Pure Positioning AB (publ) acquires Iion AS

IION has developed its own technology related to artificial intelligence, digital twins and handling of enormous amounts of data specialized for the energy market. The technology works on extreme amounts of real-time data.

Pure Positioning aims to become the largest player in geothermal energy in Northern Europe. With IION, the company will eventually be able to offer a wide range of products for end customers, as well as digitize and streamline processes related to the geothermal business. 

- What we know for sure is that the opportunities offered by digitalization are enormous. A wide range of industries have been digitized over a long time, but when it comes to the geothermal market, this is ground-breaking work. PPAB now has every opportunity to make efficiency improvements and develop products and services, which will radically separate us from other existing players, says Lars Christian Beitnes, Chairman of the Board of PPAB.

- The scope of opportunities that new technology can bring to the traditional geothermal sector is enormous. Geothermal has received less attention than solar cells and wind turbines, but is much more interesting and potent. We will see an explosion in this field in the years to come, says Tom Ivar Brate, civil engineer and founder of IION.

Unique technology
IION is working on a generic approach to "artificial consciousness" where the difference is that artificial intelligence can operate without real-time data, while "artificial consciousness" must work in conjunction with the "artificial consciousness" by being able to continuously connect real-time data.

IION creates a direct link between real production and consumption by solving the problem that power currently is governed by agreements that are short-term (spot price) or long-term (fixed price). 

There is currently little direct link between the consumer's and the producer's forecasts. In an analysis, mostly historical contexts are used. Operating market models are not designed for a direct link between real production and consumption. 

IION is establishing new and more efficient and real-time based stimulators for interaction between energy producer and consumer and provide a better basis for the interaction between production and consumption over time and space which lead to optimized power utilization of green energy sources. 

Technology summary

• IION's unique technology is 100% based on its own algorithms
• Prepared for HPC code (parallelizing/supercomputing)
• Optimized core for memory management
• Flexible architecture adapted to distributed platforms
• Built for industrial real-time analysis
• Monitoring of data streams adapted to complex parameter combinations
• Developed for economic modelling of market requirements
• Generic and goes across sectors

The transaction
The transaction values IION at EUR 4.7 million, equivalent to SEK 52.5 million. The acquisition is formally made by Pure Positioning's wholly owned subsidiary OXXY Technologies Plc, whereby the agreement is structured so that the shareholders in IION will receive new shares in Pure Positioning through a share issue. Following the transaction, IION's shareholders hold ca. 12% and Pure Positioning's current shareholders hold ca. 88% of Pure Positioning AB. The sellers of IION have entered into a 12-month lockup agreement on the shares being issued.