Power Factors, LLC, the North American leader in renewable energy operations and asset performance management software, has acquired Greenbyte AB, Europe’s foremost renewable energy management platform, to form the market leader in global renewable energy software. The transaction closed on April 14, 2021.
The combined entity supports more than 75GW of wind, solar, and energy storage assets globally.
“We are thrilled to come together with Greenbyte to form the global leader in renewables asset performance management,” Power Factors’ CEO Gary Meyers said. “The energy market is undergoing a transformational shift to renewables and the industry is demanding a company with the scale, geographic reach, and product vision to support that transition. Over the years, we have greatly admired the Greenbyte team — especially their outstanding software quality and their ability to capture a significant share of the European wind market. Their success complements our own in the North American market, making it an easy decision to join forces in a shared mission of enabling the clean energy transition.”
“The combination of Greenbyte and Power Factors achieves an unparalleled scale and breadth of service in global renewable software, taking our customers a step closer to delivering 100% renewable energy,” said Jonas Corné, Greenbyte’s CEO. “Data is helping to transform the energy industry, from automated workflows to the mission-critical insights needed to drive positive outcomes in the fight against climate change. Consolidation has been anticipated in the sector for some time and in Power Factors, we have found a partner that complements our market presence and our mindset. Joining forces allows us to better adapt to the changing needs of our customers. It means more trustworthy data, more innovation, and, ultimately, more renewable energy.”
By combining forces Greenbyte and Power Factors will play a greater role in driving the converging digital and energy transformations, enabling companies around the world to tap into data across their entire business and surface deeper insights to make smarter decisions, accelerate electrification, and drive intelligent, connected experiences among enterprises. As part of Power Factors, Greenbyte will accelerate and extend its mission to help customers visualize, understand, and act on renewable energy data. Over time, the two platforms are expected to converge, bringing together the best practices of both platforms into a single unified toolset for the effective management and operation of large fleets of renewable energy assets.
Energy companies of every size and in every industry are transforming how they do business in the digital age, and automation and data are at the heart of those transformations. IRENA estimates that renewable energy and energy efficiency solutions together offer over 90% of the mitigation measures needed to reduce energy-related emissions. Across the globe, countries continue to set legally binding targets towards net-zero emissions, with 452 cities, 22 regions, 1,101 businesses, 45 of the most prominent investors, and 549 universities already committed to net-zero through the Climate Champions’ Race to Zero Campaign. This change is creating an incredible opportunity for the combined company of Power Factors and Greenbyte.