SkySpecs Raises $80 Million for Renewable Energy Asset Management Technology

Clean renewable energy is required, however even when people wish to invest in such sources, asset management is an issue. This is especially true when it comes to assets that are getting older. SkySpecs wants to assist clients to get the most from their data by addressing asset management and management issues.

SkySpecs, which is a provider based in Michigan of renewable energy operations and maintenance (O&M) solutions, said today that it has closed an $80 million strategic capital round led by Goldman Sachs Asset Management’s Sustainable Investing unit, with partnership from an affiliate of NextEra Energy Resources and other current SkySpecs investors including Statkraft Ventures, Evergy Ventures, UL Ventures, Equinor Ventures, and Huron River Ventures. SkySpecs offers services and software to help renewable energy become the world’s most efficient power source.

SkySpecs will use the new funding to expand their software services by effectively utilizing their established foundation of automated data collection and analytics of high quality, as well as expand their geographic footprint, in order to further their mission of optimizing renewable performance and assisting in the replacement of fossil fuel generation.

“Renewable energy is proving to be a feasible, appealing, and economic source of energy.  The market requires expertise and solutions to assist them in navigating the complexity of asset management in order to scale quickly enough to satisfy demand. “We help clients get as much out of their assets’ lives by finding a solution to their most difficult problems,” stated SkySpecs CEO Danny Ellis. “That’s why we’ve created a solution set that allows firms to manage and maximize their assets from the planning stage all the way through the whole asset lifecycle, including forecasting future failures and prioritizing repairs to save money on maintenance.”

“There is a growing need among renewable asset owners to increase asset efficiency and effectively manage asset health, that is currently unmet and is worsened by aging fleets and growing portfolio complexity,” stated Vikas Agrawal, who works as the Managing Director (MD), Goldman Sachs Asset Management.

“With extensive data and know-how, SkySpecs has a leading market position in providing preventative maintenance and software solutions that have a high return to the world’s largest renewable asset owners.  We’re thrilled to support SkySpecs’ goal of expanding capabilities that will improve the performance and durability of renewable resources, save operating costs, and streamline asset ownership.”

SkySpecs entered the market with a remedy for renewable energy firms that were having difficulty determining the health of their assets. Customers were now able to obtain high-quality data on assets in close to real-time, evaluate and synthesize it, and make smarter decisions regarding their fleets from the first day of operation to end-of-life by supplying wind farms with important data on their wind turbine blades’ health through autonomous drone inspections. But SkySpecs didn’t stop there; they expanded their solution offerings when they discovered that the quickest way to sector-leading efficiency and returns was to have access to high-quality data on all of the parts that make up the wind asset.

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