Heading into 2023, Volue will continue to expand its international business based on megatrends boosting the need for advanced software: climate change, the move to variable and renewable energy sources and increasingly volatile and complex energy markets.
Dec 15, 2022
The primary customer base for Volue's software solutions is within the European energy sector, in addition to a Nordic presence within critical infrastructure. In 2022, these markets were volatile and changing rapidly. High and volatile energy prices, knock-on effects of the war in Ukraine, and European energy and security policy in flux – these were just a few of the defining trends of 2022.
Adding to this are long-term megatrends such as climate change, the growth of variable and renewable energy sources, and the explosive growth of distributed energy resources such as solar panels and EV chargers.
“While these short- and long-term changes pose challenges, they also offer enormous business opportunities. In short, we need substantially more advanced software solutions to manage energy production, markets, and infrastructure. There is absolutely no doubt that this is a growing market. It is also perfectly aligned with Volue’s vision: To develop technology for a sustainable tomorrow,” says Trond Straume, CEO of Volue.
During 2022, Volue has continued its investments in its Software-as-a-Service (SaaS) platform, increasing recurring revenues and allowing the company to service substantially more customers and to start moving beyond European markets.
“During 2022, we took our first significant step outside Europe when we launched our initial services in Japan. The Japanese power market is larger than any single national market in Europe. It is also highly volatile, and it has a lot of market players. In short, Japan is a very promising market for Volue, and I was excited to visit our team in Tokyo this fall,” Straume says.
Volue now has a staff of more than 750, serving customers in more than 40 countries.
“While parts of our business have roots going back decades, Volue as a company is only a couple of years old, and we are continuously adding new talents. Given this, it was great to get the whole company together, post covid, for our first team gathering at Lillehammer, Norway, this fall,” Straume says.
This year, group management has also been strengthened through the addition of key members such as Chief Product Officer Colm McCarthy, Chief Technology Officer Jörg Lienhardt, and Chief Delivery Officer Håvard Pedersen.
“These additions to the management team not only bring in great people, but they also reflect the broadening from a Norwegian to an international company, in line with our growth outside Norway,” says Straume.
As of the third quarter, Volue’s revenues were 20 percent higher than last year, and the company has reiterated a strong market outlook.
“Given the tremendous team we have put together, our strong offering, solid financial foundation, deep market experience, and favorable megatrends, I am looking forward to further progress in 2023 and feel confident about our ambition to be a NOK 2 billion company with significantly increased margins in 2025,” CEO Trond Straume concludes.