RatedPower, a SaaS company developing cloud-based solutions to help companies discover smarter ways to maximise the potential of solar photovoltaic (PV) plants and reduce the cost of energy (LCOE), has announced that it has raised US$6 million in series A. The round was led by Seaya Ventures – the European venture capital fund behind unicorns Glovo, Wallbox and Cabify – with additional participation of US-based investors.
This investment will be used to drive international growth and expansion in key solar markets – especially in the US – expedite product and feature development, and accelerate its mission to become the SaaS suite of renewables. This aims to increase the competitiveness of solar energy, and deliver a seamless customer experience.
Global cumulative solar PV capacity has continuously grown since 2015, being the fastest growing source of energy over the past decade. By 2024, cumulative solar PV capacity is expected to reach over 1.4 TW, and 40% of it will come from utility-scale power plants. Seeking systemic efficiency is the only effective way to fight climate change, and to deliver on the Paris Agreement. But optimising, designing, and engineering solar plants is still a complex and overwhelming process. RatedPower was founded in 2017 by Andrea Barber, Miguel Angel Torrero, and Juan Romero after experiencing these inefficiencies first hand for many years, and realising the huge improvement potential by using digital technologies to make solar energy implementation cheaper and more efficient.
pvDesign – RatedPower’s software – is the all-in-one tool to speed up the optimisation, design and engineering process of solar PV projects. It helps teams to boost efficiency and reduce the construction costs of PV plants and LCOE, while increasing accuracy and assets profitability.
RatedPower's pvDesign has been growing solidly, and is now the leading end-to-end software to instantly carry out the design, optimisation, and engineering of solar farms in all its stages.
According to the International Renewable Energy Agency (IRENA), costs of electricity from new solar PV farms have fallen 82% since 2010, mainly due to the increasing efficiency of PV panels. Solar design software, such as RatedPower’s, is next in line to continue cutting down the price of solar energy.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
The Summer issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including CEWEP, Enel Green Power, Turboden S.p.A., Cornwall Insight, and more.
Read the article online at: https://www.energyglobal.com/solar/14102021/ratedpower-to-boost-digitalisation-of-the-solar-industry/