Alfa Laval to Buy Weather Services Firm StormGeo
Swedish Alfa Laval has struck a deal to acquire weather intelligence and decision support services provider StormGeo.
Alfa Lava, specializing in heat transfer, centrifugal separation, and fluid handling, said the acquisition would accelerate its digital services offering and to add an important tool to the decarbonizing toolbox offering.
StormGeo provides weather-centric services to more than 2,200 customers globally in a variety of industries, including shipping, energy, and onshore industries such as healthcare, hospitality, insurance, and retail.
With extreme weather being the number one cause of business disruptions globally, the company's site-specific forecasts, coupled with asset specific data, enable customers to safeguard people, assets, and operations while minimizing downtime, improving ESG performance and saving fuel and resources, StormGeo said.
From 2018, StormGeo advanced decarbonization for its shipping customers by saving 2.1 million MT fuel, reducing CO2 emissions by 6.2 million MT, or the equivalent of removing 1,342,000 cars from the road for one year, the company added.
The purchase price amounts to approximately 3,63 million NOK on a debt and cash-free basis. Closing is expected during Q2 2021, subject to customary conditions. StormGeo will become part of Alfa Laval's Marine Business Division.