The Problem:Screening for optimal energy transition project opportunities is a complex, drawn-out process. Available information is often complicated, expensive and confusing. Furthermore, the industry is new, with limited regulations and without urgency for action.
Key stakeholders in the energy sector need real-time information to quickly screen projects in terms of ‘invest-ability’ and ‘do-ability’.
Without expedited timelines, net zero goals will be missed. Currently, it can take 15 years or so for new transmission grid connections to be approved, instead of seven years as per the UK Electricity Networks Commissioner.
Consultancies (the primary service providers) continue to accrete value in time and money due to their business models, which delays decarbonisation. Drawn-out screening and investment cycle times mean inefficient use of finances.
The key technical challenge is the energy industry’s failure to embrace digitalisation to speed up development analysis and its reliance on static reports/ spreadsheets that lack dynamic and interactive communication of insights.
The Solution:Olsights is developing the industry’s first interactive geospatial analytic webapp “The Olsights Eye” that simplifies and accelerates early project screening to make the process 85% to 97% faster. The Eye allows developers, authorities and suppliers to visually interact with and draw insights from complex data related to carbon emissions, energy generation, infrastructure, power grids, land-use, lifecycle economics and policy. It visualises spatial data in 3D. Olsights develops unique ‘views’ and customised interfaces to make understanding and interactivity intuitive.
The Differentiator:The core value proposition is greatly simplifying how developers and key stakeholders quickly understand the complexity of decision drivers for decarbonisation projects to increase chances of reaching Final Investment Decision (FID), as less than 1% of clean energy projects are reported to reach FID. The product integrates traditionally disjointed technical, economic and carbon impact datasets, speeding up analysis for viability and investability. What takes consultancies months to come up with a few concepts could take as little as a few days with the added value of delivering multiple concepts. The interactive tool enables clients to explore own solutions by making user-defined selections and customise scenario planning.