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GRO to make strategic investment in Akselos

Tuesday, June 13, 2023

GRO to make strategic investment in Akselos to accelerate leadership in physics-based digital twins

LAUSANNE, SWITZERLAND - June 13, 2023 - Akselos SA ('Akselos' or the 'Company'), the creator of a pioneering engineering simulation technology, announced it has received an investment from GRO to accelerate organizational expansion, global commercial scaling, and product leadership.

Grounded in more than 15 years of advanced academic research at the Massachusetts Institute of Technology ('MIT'), Akselos provides physics-based simulation engineering software, or digital twins, of highly complex mechanical assets. The technology enables customers to reduce risk, increase operational efficiency, and extend the life of their energy infrastructure in operation. The Company is disrupting the industry standard with its solution being 1,000x faster than legacy technology, facilitating real-time condition monitoring and delivering significant customer value.

Akselos' digital twin technology is currently in use by customers across the energy industry, including upstream and downstream, and renewable energy, and is trusted by clients including Shell, Lamprell and Pan American Energy. Offshore wind is a key vertical, aligning with the company's vision of providing technology that enables the green energy transition in line with IEA's Net Zero 2050 roadmap.

The Company is benefitting from substantial business momentum across five continents and will now partner with GRO ahead of an important chapter of the Company's scaling journey. With this investment GRO is joining a blue-chip shareholder group including Shell Ventures, among others, that will continue to support the Company going forward.

Thomas Leurent, Co-Founder and CEO of Akselos, says: 'Akselos is a trusted technology provider for many of the largest operators in the energy industry, helping to protect some of the world's most critical energy infrastructure and working along the industry on the Net Zero 2050 roadmap. We are grateful for GRO's significant vote of confidence and know that their expertise in scaling B2B software companies will reinforce our position in the market and benefit our customers globally. Their belief in our vision and team is an endorsement of what we have accomplished so far and a strong affirmation of the potential ahead. With these additional resources, we look forward to scaling new heights and continuing to drive innovation that matters.'

Maxwell Veyhe, Partner at GRO, comments: 'Akselos is a rare opportunity to invest in a company that enables a paradigm shift in verticals with some of the world's most critical infrastructure by combining deep-tech, pioneering academic research, and high calibre talent. We are highly impressed by Akselos's innovative software platform that the management team has productized and brought to market and believe it will be an important enabler as the world significantly increases investments in green energy while ensuring capital efficiency. We are excited to support the Company on capitalizing on this market opportunity by leveraging GRO's operational and B2B software know-how. The investment in Akselos builds on GRO's extensive sustainable technology expertise and we look forward to welcoming another deep-tech thought leader to the GRO family.'

Closing of the Transaction is anticipated to take place during the next couple of weeks.



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