|By PR.com Newswire||
|July 22, 2014 08:25 AM EDT||
Fairbanks, AK, July 22, 2014 --(PR.com)-- The first start-up business using University of Alaska Fairbanks (UAF) technology announces initial revenues from its volcanic ash forecasting and risk planning tools. The startup, named V-ADAPT, Inc. specializes in understanding the risk of volcanic eruptions and ash on global transportation, especially for aviation.
Though volcanic eruptions are not common, their economic impact can be immense. A 2010 eruption in Iceland closed European airspace and wreaked $6 billion in economic losses. For this reason, one of the pillars of V-ADAPT Inc’s business plan is to provide risk assessments. Prior research at the UAF Geophysical Institute and the Alaska Volcano Observatory is the core technology. The software tools and data allow airlines, airports, and public safety organizations to analyze near-real time satellite images to detect volcanic eruptions. The movement of the erupted ash is then forecast to predict its impact on aviation.
South Korea is the first customer for the risk planning services. According to scientists at the Volcanic Disaster Preparedness Research Center and Kwangwoon National University, “The anticipated eruption of Mt. Baekdu volcano could be one of the largest in recent time. The effect on the economy of northeastern Asia could be significant.”
“V-ADAPT, Inc. is helping the Korean government assess how a volcanic eruption could impact regional aviation, safety, and commerce,” said Jon Dehn, President and CEO of V-ADAPT Inc. The risk models were developed and presented to the Korean scientists last month by Vice President Peter Webley.
“Future clients for V-ADAPT may not only be emergency managers and government economists, but the insurance companies that underwrite business interruption policies, especially for airlines. The US Department of Defense has also expressed an interest in our capabilities,” according to Keith Cunningham, Managing Director, “so we expect a strong year for business.”
The technology used to start-up V-ADAPT Inc. by the company was licensed from Nanook Tech Ventures, a subsidiary of the Nanook Innovation Corporation. Nanook Tech Ventures creates new startups based on University of Alaska Fairbanks' technology.
Read the full story here: http://www.pr.com/press-release/571599
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