To Better Serve the Energy Sector, We’ve Acquired HAZON and InspecTools
The energy sector is quickly adopting drones. A recent study by Guinn Partners found that, in 2017, infrastructure and utility inspections made up more than half of all commercial drone activity. It’s little wonder as to why: top energy companies manage tens of thousands of miles of infrastructure, such as transmission lines and pipelines, and a wide range of equipment and facilities. These assets require regular inspection, a regime that is time- and cost-intensive, as well as dangerous. Drones improve asset management, removing personnel from hazardous situations and reducing the time and costs associated with inspection. We’ve seen these benefits first-hand while delivering drone-based solutions to some of the world’s leading oil and gas and utility companies.
To further improve safety and efficiency outcomes for our clients, we’ve purchased two companies that specialize in energy asset inspections: HAZON and InspecTools. These businesses, in combination with PrecisionHawk, will bring to the energy market unparalleled expertise, cutting-edge technology, and operational excellence.
HAZON’s extensive aviation experience and standards-based inspection services are widely regarded as the best in the energy industry. The company has delivered more than 13,000 inspections totaling greater than 8,000 hours of flight time for Fortune 500 clientele.
“HAZON is excited to bring our world-class best practices and reputation for standards-based operations and safety to the PrecisionHawk team. By joining PrecisionHawk, our customers gain access to more scalable, predictive and cost-efficient drone solutions that improve business intelligence.”—David Culler, Jr. CAPT, USN (ret.) and CEO of HAZON
InspecTools has built high-fidelity machine vision software and data analysis systems for the renewable energy market. Some of the largest equipment manufacturers and service providers in the world, such as Vestas, PG&E, and SMA Solar, use InspecTools for solar panel and wind turbine inspection because of its sophisticated reporting, analytics, and machine learning capabilities.
“InspectTools brings years of experience, analytics tools and machine vision software for renewable energy that is an immediate value-add to PrecisionHawk’s software analytics platform. This relationship further enhances the technologies and services that are fundamental to advancing the economic potential of drones in the energy market.”—InspecTools CEO, Paul Bingaman
In part due to advances in technology and regulations, the energy market has evolved from experimenting with pilot projects to the large scale deployment of drone solutions. Energy applications of drones, such as in distribution lines, transmission lines, solar panels, wind turbines, oil and gas and utility infrastructure, and emergency response, represent a global market opportunity of $9.7 billion. According to IDC, worldwide spending on robotics and drones will accelerate over the next four years reaching $201.3 billion in 2022. While the value of building a drone program is clear, scaling and managing it can be complex.
These acquisitions are part of PrecisionHawk’s ongoing mission to elevate intelligence, delivering drone-based solutions that strengthen the data value chain. In no other sector are drones doing more to improve safety and efficiency outcomes than in energy. With Hazon’s expertise in standards-based operating procedures, and InspecTools’s engineering prowess, we’ll deliver an analytics platform to energy companies that are embracing the transformation brought about by drones.
“We’re very pleased to bring together the established technology and multi-market reputation of Hazon and InspecTools with PrecisionHawk’s experience, team of experts, and clientele. By combining these offerings, our customers will have access to cutting-edge energy products and services, regulatory expertise and safe, secure and compliant operations.”—Michael Chasen, CEO of PrecisionHawk
Both Paul Bingaman, CEO InspecTools, and David Culler, Jr. CAPT, USN (ret.) and CEO HAZON, will join PrecisionHawk’s executive leadership team.
Speak with our Energy Experts
Speak an energy expert about how you can put PrecisionHawk’s improved offerings to work. Contact us.
At InterDrone? Visit Us at Booth 407
Meet the CEOs of PrecisionHawk, InspecTools, and HAZON and see demonstrations of their capabilities in our drone theater.