Digital bunkering platform Ofiniti successfully spun out from DNV

Ofiniti, formally known as FuelBoss, a platform for managing marine fuel bunkering operations, has attracted investment from private and venture capital investors as part of its successful spin out from DNV.

With port authorities stepping up their requirements for “digital bunkering”, the new corporate structure will allow it to operate with more agility.

DNV remains the largest shareholder of Ofiniti, with new investment led by a Nordic family fund and Singapore-based maritime venture capital firm ShipsFocus.

“DNV has developed a pathway to progress digital business ideas into new enterprises and incentivise corporate founders.  The fact Ofiniti has attracted such interest from investors is an endorsement of the great service it provides and a vindication of our Venture strategy,” said Kjetil Ebbesberg, DNV Chief Financial Officer.

“ShipsFocus is very pleased to be part of DNV’s startup spinoff in Ofiniti as the choice VC investor. Ofiniti’s flagship FuelBoss bunkering platform has the DNV innate quality and accreditation with its dominance in the LNG market share. We believe the founders will bring it to great heights,” said Chye Poh Chua, Founder of ShipsFocus.

With over 3,000 liquefied natural gas (LNG) deliveries completed since 2021, Ofiniti is a market leader in digitising LNG bunker deliveries and have recently expanded to support digital delivery of all marine fuels on its platform.

By digitising bunker operations and providing electronic Bunker Delivery Notes (eBDNs) Ofiniti’s customers are able to increase the utilisation of their bunker vessels, provide live delivery insights to customers and significantly reduce the time to invoice.

This transformation results in safer, more efficient operations, cutting back-office work and reducing cost of credit.

Digitalisation is becoming increasingly important to the bunkering process as demonstrated by the Maritime Port Authority of Singapore’s plan to make “Digital Bunkering” mandatory from next year.

“Digitalisation of the bunkering industry is set to accelerate rapidly. By spinning out of DNV Ofiniti will be positioned to deliver an independent operational platform and a trusted, experienced partner to support both digital transformation and decarbonisation efforts at the pace that is required,” said Martin Wold, Founder of Ofiniti.

Three DNV employees leave their jobs in DNV to join Ofiniti as full-time founders in addition to new hires in commercial and product development.

Related: FuelBoss to continue under new DNV company Ofiniti
Related: SIBCON 2024: Digitalised LNG bunkering process can help build trust among stakeholders
Related: DNV FuelBoss coverage expands to include conventional bunker fuels, whitelisting by MPA in process
Related: DNV Decarbonisation Insights: FuelBoss paves way into Singapore’s LNG and future marine fuels bunkering sector
Related: DNV GL launches ‘FuelBoss’ – an integrated hub for LNG Bunkering

Photo credit: Ofiniti
Published: 11 November 2024