Today, renewable energy software company Clir Renewables announced it raised CAD$27 million (US$22.4 million) to grow its business operations in Europe and North America. Accordingly, this funding came from six investors, and indeed, it included Canada Pension Plan Investment Board (CPP Investments) during its Series B funding round.
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Moreover, the Vancouver-based company will use the investment to develop its smart technology offering. Currently, Clir Renewables’ services include a cloud-based artificial intelligence (AI) platform that optimizes renewable energy assets at various stages of their life cycle.
Also, the Company specializes in providing solar customers with data. Particularly, to increase its customers’ production, asset health monitoring, and technical, financial risk management.
About Clir Renewables current services
Particularly, Clir focuses on the wind energy market, thus recognizing that with more projects entering service worldwide, the need to provide the industry with integration solutions is crucial.
Therefore, with the recent funding, Clir will further develop its business operations in core markets; for instance, such as Europe and North America. Worth noting, the company will also grow its presence in emerging markets in Latin America, Africa, and the Asia-Pacific region.
In this sense, Chief executive Gareth Brown said he was “delighted” with the result of the investment round. Besides, the CEO stresses the importance of smart technology and data analysis, like the one Clir Renewables provides. Particularly, since it will be “at the core of the effective growth of renewables.”
Moreover, “with the potential for such wide-reaching impacts on every aspect of a renewable asset’s success, it’s critical that data is ‘done right’, Brown continued. Also, “that the subsequent analysis is communicated effectively every time.”
According to the news site PVTECH, this financial close comes just as confidence appears to be growing; particularly in the solar sector’s potential for significant gains this year. Indeed, just under two-thirds (64%) of industry insiders surveyed by the Global Solar Council (GSC) earlier this year; said they expect double-digit sales growth in 2021.