June 16, 2022 — Press Releases
Power Factors Acquires Inaccess, Expanding Its Leading Renewable Software Solutions
The combination of Power Factors and Inaccess creates a comprehensive renewables product suite, from development through operations, from energy trading through power plant management, maintenance, and controls.
San Fransisco, California, June 15th – Power Factors, a leader in renewable asset management software, today announced it will acquire Inaccess, a leading provider of integrated mission critical software and hardware solutions for renewable power plants, battery energy storage systems, hybrid plants, and virtual power plants (VPPs). Inaccess is a trusted technology and solutions provider to global utilities, oil and gas majors, leading renewable energy developers, investors, and independent power producers.
The combination of Power Factors’ leading asset performance management solutions with Inaccess’ SCADA, power plant and battery control, and market trading offerings will support the transition of the global renewables energy market from a subsidized and largely static environment to a dynamic, market-based environment.
Linking market and performance-based insights to assets controls will become a ‘must-have’ for the future renewables market. Additionally, the accelerated adoption of utility-scale storage solutions is enabling new revenue sources for owners of renewable plants. The combination of two powerful platforms, with Power Factors’ leading asset performance management solutions and Inaccess’ best-in-class SCADA, power plant and battery control, and energy marketing offerings, will unlock these new services, along with new potential revenue streams.
“The vision of linking plant insights to trading and real-time controls is among the most exciting area of the renewables market today. Open, smart, and autonomous tightly integrated tools will be required with the ever-increasing penetration of renewables onto the grid,” said Gary Meyers, CEO of Power Factors. “The combination of Power Factors and Inaccess solutions will be transformational for the renewable energy industry. We welcome our new colleagues as we join forces and collaborate to drive the renewable energy transition.”
“The renewables business is no longer just about minimizing levelized cost of energy (LCOE), it is also about maximizing revenue by making smart data-driven decisions in real-time, and by enabling income stacking from multiple services on existing or new operating assets. To do this effectively requires a broad and deep technical stack along with the platform capacity and scale to serve the largest energy producers on the planet. Achieving global scale is one of the many reasons we are excited to join forces with Power Factors,” said Christos Georgopoulos, co-founder and CEO of Inaccess.
When the transaction is closed, Power Factors will expand its customer asset management portfolio to nearly 200 Gigawatts, serving more than 300 customers worldwide, positioning Power Factors as one of the world’s largest renewable energy software companies.
Jonas Corné, Chief Strategy Officer at Power Factors, said: “We’re investing deeply in enabling our customers to drive digitalization efforts to better integrate large mixed renewable energy portfolios into the grid with direct market access. We are excited about what the integration of Power Factors and the remarkable team at Inaccess will mean to our customers and to the renewable energy industry globally.”
The transaction is subject to customary closing conditions including regulatory approvals and is expected close within 30 days.
About Power Factors
Power Factors develops software that accelerates the global energy transition by empowering all renewable energy stakeholders to collaborate, automate critical workflows, and make the best decisions. Power Factors fights climate change with code.
Power Factors has incorporated its three flagship solutions Drive, Greenbyte, and BluePoint to build an integrated suite of open and smart apps. These apps are purpose built for asset management, field service optimization, and performance optimization. Leveraging the domain expertise and machine learning-based advanced analytics within these apps, customers can maximize the value of their renewable assets in order to stay competitive.
Power Factors’ renewable energy software platform is one of the most extensive and widely deployed solutions in the market with nearly 200 GW of wind, solar, hydro, and energy storage assets managed worldwide. Learn more at www.pfdrive.com.
Inaccess is the maker and provider of Unity, a state-of-the-art Hybrid SCADA and real-time big data platform for RES power plants, integrating modern technologies and concepts to maximize capacity and speed, minimize latency and optimize operation of all controllable assets. Inaccess’ current portfolio includes more than 35GW of projects in over 60 countries spanning all continents, positioning the company as one of the leading worldwide independent providers of monitoring, control and market integration for utility-scale solar and battery storage, with additional activities in wind, hybrid, mini-grid and off-grid RES projects, as well as mission critical telecom and enterprise sites.
The company works for top international renewable investors and developers, global utilities decarbonizing the grid, oil & gas majors going green, RES asset managers and constructors (EPCs). Serving customers globally, Inaccess is continuously expanding local presence and network of partners to reliably support the Unity Hybrid SCADA & Power Plant Control platform that is core to thousands of Earth’s large-scale RES generators and several ultra-large scale, landmark and unique energy transition projects. Learn more at www.inaccess.com.
Media Contact (press only):
Jennifer Edwards, VP Marketing & Communications, Power Factors