WindESCo, a wind energy performance optimization company, secures $10 million in Series B round of financing
Fremont, CA: Awind energy performance optimization company, WindESCo, successfully closes its Series B round of financing after collecting $10 million. The Series B equity round was led by WAVE equity partners, along with the participation of an affiliate of Tenaska, and the existing investors. By combining the expertise in wind domain, machine learning, and smart sensing, WindESCo is transforming the way wind plants leverage data to increase profit and performance. The company will utilize the proceeds collected from the Series B round to finance its technology development further, bolster growth through the expansion of its sales and customer teams, cultivate joint development, and channelize partnerships by taking its solutions to the international marketplace.
"WindESCo's solutions fill a major gap in the wind energy performance optimization space. We have successfully applied our solutions to increase the operating margins of wind plants for project owners," said Mo Dua, founder, and CEO of WindESCo. "WAVE and Tenaska's investment validates our approach. The funds will allow WindESCo to expand our product offerings and further our customer-centric focus."
WindESCo has delivered robust and proven solutions for the utility-scale wind energy industry. These solutions optimize turbine performance and maximize profit by increasing annual energy production and reducing operating expenses. The company has provided validated revenue increases for its customers in actual dollars - not just on paper. WindESCo's comprehensive solutions have allowed customers to maximize the revenues from the plants by one percent to seven percent. The company is pioneering the work on solutions for the next generation, "Social Wind Farms," empowering the turbines to learn from one another in real-time seamlessly and to operate the whole area as a unit. The company is focused on innovations both in terms of technology and business model. Several major wind plant owners have now deployed WindESCo's solutions.
"WAVE is grateful for the opportunity to work with WindESCo's smart founding team. They have pioneered the best sensing and analytics system to optimize performance efficiency and operational health of wind turbines," said Praveen Sahay, managing partner at WAVE Equity Partners. "The wind industry is facing multiple headwinds, including declining incentives and premature failure of equipment, that are hurting profits. By solving key pain points and improving profitability, WindESCo is playing a crucial role in securing a leading source of sustainable energy."
"As the economics of wind generation continues to face margin pressures, operational optimization and reduction in maintenance costs will have a significant impact on asset owners' cash flows and long-term sustainability," said Rishi Bhakar, Tenaska vice president who oversees its sustainable energy investments. "Tenaska is excited to witness firsthand the progress that Mo and his fantastic team at WindESCo have made in developing innovative solutions for the wind industry. Tenaska's expertise in power marketing and trusted relationships with wind asset owners combined with WindESCo's advanced software-based strategy will benefit our customers through innovative products and services."