Why we invested in Wirescan: Advanced monitoring and protection of power cables
We are proud to announce that Adara Ventures has invested in Wirescan, a Norway-based company that has developed a patented solution to assess and monitor the condition of both de-energised and energised cables known as LIRA (Line Impedance Resonance Analysis) Technology. This investment marks the second investment of the Adara Ventures Energy Fund.
Our second Energy Fund investment, and first in Norway
The Adara Energy Fund is committed to identifying and supporting cutting-edge technologies and solutions that drive the energy transition. Last year, our research on advanced technologies for safeguarding critical energy infrastructure led us to dive into the vital role of undersea cables, which are often the backbone of energy grid operations – enabling electricity distribution and connecting offshore wind farms to the grid. Any disruptions to undersea cables lead to blackouts or failures in energy delivery. In 2022, explosions damaged the Nord Stream 1 and 2 gas pipelines in the Baltic Sea, and while these were gas pipelines, the incident revealed the strategic vulnerability of undersea infrastructure. It also showed how similar tactics could target undersea power or data cables.
To validate our findings, we worked with our Advisory Board, using their industry expertise to evaluate the challenges and explore potential technology solutions on a global scale. Out of all the technologies we evaluated, Wirescan stood out as the clear leader. Their patented LIRA Technology delivers unparalleled cable monitoring and protection, with the potential to significantly enhance the security and resilience of energy systems worldwide.
LIRA Technology: The most advanced cable condition assessment and monitoring solution
Power cable integrity is essential for the safe and efficient operation of any facility, whether it’s a plant, factory, wind farm, oil field, or transmission and distribution network. This is especially true for facilities designed for long-term operation.
Unfortunately, cable health is often overlooked, as cables are seen as passive, reliable components with long lifespans. However, should a cable fail, it can lead to facility shutdowns, safety risks, lost revenue, reputational damage, and, in extreme cases, even loss of life. A recent report predicts approximately 3,600 cable failures will occur between 2024 and 2035, potentially costing €61.5 billion.
A proactive and preventative approach to cable integrity is crucial to ensuring performance and safety.
This is where Wirescan comes in.
Wirescan’s LIRA Technology was developed in Norway at the Institute for Energy Technology (IFE) by Paolo Franco Fantoni to address the pressing need for a non-destructive method to test and assess the condition of cables in nuclear power plants.
Fast-forward to today and LIRA Technology has become a trusted and globally recognised solution for evaluating and monitoring cable conditions, with a strong track record of success across industries and regions – particularly in monitoring subsea cables used in offshore wind farms. The company is also expanding Wirescan Digital, a cloud-based platform that provides automated cable condition assessments and monitoring (“predict and prevent”).
Managing power cable health: A critical factor in efficient wind farm operations
Cable health is a significant pain point for offshore wind farm operators, capturing 70% of the industry’s insurance claims. A subsea power cable failure can cost €8 million or more, especially if unplanned. Wirescan’s complete cable health management programme helps the wind farm industry address any cable issues, including assessing their remaining life.
With Wirescan, offshore wind farm and transmission system operators can anticipate the future performance of their cable grids – reducing overall maintenance costs and preventing unscheduled shutdowns and repairs.
A strong partnership for future growth
We are excited to work with the newly strengthened Wirescan management team, which includes CEO Morten Husbey, Jo Inge Buskenes who has joined as the company’s new Chief Technology Officer (CTO), and Artem Lytkin as the new Chief Commercial Officer (CCO).
Together, we are committed to reinforcing Wirescan’s market leadership while unlocking new growth opportunities, particularly within the rapidly growing offshore wind sector. As ambitious renewable energy targets and technological innovations continue to drive this industry forward, we are excited about the immense potential the future holds.
