Power Factors, a provider of renewable asset management software, acquired Inaccess, a provider of integrated mission-critical software and hardware solutions for renewable energy projects, battery energy storage systems, hybrid plants, and virtual power plants (VPPs).
The financial terms of the acquisition were not disclosed.
Power Factors plans to combine its asset performance management solutions with Inaccess’ SCADA, power plant and battery control, and market trading offerings to support the transition of the global renewable energy market.
Through the acquisition, Power Factors expands its customer asset management portfolio to nearly 200 GW. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected close within 30 days.
“The renewables business is no longer just about minimizing levelized cost of energy (LCOE), it is also about maximizing revenue by making smart data-driven decisions in real-time and enabling income stacking from multiple services on existing or new operating assets. To do this effectively requires a broad and deep technical stack along with the platform capacity and scale to serve the largest energy producers on the planet. Achieving global scale is one of the many reasons we are excited to join forces with Power Factors,” said Christos Georgopoulos, co-founder, and CEO of Inaccess.
Linking market and performance-based insights to asset controls will become a ‘must-have’ for the future renewables market. Additionally, the accelerated adoption of utility-scale storage solutions enables new revenue sources for owners of renewable plants.
“The combination of Power Factors and Inaccess solutions will be transformational for the renewable energy industry,” said Gary Meyers, CEO of Power Factors.
“We’re investing deeply in enabling our customers to drive digitalization efforts to better integrate large mixed renewable energy portfolios into the grid with direct market access,” said Jonas Corne, Chief Strategy Officer at Power Factors.
According to Mercom’s Q1 2022 Solar Funding and M&A report, in Q1 2022, there were three M&A transactions compared to two in Q4 2021 and six transactions in Q1 2021.
In May 2022, Schneider Electric, a French multinational company providing energy and digital automation solutions for efficiency and sustainability, agreed to acquire AutoGrid, a provider of AI-powered optimization solutions for distributed energy resources, for an undisclosed amount.