Intermap's elevation data as a service business model is scalable to meet the specific needs of customers. The Company developed custom slope analytics to the solar energy company's specific requirements. It rapidly provides detailed information about the steepness of the terrain for site assessments, visualization and planning. This type of analysis typically happens in the preliminary stages of planning so organizations can focus on the most promising sites. Once solar sites are prioritized, survey teams deploy drones and other equipment to evaluate and model the locations further. A major benefit is the reduction of these more costly and time-consuming surveys. Clients can access the elevation data and analytics they need without purchasing the elevation models, resulting in a cost-effective solution that can be used by non-geospatial experts.
"We are excited to provide solar energy companies with cutting-edge elevation data and analytics to support solar projects around the world," said Patrick A. Blott, Intermap's Chairman and CEO. "Intermap's easily accessible geospatial data and analytics make it simple for solar energy companies to manage multiple projects and save time and money associated with sending ground crews in the early stages of planning."
Today's newest subscription reflects Intermap's continued expansion into the renewable energy market where its NEXTMap elevation data and analytics meet the growing demand for solar energy. The global solar power market is expected to grow from $184.03 billion in 2021 to $293.18 billion in 2028 at a CAGR of 6.9% ( Source). The growth in demand for solar energy is driven by environmental urgency and incentives set forth by governments to help reduce carbon emissions. Intermap's global data coverage enables energy companies to expand operations to meet the growing renewable energy demand while maintaining confidence that the data will provide accurate and consistent results anywhere in the world.
Recent wins with other major renewable energy companies show the growing demand for Intermap's unique capabilities in providing the necessary tools for renewable energy planning and climate resilience projects. The Company is building recurring revenue at a high margin with a focus on elevation data as a service and analytics to meet the global demand for clean energy.
This new contract includes access to Intermap's NEXTMap elevation data and custom slope analytics, enabling the client to assess viability, evaluate canopy heights and perform cut-fill analysis in the preliminary planning stages of proposed solar projects.
To learn more about Intermap's elevation data and analytics for renewable energy, visit www.intermap.com/renewable-energy.
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP) (OTCQX: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap's 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world's largest collection of multi-sensor global elevation data, the Company's collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap's products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.
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