PHOENIX CONTACT Innovation Ventures invests in wind IoT firm WindESCo
PHOENIX CONTACT Innovation Ventures closes its second investment in the wind sector. WindESCo to expand installed base with new financing round.
Blomberg, Germany / Boston, USA – Phoenix Contact Innovation Ventures GmbH, the venture capital company of the Phoenix Contact Group, completed an investment in WindESCo Inc. WindESCo provides Internet of Things (IoT) solutions for the wind industry.
WindESCo, based in Boston, is a hardware/software solutions provider for wind-power assets. The company uses proprietary algorithms to optimize asset performance and extend asset life, providing a unique value proposition in the wind industry.
“WindESCo is seeking to expand its activities and increase its installed base worldwide,” said Jack Nehlig, president of Phoenix Contact USA and Board Observer of WindESCo. “Both Phoenix Contact and WindESCo understand the many challenges of the wind industry: harsh environmental conditions, remote locations, and long lifecycles. Phoenix Contact will provide automation infrastructure solutions to help WindESCo execute and accelerate the realization of its value proposition for the wind energy industry.”
“WindESCo aims to fill a big gap in the growing wind industry by providing an OEM-independent optimization platform using advanced sensors, cloud-based analytics, and business model innovation”, said Mohit Dua, Founder and CEO of WindESCo. “The strategic relationship with Phoenix Contact, both as an investor and preferred hardware provider, will allow WindESCo to provide reliable and effective solutions in the market.”
This Series A financing round is a co-investment between Phoenix Contact Innovation Ventures and Rusheen-RWE Commercialisation Partners, a joint venture between Rusheen Capital Management and RWE Generation that invests in innovative growth companies in the energy and power generation sector (www.rusheen-rwe.com).
For more information please contact:
PHOENIX CONTACT Innovation Ventures
32825 Blomberg, Germany
Tel.: +49 5235 341423
Fax: +49 5235 343888
About PHOENIX CONTACT Innovation Ventures GmbH
PHOENIX CONTACT Innovation Ventures is the global corporate venture capital company of the PHOENIX CONTACT Group, a global manufacturer and supplier of components and systems for electrical connection and industrial automation technology. The venture capital company invests in startups with business models that are related to electrical connection technology, industrial digitization, automation and control technology, and associated markets.
About WindESCo Inc.
WindESCo, a privately owned Boston-based company, was launched in 2014 by founder and current CEO Mohit Dua. The Company offers IoT solutions to improve performance of wind assets worldwide. Its technology enables wind-farm owners and operations to increase asset performance and extend asset life by reducing components failures.