The funding round was led by Boston-based private equity firm WAVE Equity Partners
WindESCo closes $10m series B financing. (Credit: Pixabay/Free-Photos)
US-based wind energy performance optimisation firm WindESCo has raised $10m in a Series B funding round.
The funding round was led by Boston-based private equity firm WAVE Equity Partners and also includes investments from an affiliate of energy company Tenaska and existing backers.
WAVE Equity Partners managing partner Praveen Sahay said: “WAVE is grateful for the opportunity to work with WindESCo’s smart founding team. They have pioneered the best sensing and analytics system to optimise performance efficiency and operational health of wind turbines.
WindESCo stated that it will use the fresh funds to improve its technology offerings, boost growth by expanding its sales and customer success teams and also establish joint development and channel partnerships and take its solutions to the global marketplace.
WindESCo provides solutions that allow wind farm operators to optimise turbine performance and maximise profit through an increase in yearly energy production and a reduction in operating expenses.
The company’s offering combines wind plant domain expertise, machine learning and smart sensing.
WindESCo’s comprehensive solutions have enabled customers to increase plant revenues by between 1% and 7%
WindESCo further stated that its solutions have enabled customers to increase plant revenues by between 1% and 7%.
WindESCo founder and CEO Mo Dua said: “WindESCo’s solutions fill a major gap in the wind energy performance optimisation space. We have successfully applied our solutions to increasing the operating margins of wind plants for project owners.
“WAVE and Tenaska’s investment validates our approach. The funds will allow WindESCo to expand our product offerings and further our customer-centric focus.”
The Burlington-based software startup is also working on “Social Wind Farms” in which smart turbines can “learn” from each other to act as a single, energy- and cost-efficient unit.
Currently, WindESCo’s solutions optimise wind farms in eight countries on three continents.