3 financial needs shared by energy companies

The Holding Company: Klaveness Marine

Klaveness Marine is an investment firm managing a portfolio of over $500 Million, with substantial holdings in offshore energy and cleantech.

Asgeir Elvebakk, Head of Accounting, identifies three of Klaveness’ needs: unity, flexibility, and efficiency.

Klaveness needed an “all-in-one” financial solution capable of handling growing investment areas without costly upgrades. It needed a solution that could simultaneously master complexity while simplifying IT infrastructure. And its solution needed to create “better and more efficient flow” across business processes.

The Wind Farm Enterprise: Arise

Arise AB manages “the entire value chain” of wind energy, according to Controller Sofie Karlsson. From scouting and building to owning and operating new wind farms, Arise includes about thirty companies across Northern Europe.

Karlsson almost directly echoes Elvebakk. Arise needed an “accessible and flexible” financial solution, one that could unify data on “many parallel projects” and support “quick and efficient Group management.”

The Utility: Tussa Kraft

Tussa Kraft is among Scandinavia’s largest energy enterprises. Founded in 1949, Tussa oversees electricity from its generation in the group’s 19 hydroelectric power plants to its consumption by households across the region.

According to Chief Accountant Knut Myklebust, Tussa’s complexity belies common difficulties. Tussa Group needed a solution unified and inexpensive enough to replace its “old-school on-premise” system. However, the solution also needed enough flexibility to meet standard needs without “major customization and tailoring.” And it had to deliver efficiency through automation and insight.

Three Business Models, One Set of Business Needs

The sheer breadth and complexity of the energy sector have inspired a mistaken belief that only bespoke, aggressively customized financial systems could meet industry needs.

Our three companies testify to the error in this assumption. All three came from expensive, highly-customized applications that increased complexity and restricted growth.

We see largely similar needs in the cases of Klaveness, Arise, and Tussa Kraft. All three need financial unity, financial flexibility, and financial efficiency.

And all three have found their solution in Xledger.

Xledger delivers the market’s most automated and unified finance solution to tens of thousands of customers in over 50 countries worldwide. We empower energy companies of every stripe with powerful core accounting, project accounting, and asset management. Built for the true, multi-tenant cloud, Xledger offers nearly unlimited scalability, enabling every customer to grow without restriction.

For more information about how Xledger can equip your organization, please get in touch.

^{1. C.f. Raymond Carver’s 1981 short story collection ‘What We Talk About When We Talk About Love.” (Worth a read)}

3 financial needs shared by energy companies, and how to solve them

The Holding Company: Klaveness Marine

The Wind Farm Enterprise: Arise

The Utility: Tussa Kraft