PRESS: To Better Serve the Energy Sector, HAZON has Been Acquired by PrecisionHawk
HAZON Solutions has joined PrecisionHawk, adding A-Grade ISNet flight operations to the company’s growing portfolio of drone-based solutions.
FOR IMMEDIATE RELEASE 9/5/18
Virginia Beach, VA, September 5, 2018 - 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, PrecisionHawk has purchased two companies that specialize in energy asset inspections: HAZON Solutions and InspecTools. These businesses, in combination with PrecisionHawk’s existing offerings, 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.
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 use InspecTools for solar panel and wind turbine inspection because of its sophisticated reporting, analytics, and machine learning capabilities.
“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 extensive and leading-edge energy products and services, regulatory expertise and a record of safe, secure and compliant operations.” —Michael Chasen, CEO of PrecisionHawk
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 presents a current global market opportunity of $9.7 billion. According to IDC, worldwide spending on robotics and drones are forecast to accelerate over the next five years reaching $201.3 billion in 2022.
“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, CEO of HAZON
“InspectTools brings machine learning for renewable energy that is of immediate added value to PrecisionHawk’s software analytics platform. This relationship further enhances the technologies and services that are fundamental to advancing the economic viability of drones in the energy market.” —InspecTools CEO, Paul Bingaman
Both Paul Bingaman, CEO InspecTools, and David Culler, CEO HAZON, will join PrecisionHawk’s executive leadership team.
These acquisitions are part of PrecisionHawk’s ongoing mission to elevate intelligence, delivering drone-based solutions that strengthen the operational 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.
PrecisionHawk is a leading provider of drone technology for the enterprise. PrecisionHawk’s client list includes Fortune 500 companies and market leaders in 150 countries, spanning a range of industries, including agriculture, energy, insurance, government and construction. To date, PrecisionHawk has raised more than $100 million from leading venture capital firms including Third Point Ventures and Millennium Technology Value Partners, with strategic investments from enterprise customers and partners including Comcast Ventures, DuPont, Intel Capital, NTT Docomo, and Yamaha Motor. The company, founded in 2010, is privately held and headquartered in Raleigh, NC. More information about PrecisionHawk can be found at www.precisionhawk.com or on Twitter @PrecisionHawk.
HAZON Solutions is a national drone service provider focused on critical infrastructure inspections for Fortune 500 utility and industrial clients. We leverage a combined 80 years of combat aviation experience to deliver industry-leading drone based solutions to help organizations increase reliability and decrease downtime due to maintenance and inspections while also mitigating risk to personnel. Our primary focus is delivering inspection services to those companies with significant investments in critical infrastructure. We leverage our aviation expertise to collect actionable data that is otherwise difficult, dangerous or costly to gather. For organizations that want to build out an organic drone program, we offer professional aviation consulting as well as basic and advanced flight training. To complement our consulting and training services, we have developed fleet management software for professional drone operations – Drone Management System. The mission of HAZON Solutions is to deliver actionable information that enhances our client’s efficiency and reliability by executing and enabling unmanned flight operations founded on naval aviation principles.
InspecTools delivers high-fidelity machine vision software and data analysis systems to renewable energy clients. Their market-leading software for both solar panel and wind turbine inspection is used by some of the largest equipment manufacturers and service providers in the world, including Vestas, PG&E, and SMA Solar.
Ed Hine HAZON Solutions | Vice President - BD and Marketing