July 18, 2023. VILNIUS, Lithuania – PVcase, the global leader in solar project design software, announced today it has secured a joint investment of $100 million, bringing the company’s total funding to over $123 million. Highland Europe, Energize and existing investor Elephant all participated in the round.
Despite considerable resources already invested in the solar market, the solar engineering industry lacks the digitization needed to keep pace with demand. As the leading solar design solution PVcase is making solar project design faster, more efficient, and precise while solving the solar industry’s growing problem of “data risk.”
Data risk arises from a chain of factors. Utility-scale solar’s rapid global growth has made qualified designers and engineers scarce, growing developers’ use of software to automate tasks in design and ongoing operations. Yet data sources for that software – particularly in Europe – are in older formats, such as PDFs and hard copy records. And most solar software platforms were designed independent of each other, built to automate only a handful of tasks.
As a result, developers must now use as many as 70 different data sets, most with fields of data that must be manually matched when moving from one software platform to the next. These multiple, time-consuming and customized transfers inevitably degrade data quality, creating data risk.
“Data risk is a technical problem that has become an industry-wide constraint,” said PVcase CEO David Trainavicius. “We plan to use this investment to drive more cost and time savings by offering a one-stop solar design platform.”
PVcase aims to cover every step in the design and operations process in a single platform and this investment comes on the heels of the company’s recent acquisition of solar siting leader Anderson Optimization. The two platforms’ data fields have already been matched, enabling transfer with a few mouse clicks. PVcase also introduced Anderson Optimization software to the European market, first covering Germany, Spain and the UK. PVcase estimates that European developers will be able to cut their project design process from weeks to roughly 20 minutes.
The merged product line carries a significant number of benefits. Trainavicius said the biggest is ensuring developers only spend time and resources on viable sites.
“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.
“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 now a member of the PVcase board of directors.
“Software solutions aimed at automating solar workflows and increasing data integrity are required for the market to become profitable and scalable. After getting to know the PVcase team, product and customers over the last two years, Energize is confident that PVcase is the software the industry needs to unlock its growth potential.”
All three investment funds said they invested in PVcase because its strong financial performance has positioned it to acquire other software platforms in pursuit of its long-term goal of being a one-stop solution for the solar engineering community.
The company has operated almost exclusively from its revenue stream while expanding into 75 countries. This enabled it to build earlier investments into a significant cash reserve to use in upcoming acquisitions.
“In utility-scale solar design and construction, the physical output can only be as good as the software and data inputs. PVcase is building the leading end-to-end solution in the category, allowing its customers to more effectively design and develop scaled solar projects,” said Peter Fallon, General Partner at Elephant. “The Company is growing rapidly and capital efficiently, and we are excited to continue to back the team.”
“For solar data, there are no standards for how much to collect, when and how often to collect it, and what the data should cover,” said PVcase Chief Commercial Officer Douglas Geist. “PVcase’s momentum won the confidence of these investors that we can address this challenge.”
You might also be interested in:
July 19, 2024
Siting of PV power plants. How to adapt solar designs to complex terrains?
Choosing the wrong PV project site lowers energy output, raises costs, and risks legal issues. PVcase offers solutions. Discover them by reading the article.
July 16, 2024
Overcoming technical challenges in renewable energy projects. How PVcase transformed OHLA’s design process
Explore how OHLA overcame renewable energy design challenges with PVcase, streamlining solar park operations and achieving remarkable business growth.
July 3, 2024
Bridging the renewable energy skills gap. A success story of PVcase, Enery, and the University of Applied Sciences Upper Austria
Discover how PVcase, Enery, and the University of Applied Sciences Upper Austria have collaborated to prepare future solar engineers through an innovative educational initiative,…
July 1, 2024
Top 10 questions from Intersolar Europe 2024, answered
Get answers to the top 10 questions asked during Intersolar Europe 2024 that cover PVcase Prospect's availability, integration of PVcase products, and much more. Your question is…
June 19, 2024
Targeted solar marketing for successful landowner outreach — e-book included!
Discover how innovative strategies and Anderson Optimization's GIS Site Selection can boost solar outreach ROI and conversions. Download the ebook for more insights!
June 3, 2024
PVcase is part of the 42-month long SUPERNOVA project
PVcase, together with 19 partners from all over the world, is part of the 42-month SUPERNOVA project, focusing on O&M and grid-friendly solutions for reliable, bankable, and…
May 29, 2024
PVcase tools are now compatible with AutoCAD 2025!
We’re happy to announce that you can now use PVcase Ground Mound and Roof Mount, our flagship CAD-based tools, on AutoCAD 2025, enjoy its multiple functionalities and integrate…
May 20, 2024
PVcase is the finalist of “The smarter E AWARD” in the Photovoltaics category
We’re the finalists of “The Smarter E AWARD”! Read more about the nomination and dive into the PVcase Integrated Product Suite offering that innovates the industry.
May 14, 2024
Making great designs on good sites—the importance of topo data for PV design
Topo data is the first step in determining the success of your solar project. While the terrain is crucial in this regard, developers should also consider grid connectivity and…
April 29, 2024
How policy can shape future solar energy expansion
Policymakers and regulatory organizations must actively support solar power's growth and renewable energy advancement. Read the article to learn how.
April 25, 2024
Shading Analysis: advanced feature for C&I roof-mount solar projects is live
Shading Analysis is live! Read the article to learn about benefits, capabilities of the tool, and how it can help users and decision-makers.
April 9, 2024
PVcase wins the BNEF Pioneer Award 2024 for innovative solar design solutions
We won the prestigious 2024 BNEF Pioneers Award! Find out how our software contributes to relieving bottlenecks in the deployment of clean power.
March 29, 2024
Sustainable cities: what urban living of the future might look like
From clean energy to green bonds and renewable energy stocks, there are many ways you can invest your money in a sustainable future. Find them out by reading the article.
March 22, 2024
8 ways to invest your money in a sustainable future
From clean energy to green bonds and renewable energy stocks, there are many ways you can invest your money in a sustainable future. Find them out by reading the article.
March 21, 2024
8 business opportunities in renewable energy
There are many potentially lucrative business opportunities in renewable energy. Learn how you can use these opportunities to make money while contributing to the green…