WindESCo, a wind energy performance optimization company, has secured $10m funding in a Series B round led by WAVE Equity Partners.
The funding round also saw participation of an affiliate of Tenaska as well as existing investors.
The company plans to utilize the proceeds to further enhance its technology offerings and boost growth through the expansion of its sales and customer success teams.
Besides, it will use the funding to form joint development and channel partnerships and take its solutions to the global marketplace.
WindESCo uses a combination of wind plant domain expertise, machine learning and smart sensing to enable wind energy producers to maximize profit and performance.
WindESCo founder and CEO Mo Dua said: “WindESCo’s solutions fill a major gap in the wind energy performance optimization space. We have successfully applied our solutions to increasing the operating margins of wind plants for project owners.
“WAVE and Tenaska’s investment validates our approach. The funds will allow WindESCo to expand our product offerings and further our customer-centric focus.”
Currently, the company’s solutions are deployed for optimizing wind farms in eight countries on three continents.
It combines the power of physics-based models with data science to provide solutions that enable wind energy plants to improve energy production and reduce operating expense.
WindESCo is also pioneering the next generation of “Social Wind Farms,” enabling turbines to learn from one another in real time and to operate as a cooperative unit.
The company stated: “Providing validated revenue increases for its customers in actual dollars – not just on paper – WindESCo’s comprehensive solutions have enabled customers to increase plant revenues by between 1% and 7%.”