Power Factors to acquire 3megawatt
Power Factors, LLC, a global specialist in renewable energy asset performance management (APM) and enterprise asset management (EAM) software, is to acquire 3megawatt, developer of the BluePoint asset management software platform.
The transaction is Power Factors’ second in Europe in the past month, following the acquisition of Greenbyte AB. Upon closing, the combined company will support 110GW of global wind and solar assets, continuing its market leadership in global renewable energy software. The transaction is expected to close on May 31, 2021.
“We have long respected 3megawatt’s founder, Edmée Kelsey, the 3megawatt team, and BluePoint, their innovative asset management software. The renewables industry needs an integrated platform that serves the entire value chain – from monitoring and operations to compliance, energy invoicing and reporting – and BluePoint is a critical piece of this comprehensive solution. Now, together with 3megawatt, Power Factors provides asset managers and financial professionals with a single source of truth throughout the renewable asset lifecycle, enabling more effective collaboration among all stakeholders throughout the renewables ecosystem and providing the robust reporting and invoicing functionality that energy producers demand,” says Power Factors’ CEO Gary Meyers.
“We are very excited to join forces with Power Factors to be part of the next step in the renewable energy software industry transformation,” says Edmée Kelsey, CEO of 3megawatt. “A comprehensive, fully integrated software platform, which covers all aspects of owning and operating renewable energy portfolios, is addressing an important need in the market. By combining all our capabilities into one platform, we will be able to take advanced analysis, reporting and collaboration to the next level. This will enable portfolio owners to extract more value out of their assets, which we hope will contribute to an even faster adoption of renewable energy.”
Renewable energy asset owners are under pressure to improve operational efficiency to be able to compete in a fast-growing market. Existing tools like spreadsheets, ERP systems, homespun business intelligence solutions, and energy industry legacy systems are not capable of addressing the needs these organisations have for collaboration, process standardisation, automation and data quality assurance. 3megawatt’s BluePoint helps by centralising all power plant information, creating standard workflows for day-to-day activities, and by automating repetitive tasks like invoicing and reporting.
The combination of Power Factors advanced analytics capabilities for identifying performance losses with the commercial and financial data in BluePoint will provide unique new insights for asset managers, enabling better decision-making and financial performance optimisation of their renewable portfolios.