ReNew Power acquires AI and ML startup Climate Connect
ReNew Power, a Gurugram-based renewable energy company, on Thursday announced that it has signed a definitive agreement to acquire Climate Connect, a digital-analytics, software development, artificial intelligence (AI), and machine learning (ML) startup, specialising in the power markets domain in India.
ReNew’s acquisition of Climate Connect, is expected to not only add to its digital capabilities but also allow it to offer a suite of digital product offerings to customers across the energy value chain, the company said in a statement.
It further added that ReNew Power plans to operate Climate Connect as an independent subsidiary that continues to focus on building a global team, world class data integrity and software development processes, as well as business development activities.
Sumant Sinha, CMD of ReNew Power said,
"The first wave of growth in the renewable energy industry came through the addition of physical assets on the ground, the next wave will come through the development of digital products that help optimise powerflow from generators to distribution companies to customers. As distribution companies look to tighten operations, find efficiencies, and reduce AT&C losses, digitalisation will play a key role and Climate Connect is well-positioned to service this important market."
Nitin Tanwar, Climate Connect’s CEO and Co-founder, added, “It has been an exciting journey for the Climate Connect team and we believe that the company’s acquisition by ReNew Power will help us create long term value for our existing distribution utility and IPP customers and provide us the much-needed scale for the next leg of our journey.”
Climate Connect was co-founded in 2010 by Nitin Tanwar and Sanand Sule, alumni of the University of Cambridge, and the Indian Institute of Technology (IIT) Mumbai respectively. It works with power distribution companies and renewable generators to provide them with real-time AI-and-ML-driven forecasting and optimization products and services.
It has to-date deployed software solutions for 6 GW of renewable generation projects across Asia, and 25 GW of load portfolio under power distribution utilities.
Climate Connect has a sales office in New Delhi, and its technology development and operations centre in Pune.
“ReNew is India's largest and most well-respected renewable energy company and we look forward to leveraging each other's strengths to create maximum value for energy consumers in India. Together, we can pursue our shared vision for India’s energy future” shared Sanand Sule, Climate Connect’s CTO and Co-founder.
Edited by Saheli Sen Gupta