Energy transition data and analytics company Orennia announced the closing of its Series C growth financing round. The round was led by BlackRock and Temasek’s decarbonization-focused fund, Decarbonization Partners, and follows a $25 million Series B financing by the company in July 2023.

Launched in 2021, Calgary-based Orennia provides a software platform for energy transition developers and investors, aimed at enabling them to make informed decisions, manage risk, and increase returns. The company’s AI-powered platform, Ion_AI provides users with data, analytics and research to help inform capital allocation decisions across the renewables, storage, clean fuels and decarbonization sectors, including power, renewables, data centers, clean fuels and carbon capture.

Brook Papau, CEO and co-founder of Orennia, said:

“In an industry where many technology providers fall short of their claims, we are proud to stand out as a leader. This investment underscores the real, actionable value Orennia brings its clients. Our platform provides a durable strategic edge that’s redefining what’s possible in the energy transition. We are relentless supporters of our clients, and it shows: 95% say we’re accelerating their workflows, and 93% say we’re helping them make better capital-allocation decisions.”

Decarbonization Partners, which led the funding round, was launched by BlackRock and Temasek in 2022, establishing a late-stage venture capital and growth private equity partnership to invest in companies providing technologies and solutions that help accelerate the transition to a net zero economy by 2050. The new financing round also included participation from existing investors.

Dr. Meghan Sharp, Global Head and Chief Investment Officer of Decarbonization Partners, said:

“Orennia’s market leading software platform is a prime example of how digital technologies can enable significant decarbonization outcomes across a diverse group of blue-chip customers. Developers and investors across the energy transition space require trustworthy data, analytics and insights. Orennia’s platform allows market participants to make timely and confident investment decisions that deliver proven results and accelerate projects.”