Danish wind energy giant Vestas has announced its intention to acquire leading energy analytics and digital solutions company Utopus Insights in a move expected to be worth $100 million.
New York-based Utopus Insights bills itself as “an energy analytics software company, with a mission of accelerating an era of clean, reliable, distributed and cost-effective energy.” The company boasts 15 years of experience in solutions development, over 30 patents, and a team of experienced data scientists and engineers. Reaching back to IBM’s Smarter Energy Research Institute, Utopus Insights offers a suite of five innovative products including weather analytics and forecasting, and asset performance.
The aim of the acquisition is to provide Vestas with an opportunity to offer customers digital solutions with their products in an effort to provide better predictability, increased renewable energy production, more efficient operations, and better integration of projects into energy grids. Vestas will acquire Utopus Insights for approximately $100 million on a debt and cash free basis, to be paid in cash in a deal that will be likely included in Vestas’ first financial quarter.
Vestas’ intention to offer greater digital solutions to its customers comes as the global energy sector is transforming to a point where energy systems and plant owners must be able to improve their forecasting accuracy for renewable energy production, optimising output from assets, and diversify its assets to include a range of resources across multiple locations and technologies.
“Vestas’ strategic objective is to accelerate the transition towards a fully decarbonised energy sector in the most efficient and cost-effective way possible – both for our customers and for our planet,” said Anders Runevad, Vestas’ Group President and CEO. “Acquiring Utopus Insights significantly improves Vestas’ existing market-leading capabilities for advanced analytics and integrated energy software solutions. We will now be able to provide our customers improved forecasting, output optimisation and coordination between assets, and support the larger energy ecosystem’s increased uptake of renewable energy”.
“Utopus Insight’s mission is to accelerate an era of distributed, reliable, clean and cost-effective energy,” added Utopus Insights CEO, Chandu Visweswariah. “Combining with Vestas represents a quantum leap forward in our ability to accomplish that mission. The significant synergies gained from applying our breakthrough tools to Vestas’ global-leading wind energy resources and existing offerings will demonstrably benefit customers and the grid. We are appreciative of the opportunity to work with a team and a company whose commitment, mission, vision and values align so perfectly with our own”.