Lithuania-based PVcase raised $100 million in growth capital for its engineering and design software business from international investors. “It took roughly six months from initial introductions to the close of the deal,” PVcase CEO, David Trainavicius, told pv magazine.
The equity investment was led by two new investors, London-based growth investor, Highland Europe, and climate software investor, Energize Ventures, based in Chicago, along with Boston-based Elephant VC, an investor in the company’s first round in 2021.
With capital in place, PVcase has developed the German, Spanish, and UK markets for the geographic information system (GIS) data-enhanced site-selection technology that it recently added to its platform by acquiring Colorado-based Anderson Optimization (AO), according to Trainavicius.
When asked if more acquisitions are planned, or if investments will be made in internal software development, Trainavicius told pv magazine, “Our preference traditionally has been to build and not buy, however, the Anderson Optimization deal made too much sense for our clients to not do it. We are in the process of deciding the best way to expand the platform into a true end-to-end software solution to service the entire lifecycle of solar utility plants. We are also hiring globally, with fifteen open positions.”
In a statement, the new investors mentioned PVcase’s opportunity to reduce the time spent on data-related issues for solar projects. PVcase claims its solutions reduce design time from days or hours to minutes.
“Good, streamlined data across the design and construction lifecycle is the fuel we need to keep the renewable energy transition moving toward a cleaner future. We need to advance solar operations fully into the digital age by reducing data risk. We’re making this investment so PVcase can lead the industry to a solution,” said Irena Goldenberg, Partner at Highland Europe, in a statement.
“The utility-scale solar industry is poised for explosive global growth in the coming years, yet it currently lacks the digital tools needed to meet the demand of the market,” said John Tough, managing partner of Energize Ventures and PVcase board member, said in a statement.
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