SkySpecs Raises $80 Million for Its Renewable Energy Asset Management Solution

Clean renewable energy is needed, but even when people want to invest in such energy sources, there is the problem of managing assets. That is especially true for aging assets. SkySpecs is looking to solve that problem by solving asset management and management challenges, helping customers get the most out of their data. If you want to know more about SkySpecs and how it plans to use this latest round of funding, check out the announcement below.

SkySpecs, a Michigan-based provider of renewable energy O&M solutions, announced today that it has closed an $80 million strategic capital raise led by the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs) with additional participation from a subsidiary of NextEra Energy Resources and other existing SkySpecs investors including, Statkraft Ventures, Equinor Ventures, Evergy Ventures, UL Ventures and Huron River Ventures. SkySpecs provides service and software solutions to make renewable energy the most efficient power source in the world. The new funding will help SkySpecs accelerate the expansion of their software offerings by leveraging their existing foundation of automated high quality data collection and analytics, as well as grow its geographic footprint in order to advance its mission to optimize renewable performance and help displace fossil fuel generation.

“Renewable energy is becoming a viable, attractive, and profitable energy source. In order to scale fast enough to meet the demand, the market needs experts and solutions to help them navigate the complexities of managing their assets. We help customers get the most out of the life of their assets by identifying solutions to their most complex problems,” said Danny Ellis, CEO, SkySpecs. “That’s why we’ve developed a solution set that enables companies to manage and optimize their assets from the planning phase right through the full asset lifecycle, including predicting future failures, and prioritizing repairs in order to optimize their maintenance budgets.”

“There is a growing need amongst renewable asset owners to improve asset efficiency and better manage asset health, which is not being sufficiently addressed today and is further exacerbated by aging fleets and increasing complexity of portfolios” said Vikas Agrawal, Managing Director, Goldman Sachs Asset Management. “SkySpecs has a leading market position providing high ROI preventative maintenance and software solutions to the world’s largest renewable asset owners, along with extensive data and know-how. We’re excited to invest in SkySpecs’ vision to accelerate the expansion of capabilities that will increase the performance and longevity of renewable resources, reduce operating costs, and simplify asset ownership.”

SkySpecs entered the market providing a solution for renewable energy companies struggling to understand the health of their assets. By providing wind farms with valuable data on the health of their wind turbine blades through autonomous drone inspections, customers were finally able to access high quality data on assets in near real-time, and then analyze and synthesize it so they can make smarter decisions about their fleets from first day-of-operation to end-of-life. But SkySpecs didn’t just stop at providing blade data; they continued to expand their solutions offerings when they realized that the simplest path to industry-leading efficiency and returns was access to high quality data on all of the components that make up the wind asset.

SkySpecs applies a solutions-based approach across the renewable energy landscape. Helping customers solve problems holding back renewable energy’s potential, such as understanding asset health, predicting failures, prioritizing repairs, and extending asset useful life. SkySpecs leverages AI-based fault detection technology and diagnostic solutions to enable much earlier and more robust fault detection than other solutions so customers can maximize uptime and asset lifetime.

“It’s a pivotal time for the future of renewable energy,” added Ellis. “The industry is constantly changing, and companies need to be equipped to grow with it. Effective asset management, and the data to achieve it, is key for future success.”

SkySpecs manages approximately 118 gigawatts of renewable energy assets across over 30 countries. The company monitors about 45% of all North American wind turbine blades, with more than 300,000 blades inspected. SkySpecs has more than 200 employees globally, ranging from robotics engineers, financial advisors, and data analysts, to graphic designers, resource managers, drone operators, and product developers.

About SkySpecs

SkySpecs is simplifying renewable energy asset management by offering purpose-built technologies and services that help our customers deliver industry-leading productivity, efficiency and returns. Every day we help our customers unlock the power of their data so they can make confident, informed decisions. Our team brings deep industry experience and a willingness to get our hands dirty to first understand and then solve customer problems on the ground. Learn more about our best-in-class technologies and how we’re helping the renewable energy industry realize its potential at www.skyspecs.com. Follow us on LinkedIn.

About Goldman Sachs Asset Management

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

The original announcement can be found on SkySpecs’ website.