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
Align Partners Issues Third Public Shareholder Letter and Submits Formal Shareholder Proposals to Coway14.2.2026 13:31:00 EET | Press release
Align Partners Capital Management Inc. (“Align Partners”), a shareholder of Coway Co., Ltd. (“Coway” or the “Company”), has submitted formal shareholder proposals for the Company’s upcoming 37th Annual General Meeting (“AGM”) and issued its third public shareholder letter to Coway’s Board of Directors. Coway is South Korea’s leading home appliance rental platform, supported by a strong global brand and sales network. Since Netmarble became the largest shareholder in 2020, Coway has delivered steady operating growth, with revenue and operating profit increasing at compound annual rates of 8.9% and 7.7%, respectively, reaching KRW 5.0 trillion in revenue and KRW 878.7 billion in operating profit in 2025. However, Coway’s share price remains materially undervalued, declining 16% from 2019 levels as of February 6, 2026, despite a 155% increase in the KOSPI 200 index over the same period. Over this period, valuation multiples have also compressed significantly, with NTM PER declining from 1
HM King Mohammed VI Presides Over the Launch Ceremony of the Aircraft Landing Gear Production Plant Project, Representing an Investment of €280 million by the Safran Group in Morocco13.2.2026 22:10:00 EET | Press release
His Majesty King Mohammed VI, may God assist Him, accompanied by HRH Crown Prince Moulay El Hassan, chaired on Friday at the Royal Palace in Casablanca the presentation and launch ceremony of the project to build a landing gear production factory for Safran in Nouaceur, a project that reinforces Morocco as a destination of choice and a true integrated industrial actor at the heart of the global economy. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260213269786/en/ His Majesty King Mohammed VI, accompanied by HRH Crown Prince Moulay El Hassan, chaired on Friday at the Royal Palace in Casablanca the presentation and launch ceremony of the project to build a landing gear production factory for Safran in Nouaceur Considered one of the largest manufacturing centres in the world for Safran Landing Systems, the plant will represent an investment of more than EUR 280 million, create 500 jobs, and operate on 100% decarbonised energ
Sultan bin Ahmed visits Huawei R&D Centre and SMG in China13.2.2026 19:52:00 EET | Press release
His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Chairman of the Sharjah Media Council, visited the Huawei Research and Development Centre and Shanghai Media Group (SMG) in Shanghai, People’s Republic of China. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260213682693/en/ Sultan bin Ahmed visits Huawei R&D Centre and SMG in China (Photo: AETOSWire) His Highness toured Huawei Village, which spans 2.2 million square metres and comprises over 100 buildings and laboratories, employing more than 30,000 staff. He observed the master plan of the village and its key facilities that support the company’s business strategy and product development. He also reviewed the specifications of the buildings, constructed to the highest standards, and the diverse services provided to employees, including restaurants, cafes, entertainment venues, and rest areas. The center also offers easy access via train
Volue Welcomes TA Associates as New Strategic Investor13.2.2026 12:15:00 EET | Press release
Volue, a global leader in electrification and energy technology, today announced that TA Associates (“TA”), a leading global private equity firm, has joined as a new strategic investor alongside Advent International (“Advent”), Generation Investment Management (“Generation”) and Arendals Fossekompani. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260213436945/en/ Over the past 18 months, Volue has undergone a strategic transformation to sharpen its focus on the energy sector. During this period, Volue divested non-core activities and invested in targeted R&D innovation and strategic acquisitions to further position Volue as a leading provider of integrated technology solutions for power trading and generation, grid optimization, and energy market intelligence. Operating at the center of one of the most mission-critical markets of our time, Volue provides technology that enables utilities, grid operators, traders, and energy
ABB strengthens electrical engineering advisory capabilities in Europe with Premium Power acquisition13.2.2026 11:30:00 EET | Press release
ABB today announced it has entered into an agreement to acquire Premium Power, a leading electrical engineering consultancy headquartered near Dublin, Ireland. For more than two decades, Premium Power has established its reputation as a trusted advisor to large customers, particularly in data centers, pharmaceutical manufacturing and other mission-critical sectors where electrical resilience, uptime and regulatory compliance are essential. The transaction is expected to close in the first quarter of 2026. Financial terms were not disclosed. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260213161407/en/ Paula O'Neill, Managing Director, Premium Power (L) and Owen Flood, Local Division Manager, ABB Electrification Service (R) As demand for electrification accelerates and power systems become more complex due to digitalization, renewable integration and grid constraints, customers increasingly require specialist advisory suppo
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