12.7 percent below last year. Adjusted for a divestment gain last year and offsetting measures following the sale of the stake in our Indian JVs, underlying growth is strong at 10 percent. 6M 2026 Total business volume at 98.6 billion euros, an internal growth of 4.3 percent1, driven by Property-Casualty and especially Asset Management. Operating profit rises 8.6 percent and reaches a record level of 9.4 billion euros. Shareholders’ core net income advances 15.5 percent to 6.4 billion euros. Adjusted for divestment eff
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom