WindESCo Inc., a wind energy performance optimization company, has closed a $10 million Series B funding round led by WAVE Equity Partners, with participation from an affiliate of Tenaska Inc. as well as existing investors.
Using a combination of wind plant domain expertise, machine learning and smart sensing, WindESCo focuses on how wind plants leverage data to maximize profit and performance. The company will use the proceeds of the financing to further enhance its technology offerings, bolster growth through the expansion of its sales and customer success teams, forge joint development and channel partnerships.
“WindESCo’s solutions fill a major gap in the wind energy performance optimization space. We have successfully applied our solutions to increasing the operating margins of wind plants for project owners,” says 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,” adds Dua.
WindESCo is delivering solutions for the utility-scale wind energy industry that optimize turbine performance and maximize profit by increasing annual energy production and reducing operating expenses. Providing validated revenue increases for its customers, WindESCo’s solutions have enabled customers to increase plant revenues by between 1% and 7%.
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. Several major wind plant owners are now deploying WindESCo’s solutions.
Original source: North American Wind Power