Power Factors Set to Acquire Software Platform 3megawatt

Power Factors Set to Acquire Software Platform 3megawatt

Costa Mesa-headquartered Power Factors, LLC, a leading renewable energy software provider in the U.S., announced today its entry into a definitive agreement to acquire 3megawatt GmbH, the German developer of the best-in-class BluePoint asset management software platform.

Power Factors, LLC, offers hardware-agnostic software-as-a-service solution for performance monitoring, asset management, and optimization. 3megawatt’s mission is to help clients improve the management of their renewable energy assets through digital transformation and thought leadership. Its BluePoint software platform simplifies, streamlines, and automates business processes in renewable energy, such as contract and compliance management, asset register management, project development, etc.

The transaction with 3megawatt 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.

Power Factors’ CEO, Gary Meyers, said, “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.”

This, Meyers believes, would enable more effective collaboration among all stakeholders throughout the renewables ecosystem and provide the robust reporting and invoicing functionality that energy producers demand.

Edmée Kelsey, CEO of 3megawatt, said, “We are very excited to join forces with Power Factors to be part of the next step in the renewable energy software industry transformation. 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.”

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 organizations have for collaboration, process standardization, automation and data quality assurance. Germany-based 3megawatt’s BluePoint helps by centralizing 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 optimization of their renewable portfolios.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.