Stepwise Secures NOK 35 million in Capital Raise to Fuel Expansion

Press release
June 18, 2024

Stepwise AS, a leading emissions management platform that empowers companies within the energy sector to reduce their carbon footprint, announces the successful completion of a NOK 35 million capital raise. The funding enables accelerated growth plans and enhanced product offerings, on the path to becoming a market leader in emissions reduction for the energy sector.

“We founded Stepwise in 2021 with a clear vision of delivering a unified platform for sustainable emissions reduction and monitoring across operations and management, and we are now collaborating with some of the largest global energy companies,” says Matthew Johan, Co-founder and Executive Director of Stepwise. “This successful capital raise marks a significant milestone for us, underscoring our strong market potential and innovative business model.”

Stepwise is built by a global team of subject matter experts, with extensive experience working within the maritime and offshore energy domains for industry leaders including Aker BP, SLB and Equinor. The Stepwise team maintains local presence in Norway, the UK, US and UAE.

Strategic growth into offshore production

Stepwise is currently active with a solution for offshore well construction and pursues strategic expansion across the energy value chain, with a focus on growth into offshore production together with existing clients. Simultaneously, the company is actively positioning for future deployment of its solutions across the energy sector.

“We see a large growing potential for future expansion across offshore wind, fixed platforms, production (FPSOs), and land-based drilling. The potential is not limited to emission management on an asset level but extends to the whole enterprise,” Matthew Johan adds.
Sustainability is more than metrics

The energy sector faces increasing pressure to reduce carbon emissions while maintaining efficiency and profitability. Energy companies must accurately monitor and manage emissions across their portfolios, complying with stringent sustainability regulations, such as the EU Corporate Sustainability Due Diligence Directive. It was adopted in May this year, imposing significant penalties for non-compliance.

Stepwise addresses these challenges by combining expertise in operational performance, power consumption, and greenhouse gas emissions with a sophisticated SaaS-platform, and value-added services. The platform offers real-time monitoring and seamlessly integrates with existing digital tools, allowing for precise tracking of emissions linked to specific operations.

The solution provides clear insights into carbon intensity and operational efficiency, supporting detailed planning and execution of emission reduction initiatives. This enables energy companies to prioritize the most cost-effective carbon abatement solutions as part of a continuous improvement approach.

Strong support

Since its inception, Stepwise has demonstrated rapid growth and innovation, supported by strong collaborations and dedicated investors. The proceeds from the capital raise is enabling continued development to meet the evolving needs of both existing and new customers. Specifically, the funding will fuel its ongoing expansion into the offshore production segment. The NOK 35 million raised consists of new equity, a convertible loan, and a credit line with a major Nordic bank.

“We believe Stepwise is uniquely positioned to capitalize on the opportunities ahead. The Stepwise team has demonstrated a capacity for innovation in developing a management tool that enables industries to substantially impact environmental sustainability on the road to Net Zero”, said Birgitte Angelil, Director of Stepwise and Partner at Eltek Holding. "Their proven track record and a clear strategic vision make them a compelling investment. We are excited to be part of their journey and look forward to their continued success."
About Stepwise AS

Stepwise is a leading emissions management platform meticulously crafted to empower companies within the energy sector to reduce their carbon footprint. Instrumental in moving the energy sector faster towards Net Zero, it provides real-time monitoring, comprehensive tracking of Scope 1, 2, and 3 emissions, and seamless integration with existing digital ecosystems. The correlation of emissions and well data enables monitoring of the carbon intensity per meter drilled across D&W operations. Other key features include digitalization, record-keeping, data analysis, algorithms, assets, and wells performance comparisons, enabling substantiated well and field development planning and auditing. As a pioneering SaaS platform, Stepwise turns data into sustainable action. Its experienced team’s aptitude to continuously identify, implement, and measure energy reduction initiatives (ERIs) enables companies to reduce fleet-wide emissions, ensure regulatory compliance, and consistently deliver against set corporate goals.

Contact Information:

For further information, please contact:

Matthew Johan
Executive Director
Stepwise AS

+1 646 467 2606
mj@stepwise.no
www.stepwise.no

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Press release

Stepwise Secures NOK 35 million in Capital Raise to Fuel Expansion

June 18, 2024
Stepwise AS, is pleased to announce the successful completion of a NOK 35 million capital raise.
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