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Vestas to acquire energy analytics company Utopus Insights

CTBR Staff Writer Published 05 February 2018

Danish wind energy company Vestas has agreed to acquire New York-based Utopus Insights, an energy analytics company, for $100m.

Currently, Utopus Insights offers five software tools to renewable energy producers and plans to develop new products based on its store of over 30 issued patents related to energy innovation. 

The acquisition will take place on a debt and cash-free basis and it is expected to be completed in the first quarter of this year, subject to regulatory approvals.

Vestas stated that it is planning to offer digital solutions for greater predictability, increased renewable energy production, efficient operations and better integration with energy grids.

Vestas’ Group president and CEO Anders Runevad said: “Vestas’ strategic objective is to accelerate the transition towards a fully decarbonised energy sector in the most efficient and cost-effective way possible – both for our customers and for our planet.

“Acquiring Utopus Insights significantly improves Vestas’ existing market-leading capabilities for advanced analytics and integrated energy software solutions. 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.” 

Following the completion of the transaction, Utopus Insights will continue as a stand-alone company under Vestas Service, including separate branding. The two companies will also sign development agreements that support advanced predictive and prescriptive analytics products. 

Recently, Vestas received an order in Thailand to supply 13 of its V136-3.45MW turbines with hub height of 162m from Winchai. These turbines are considered to be the tallest wind turbine towers in Asia.