Aegir Insights: “Radical Changes Requires Freedom to Innovate”

Digitalization of the energy sector could become a green goldmine for Denmark. That’s the belief of Rikke Nørgaard from the digital growth company Aegir Insights, which has built an export success on data analytics for the offshore wind industry. The plan is global expansion and doubling the team by 2024.

In Norse mythology, the giant Ægir is known as the god of the sea. His powers can be used for both good and bad for people at sea, and it’s precisely that superpower that Danish Aegir Insights has sought to convert into a digital power tool for the energy sector. Rikke Nørgaard, co-founder and commercial director of the Danish tech company, explains how they help various energy-related companies make quick and insightful investment decisions, whether looking at a new offshore wind farm in the North Sea or in the USA.

“Our ambition from the outset has been to assist the industry in making swift and accurate decisions in major investments for new projects. We aim to accelerate the pace of the green transition, ensuring that market funds are utilized optimally. To achieve this, we combine data science with deep industry knowledge and were the first to offer in-depth analytics based on a digital analysis tool that accelerates good ideas and investment decisions—and, conversely, can shut down less effective ones in time,” says Rikke Nørgaard.

Positive Results from Day One

Aegir Insights was founded in 2019 by Rikke Nørgaard and two other partners. Drawing from their well-developed industry knowledge gained from positions in international companies like Ørsted, Vattenfall, and Stiesdal, they converted this into Aegir Insights’ software-based core product.

“It was crucial for us to start early, and once we had developed our analysis tool, we established the company. We’ve been profitable from day one, with Shell among our first clients. 90% of our revenue comes from abroad, particularly from the offshore wind industry,” explains Rikke Nørgaard, noting that the company has 21 colleagues in Copenhagen and one in Canada.

The company represents nine different nationalities, and international focus is a key part of Aegir Insights’ growth strategy.

“We expect to hire more in Denmark but also prioritize national presence in our focus markets, which besides Europe include Asia and North America. London is also an interesting location for engaging with the financial market. Our ambition is to double our workforce next year,” says Rikke Nørgaard.

Support and Investments for Global Expansion

Alongside positive financial results, Aegir Insights has secured external investments through private capital in collaboration with the Danish Growth Fund and support from the Innobooster program under the Innovation Fund Denmark. This has focused on expanding global datasets and company growth. Competent advisory board members, including Jon Erik Reinhardsen, chairman of Equinor, also provide guidance. Additionally, Rikke Nørgaard and the Aegir Insights team have engaged in an innovation project supported by the Energy Technology Development and Demonstration Program (EUDP) to develop similar products for hybrid projects.

“The innovation project, titled Realise, focuses on digital forecasts across multiple segments of the energy sector. We believe our expertise can be leveraged alongside our project partners throughout the energy sector, including hybrid projects, green hydrogen, energy storage, and solar. The EUDP project is incredibly valuable for our internal development and industry networking,” says Rikke Nørgaard regarding the innovation project facilitated by Energy Cluster Denmark.

Rikke Nørgaard is also strategically engaged with Denmark’s energy cluster, representing small and medium-sized enterprises on its board.

“In Denmark, large industrial companies have largely driven our wind exports. I believe that digitalization companies like ours can drive innovation forward in the industry and create new export opportunities for Denmark. Small and medium-sized enterprises in Denmark have tremendous potential, and I aim to give them a greater voice in the energy cluster. As a growing small business, we can swiftly deploy technology where it adds value—we are agile, and that’s crucial. We need to rapidly evolve in the energy sector, or we risk losing momentum as a leading nation in green energy,” Rikke Nørgaard concludes.