Tunable raises NOK 40m to accelerate growth, turning invisible gases into valuable data
Tunable, a Norwegian deep-tech company disrupting the gas measurement domain, has secured NOK 40 million in equity from new and existing investors to fuel its international growth.
Tunable is delighted to welcome Wilhelmsen as the main new investor contributing with new equity alongside existing investors Skagerak Capital, GTT, TRUMPF Venture, MP pension and Skeie family. The investments will support Tunable's continuing international expansion and therefore contribute to reduce greenhouse gas (GHG) emissions across different sectors through advanced gas analysis technology.
“I am happy to welcome Wilhelmsen into the Tunable family, and I am excited to see the completion of this equity transaction which will ensure the company’s continued strong growth. The advanced Tunable sensor technology can contribute significantly to reduce GHG emissions in a number of different sectors, therefore, the sooner this technology is rolled out the better”, stated Jon André Løkke, Chairman of the Board of Directors.
Nakul Malhotra, Vice President Emerging Opportunities Portfolio at Wilhelmsen said: “We believe accurate measurement and emissions transparency are the foundation of the maritime industry’s ambitions of viable net zero pathways. We are excited, therefore, to join Tunable’s journey in progressing solutions that aid this process and look forward to seeing wider collaborations in this space.”
Tunable's cutting-edge gas measurement technology is revolutionizing the way industries measure and manage emissions. By recognizing complex gas patterns and providing real-time, accurate data, Tunable's solutions empower industries to not only meet regulatory standards but also drive significant reductions in GHG emissions.
The company's technology is instrumental in diverse applications—from detecting mold in produce, which can prevent millions of tons of CO2 emissions, to optimizing industrial processes across various sectors. This ability to identify specific gas mixtures or states makes Tunable a critical player in environmental sustainability.
Tunable is a rapidly growing company, with over NOK 75 million in orders in the past twelve months alone. This growth trajectory is fuelled by strong demand within the LNG Carrier segment, where its natural gas measurement systems are becoming essential for optimizing fuel efficiency by measuring boil-off gas. With over10% of LNG vessels using Tunable’s technology, the company expects to triple its revenues from 2023 to 2024.
Ambitious plans for the future
The key to effective GHG management lies in accurate measurement. As CEO Kristian Hovet stated, “What gets measured, gets managed.” By providing real-time sensor data, Tunable enables ship owners to precisely assess and improve the impact of their GHG reduction initiatives. This is particularly important as the industry moves beyond standard emissions factors toward more accurate, data-driven approaches.
Tunable's instruments go way beyond the traditional gas analysis technologies by utilizing machine learning and AI modelling. For example, in the fruit and vegetable industry, Tunable's technology is “smelling” the ripeness of fruit and vegetables as well as detecting moldy or rotten produce. This will drastically reduce food waste and CO2 emissions from the fruit and vegetable industry.
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