Leading energy monitoring group Genscape has acquired PV performance monitoring and data analytics company Locus Energy in an effort to expand its core business into the solar sector and broaden its customer base.
Energy monitoring is Genscapes core business, so the synergy between our two companies couldnt be better, said Genscape CEO Matthew Burkley, adding that the group intended to leverage the substantial financial resources of its parent company British media conglomerate DGMT — in the solar monitoring sector for a long time to come.
While stressing that solar PV had matured both as a technology and an industry in recent years, the company said recent events had emphasized the need for a mature, financially stable, longer-term solution to help the industry achieve more sustainable, aggressive growth, adding that over the short-term, customers are increasingly demanding improved technical support and customer service, as well as far less costly and time-consuming migration options.
As a leading provider of energy data and intelligence, the addition of Locus solar PV monitoring business to Genscapes existing assets will deliver exceptional value to a broader set of end-users and customers, the Kentucky-based company added.
The timing couldnt be better, said Locus Energy CEO Michael Herzig. We share the same core value of delivering a customer experience that is second to none, combined with exceptional long-term financial security.
The companies, which did not provide financial details of the deal, added that up to this point, undertaking a solar PV monitoring vendor switch had been exceptionally time-consuming, costly and invasive. In response to these new demands, Locus and Genscape are set to launch a rapid Migration-Without-Interruption Service, which they expect to transform how system users can migrate to Locus.
Locus did in two days what other monitoring vendors will take weeks to complete, said Andrew Goldin, senior vice president of EPC Operations with Cenergy Power.