WindESCo Inc. based in Boston, the leading provider of solutions for optimizing the performance of wind turbines, is securing additional funds to expand its business and extend its own product range.
New developments at WindESCO
WindESCo, a leading provider of wind turbine performance optimization solutions, today announces the closing of a USD 10 million Series B financing round. The Boston-based company has undergone strong development over the past three years, validating the technology and value proposition, advancing the technology and adding large wind turbine operators to its customer portfolio. WindESCo’s solutions ensure that wind farms achieve their maximum yield potential and reduce operating costs by using proprietary analysis of existing SCADA data to optimize the parameters of individual wind turbines. By combining in-depth expertise, machine learning and intelligent sensor technology, WindESCo’s technology has increased the performance of wind turbines by 1% to 7%. WindESCo is also pioneering the next generation of “social wind farms” that enable turbines to seamlessly learn from each other in real time and work as a cooperative unit. The company has introduced innovations in terms of both technology and business model.
The round was led by WAVE Equity Partners (www.waveep.com), a Boston-based private equity firm that backs market-validated companies solving some of the world’s biggest challenges in key clean energy, water, waste, food and clean air markets. Tenaska (www.tenaska.com), one of the leading independent energy companies in the United States, also participated in the financing round. Existing investors from Series A, including Phoenix Contact Innovation Ventures, also participated in this Series B.
WindESCo became a portfolio company of Phoenix Contact Innovation Ventures in 2016. At that time, Phoenix Contact Innovation Ventures closed a Series A financing round together with the German energy supplier RWE.
New investors and shareholders
“We are very pleased to welcome WAVE Equity Partners and Tenaska as new investors and shareholders. In WAVE, WindESCo has an experienced partner with strong operational know-how and a practice-oriented investment approach. Together with Tenaska’s strategic value, WindESCo’s development path is well secured. We are very much looking forward to the further development of WindESCo,” says Marcus Böker, Managing Director of Phoenix Contact Innovation Ventures.
Marcus Böker, Managing Director
ABOUT WINDESCO INC.
WindESCo offers services for wind turbines to improve energy production and reduce operating costs. By combining physics-based models and data science, WindESCo’s solutions actively optimize wind farms in eight countries on three continents.
For more information, please visit: www.windesco.com