Lithuanian solar project software company PVcase raised $100 million to expand the market for its platform and expand its capacity.
The equity investment was led by two new investors, London-based growth investor Highland Europe and climate software investor Energize Ventures, based in Chicago, and Boston-based Elephant VC, which will invest in the company’s first round in 2021.
With the capital in place, PVcase has developed markets in Germany, Spain and the UK for geographic information systems (GIS) data-enhanced site selection technology, which it recently added to its platform with the acquisition of Colorado-based Anderson Optimization (AO), according to Trainavicius.
When asked if more acquisitions are planned or whether internal software development will be invested in, Trainavicius said pv magazine“Our traditional choice has been to build rather than buy, but the Anderson Optimization deal made too much sense for our customers not to do. We are currently determining the best way to expand the platform into a true end-to-end software solution that serves the full life cycle of solar plants. We are also recruiting globally and have fifteen open positions.”
In their statement, the new investors mentioned PVcase’s ability to reduce the time spent on data-related issues for solar projects. PVcase claims its solutions reduce design time from days or hours to minutes.
“Good, streamlined data from the design and construction lifecycle is the fuel we need to keep renewable energy moving towards a cleaner future. We need to bring the use of solar energy fully into the digital age by reducing information risk. We are making this investment so that PVcase can lead to a solution for the industry,” said Highland Europe partner Irena Goldenberg in a statement.
“On a commodity scale, the solar industry is poised for explosive global growth in the coming years, but currently lacks the digital tools needed to meet market demand,” said John Tough, CEO of Energize Ventures and PVcase board member.