Vestas to buy US energy analytics co Utopus Insights

Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) has agreed to acquire energy analytics provider Utopus Insights Inc in a USD-100-million (EUR 80m) deal that will expand its digital solutions offering.

US-based Utopus Insights has experience in data science, software, utility operations, renewable and distributed energy and meteorology. Currently, the company offers five software tools for the renewable energy sector and is developing new products based on secured patents related to energy innovation. Vestas and Utopus will sign joint development agreements for advanced predictive and prescriptive analytics products.

Vestas said Friday that the purchase will help it provide “faster, smarter, and more holistic solutions.” The wind turbine manufacturer is eager to offer digital solutions so as to achieve greater predictability, increased generation and better integration with the grid, it added.

“We will now be able to provide our customers improved forecasting, output optimisation and coordination between assets, and support the larger energy ecosystem’s increased uptake of renewable energy,” said Vestas’ group president and CEO Anders Runevad.

Vestas will pay for the deal with cash on hand. The acquired business will operate as a stand-alone entity under Vestas Service and will have its separate branding.

For the past year, Utopus Insights is expected to book, on a stand-alone basis, consolidated revenues of under USD 10 million.

The acquisition is seen to be completed in the first quarter of 2018, Vestas said.

(USD 1.0 = EUR 0.804)

Choose your newsletter by Renewables Now. Join for free!