Swedish utility Vattenfall and energy and telecommunications team EWE AG led the latest financing round for Solytic, the solar tracking program developer said on Tuesday.
In addition to Vattenfall, that has been an investor at the German business as it was founded in 2017, and EWE, a number of further investors joined the Series A round, such as Thelo Investors. In general, Solytic said that it raised”a medium seven-digit sum.”
“Strengthened by our second round of financing, the goal is to increase the number of plants managed by Solytic to more than one million over the next three years and to expand internationally,â€
Johannes Burgard, Managing director and co-founder of Solytic
The business will use the capital to measure up product development and global expansion. Solytic currently tracks over 100,000 photovoltaic (PV) farms and plans to increase that number to 1 million within the coming three decades, according to the statement.
“We see significant growth potential in the solar sector. However, economic success depends on constructing renewable plants as cost-effectively as possible and operating them with data support. Therefore, the investment in a company like Solytic, which is clearly focused on digital services in this future-oriented area, is a very sensible investment for Vattenfall”
Gunnar Groebler, Senior Vice President at Vattenfall.
Solytic supports the monitoring of PV systems with AI and Big Data, changing operations and maintenance operations.
The solution is intended to replace traditional surveillance portals. A modular dashboard helps to monitor the plants, provides plant data and supports fault finding and rectification. The higher level of automation significantly increases efficiency.
The Solar Monitoring Market
The monitoring market is seeing a pick-up, with a host of European players leading the way. Will be interesting to see how the industry consolidates / absorbes the technologies into full suites of services.
