Clir Renewables, the leading provider of performance assessment software for renewable energy, has secured a CA$1.7 million loan with Silicon Valley Bank. The debt facility will enable Clir to drive further expansion and development of its software.
As investment into global renewable energy assets increases, there is a commensurate demand for a better understanding of clean technology performance and revenue management. Clir’s AI-driven platform generates a complete picture of individual asset and portfolio performance by digitising each turbine or solar PV cell and its specific environmental context. By analysing asset data in this context, Clir’s platform can pinpoint whether underperformance is owing to low resource, interference from the surrounding environment, or an issue with the technology itself. Owners can then apply the insights Clir’s analysis generates to increase annual energy production by up to 5%.
This type of technical innovation has a key role to play in establishing the clean, sustainable, and efficient energy system required to meet global power needs whilst decarbonising.
The agreement with Silicon Valley Bank, therefore, is crucial not only for Clir in continuing to evolve its technology, but ultimately in helping to provide a route for investors to better understand the opportunities in renewable energy investment.
Gareth Brown, Chief Executive Officer, Clir, said: “Renewable energy is clearly the only way forward as we look to meet our future energy needs, but the majority of wind and solar projects are performing far below their potential. Clir’s focus is on addressing this shortfall, and, to do so, we must shake out assumptions around the causes of underperformance holding the industry back.
“Clir’s AI-mediated software provides owners with the in-depth analysis they need to identify and fix consistent underperformance hidden in the “noise” of asset data and, ultimately, predict future energy yield more accurately. This doesn’t just result in better financial terms and returns for existing projects but will help drive an increase in investment in renewable energy at a global scale.”
2020 has already proved a milestone year for Clir, which has now onboarded more than 6 GW of wind – including 1 GW from offshore projects. The business has expanded into Latin American markets following strong results across Europe and North America and is now investing in expanding its global expertise across wind and solar technologies.
Read the article online at: https://www.energyglobal.com/solar/22062020/clir-renewables-awarded-debt-facility/