September 8, 2021 — Industry Trends
How our growth supports your growth
Gary Meyers, CEO of Power Factors, explains why the acquisitions of Greenbyte and 3megawatt will enable operators to boost profits in the fast-growing renewables sector
Gary Meyers, CEO
Last year, our world added a record of more than 260 gigawatts of renewable energy capacity, nearly 50% more than in 2019!
Beyond that astonishing growth is the widespread adoption of grid-scale storage, with batteries in the US at cost parity with the gas peaker plants they replace – and now the global emergence of hydrogen as a new fuel source.
Meanwhile, in Europe, the European Commission’s ambitious ‘Fit for 55’ climate change plan was launched in July. This is designed to reduce greenhouse gas emissions by at least 55% below 1999 levels by 2030, and suggests we’re really launching into the renewable energy revolution.
Simply put, it’s a very exciting and dynamic time in the renewable energy world.
And that revolution can’t come soon enough. Devastating heat waves in the United States’ Pacific Northwest, the big freeze in Texas, the droughts in the US West, fires in Greece, the recent flooding in Germany and Belgium, and the more recent hurricanes and flooding in New Orleans and the United States’ east coast all point to the dramatic impacts of climate change being felt today. The Intergovernmental Panel on Climate Change even warned in a major report this month that whole nations could be lost.
The clean energy transition must move faster.
Accelerating the transition
We believe that to achieve this speed, the renewable energy industry needs more than just bigger turbines, more efficient bifacial modules, and six-hour utility-scale batteries. It needs the underlying intelligence and automation tools that enable the systems to operate profitably, and at scale.
That’s the thinking that underlies Power Factors’ recent acquisitions of Greenbyte and 3megawatt. We believe the renewable energy industry needs a company with the scale, global reach, and talent necessary to deliver software solutions that make accelerated renewables adoption a reality.
In that context, I couldn’t be more excited to welcome the outstanding Greenbyte and 3megawatt organizations to the Power Factors team, and to say a very warm hello to each of our valued customers.
We knew these teams would catapult Power Factors by giving us local European talent and scale – but we didn’t expect such warm and wonderful feedback from our mutual customers. You have shown you are as excited about our coming together as we are. You need a software company that can keep pace with the increasing demands of the dynamic renewable energy industry. We are that company.
You’ve also told us to be very careful. You rely on Drive, Greenbyte, and Bluepoint. They are mission critical to your business. And your workflows are built around the user experience and capabilities of the tools you selected. We hear you.
And yet, the integration of our teams is on schedule and our combined organization is on fire. With nearly 300 employees globally and sites throughout North America, Europe, and Asia, we’ve completed our organizational integration and put together a team that reflects the global nature of the renewable energy transition.
My leadership team includes executives from Canada, Sweden, Germany, and the US. We have an exciting vision and we’re already executing against it.
Our plans involve developing the next-generation asset performance management platform in a way that’s minimally disruptive to our customers, while offering new capabilities along the way. You won’t be waiting for months while we integrate the best of each platform (along with brand new capabilities) as we work towards delivering the state of the art. Expect great new features in the Power Factors, Greenbyte, and 3megawatt platforms even while our combined platform is firmly in development.
Souping up storage
As just a few recent examples, we recently delivered new capability in terms of battery storage – and that will continue to be developed over the coming months with more features. New tools have been delivered: power curves, scatter plots, heatmaps, and more. We’re on track to deliver exciting new reporting capabilities, language localization, and budget deviation waterfall charts, local time zone support, etc. in the coming weeks.
As we get further along in our product integration efforts, the strengths of each platform will appear and become available in the other platforms as well.
My team and I can’t wait to get out on the road to meet you and listen to you and share with you our direction going forward. We’re all hoping the recent Covid spike will abate – there’s nothing like in-person meetings to align our plans with your needs. With SPI now canceled, we’re still hoping to roll out a live world tour, of sorts, taking our leadership team on the road to share our vision and roadmap with you. We all hope we don’t have to make this another virtual event! More details to come.
Again, a warm hello to all of our Greenbyte and 3megawatt customers and partners. Can’t wait to meet you!