WindESCo Closes $10M Series B FinancingBURLINGTON, Mass., April 29, 2020 (GLOBE NEWSWIRE) – WindESCo, Inc. (“WindESCo” or the “Company”), a wind energy performance optimization company, today announces it 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 is revolutionizing 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 and take its solutions to the global marketplace.
“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,” 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 is delivering powerful and proven 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 in actual dollars – not just on paper – WindESCo’s comprehensive 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. The Company has innovated in terms of both technology and business model. Several major wind plant owners are now deploying 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 continue 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.”