PHOENIX CONTACT Innovation Ventures’s portfolio company WindESCo closes Series B financing round led by cleantech growth equity provider WAVE Equity Partners and joined by US-based Tenaska, Inc.
WindESCo Inc., the Boston-based leading wind plant performance optimization solutions provider, secures additional funds in order to scale-up the business and expand their product offering.
Blomberg, Germany, May 6, 2020
WindESCo, a leading provider of wind plant performance optimization solutions, today announces that it has closed a $10 million Series B financing round. The Boston-based company has experienced a strong development over the last three years, validating its technology and value proposition, shaping its technology and adding large wind plant operators to its customer portfolio. WindESCo’s solutions ensures that wind farms produce their maximum potential output and reduce operating expense by using proprietary analytics on existing SCADA data to optimize parameters for individual wind turbines. Combining the power of deep domain expertise, machine learning and smart sensing WindESCo’s technology has increased plant output between 1% and 7% at a wind plant level. WindESCo is also pioneering the next generation of “Social Wind Farms,” empowering turbines to seamlessly learn from one another in real time and to operate as a cooperative unit. The Company has innovated 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 accelerates market validated companies solving some of the world’s greatest challenges in essential markets for clean energy, water, waste, food and clean air. Furthermore, the round was joined by Tenaska (www.tenaska.com), one of the leading independent energy companies in the United States. Existing Series A investors including Phoenix Contact Innovation Ventures also participated in this Series B.
WindESCo became a portfolio company for PHOENIX CONTACT Innovation Ventures in 2016. Back then PHOENIX CONTACT Innovation Ventures completed a Series A financing round together with the German utility RWE.
“We are more than happy to welcome WAVE Equity Partners and Tenaska as new investors and shareholders. With WAVE, WindESCo has got an experienced partner with strong operational know-how and a hands-on investment approach. Together with Tenaska’s strategic value, WindESCo’s development pathway is well backed. We really look forward to the further development of WindESCo”, states Marcus Böker, Managing Director PHOENIX CONTACT Innovation Ventures.
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.
For more information, please visit: www.phoenixcontact-innovationventures.com
About WindESCo Inc.
WindESCo provides services to wind plants to improve energy production and reduce operating expense. Combining the power of physics-based models with data science, WindESCo’s solutions are actively optimizing wind farms in eight countries on three continents.
For more information, please visit: www.windesco.com