Cover photo for Norwegian Entrepreneurs Chasing 100 million tons CO2

Norwegian Entrepreneurs Chasing 100 million tons CO2

We thought we were only going to reveal the world’s first floating entrepreneur lab this week, from sunny Oslo. Instead we’ll focus on how Norwegian entrepreneurs will be helping oil majors to cut 100 million tons CO2 annually through a new tool.

Article published: September 23, 2019

How can Norwegian oil major Equinor cut 1 million tons CO2 a year without any major investments? And how can the global oil industry cut 100 million tons CO2 annually by doing the same? 2 former employees of Equinor and shipbroker company Inge Steensland/STEEM1961 offers a brand new solution.

Over the years we were all curious on how trustworthy the car producers’ own CO2 calculations were. If our car used 0,6 liters or 1 liter for 10km? Well, we all learned that the industry’s own data wasn’t really that reliable.

And the same goes for shipping. Up until now, there hasn’t been a neutral global tool for transparency and comparison of the various ships and shipping companies.

Shipping is one of the large invisible sources of CO2 emissions. Oil freight alone represent 250 million tons of emissions annually – and 3-4M of these comes from the Norwegian continental shelf; more than all of Norway’s national flights. Currently, the oil companies don’t report these emissions, and when choosing ships and routes, CO2 footprint is not weighing in.

But we’ve got news! For the first time in history, you will be able to track exactly how much CO2 each ship account for on every voyage, and plan the smartest shipping option to reduce emissions further. Oil companies can cut their freight emissions by 25-50% just by using their purchasing power.

The technology is here, and ripe for use without technological or financial risk. This means that both the oil companies and financial institutions can start rating the shipping companies’ actual environmental performance, and that we can finally create a premium market for the greenest shipping providers.

This groundbreaking innovation is based on the IMO principles, satellite technology fused with other data sources – and created by FreiXchange; a Norwegian ocean tech startup founded by former oil & shipping professionals from Equinor & Inge Steensland/STEEM1960. While CEO Sigmund Kyvik is tied up in Brazil, CDO Geir Olafsen will reveal their solution and index that holds the potential of shaking up an entire industry.

During Oslo Innovation Week, we will reveal the solution and you will get to see which shipping companies that would perform better than their peers on specific routes/examples.

Curious? Join us and our community member FreiXchange at the launch of TOOL – The Ocean Opportunity Lab – Thursday 26 September next to Oslo’s Opera House!

For the lucky ones who are in Oslo, click here to register / RSVP (limited seats, only 40 left). For others who might be curious, contact:

TOOL founder Birgit Liodden mail@theoceanopportunitylab.com or

FreiXchange´s Gry Sørås; gsoras@freixchange.com

Following the naming ceremony & professional part, the maritime community in Oslo will gather for the legendary shipping beer sessions organized by Haakon Steimler of Klaveness and Thomas Bjåstad of Western Bulk. There will be champagne for the employees of the top performing companies – so tell all your tanker friends!

The Kinder egg:

In addition to the direct environmental impact, FreiXchange’s new solution will also help create a commercial market for green shipping, help visualize carbon cost on freight, accelerate the shift on green and digital economy and renew Norway’s maritime competence in a sustainable way.

Sigmund Kyvik, CEO of FreiXchange

tool launch 2019
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