Category: Business News
Equinor has signed a Letter of Intent (LOI) with the 3D print start-up Korall Engineering based in Bergen, Norway. This is a result of this year’s Equinor & Techstars Energy Accelerator programme.
Equinor believes the solution proposed by Korall Engineering is needed in the changes the industry is facing, where 3D print and digital inventories are important elements in transforming the supply chain into digital supply network.
3D printing is a production technique where three-dimensional objects are built up layer by layer. A digital inventory reduces the need for physical inventory, saving time and money.
“Equinor has identified a great potential in utilising 3D print. The main areas are to reduce maintenance and modification costs, reduce lead time, reduce physical inventory, reduce waste and improve functionality. Equinor finds Korall Engineering’s technology and competence interesting, and it is Equinor’s intention to continue the collaboration started during the Equinor & Techstars Energy Accelerator programme”, says Brede Lærum, head of Additive Manufacturing Centre of Excellence in Equinor.
Equinor Ventures has also awarded two Accelerator Prizes to the start-ups Sol Clarity from USA, and to Powertrust from Canada. The companies will receive USD 50 000 each.