Vestas has entered into an agreement to acquire Utopus Insights Inc., an energy analytics provider with locations in Valhalla, N.Y.; Bengaluru, India; and Dublin.
According to Vestas, Utopus Insights has 15 years of experience in solutions development; a suite of digital products; over 30 patents; and a team with data science expertise in analytics, power engineering, energy software development and meteorology.
The acquisition price for Utopus Insights is approximately $100 million on a debt- and cash-free basis. The consideration will be paid in cash from readily available sources. For 2017, Utopus Insights is, on a stand-alone basis, expected to report consolidated revenues below $10 million. Utopus Insights will be included in Vestas’ financial reporting from the time of closing, which is expected to take place within the first quarter of this year (subject to necessary third-party approvals).
“Vestas’ strategic objective is to accelerate the transition towards a fully decarbonized energy sector in the most efficient and cost-effective way possible – both for our customers and for our planet,” says Anders Runevad, Vestas’ group president and CEO. “Acquiring Utopus Insights significantly improves Vestas’ existing market-leading capabilities for advanced analytics and integrated energy software solutions. We will now be able to provide our customers improved forecasting, output optimization and coordination between assets and support the larger energy ecosystem’s increased uptake of renewable energy.”
Utopus Insights, whose headquarters are in New York, has its origins in IBM’s Smarter Energy Research Institute. The company currently offers five software tools for the renewable energy industry and continues to develop new products based on its store of patents related to energy innovation. Vestas and Utopus Insights will also sign joint development agreements that support advanced predictive and prescriptive analytics products. Utopus Insights will continue as a stand-alone entity under Vestas Service, including separate branding.
