Lithuanian startup PVcase has secured a significant investment of €89 million to address the issue of data risk in the solar market. The funding, which brings the company’s total funding to over €109 million, was provided by Highland Europe, Energize, and existing investor Elephant.
Data risk has become a growing problem in the solar industry due to various factors. The rapid growth of utility-scale solar has led to a scarcity of qualified designers and engineers, resulting in developers relying on software to automate tasks in design and ongoing operations. However, data sources for this software, particularly in Europe, are often in older formats such as PDFs and hard copy records. Additionally, most solar software platforms were designed independently of each other, leading to developers having to use multiple data sets with different data fields that must be manually matched when moving from one platform to another. These customized transfers can be time-consuming and degrade data quality, creating data risk.
PVcase aims to address this problem by providing an end-to-end software solution that saves time and cuts costs for developers. The company, founded in 2017, offers solar project design software that covers every step in the design and operations process within a single platform. The recent investment follows the acquisition of solar siting leader Anderson Optimization by PVcase. The two platforms’ data fields have already been matched, enabling easy transfers with just a few mouse clicks. PVcase has also introduced Anderson Optimization software to the European market, starting with Germany, Spain, and the UK. It is estimated that European developers will be able to reduce their project design process from weeks to approximately 20 minutes using PVcase’s software.
The investment funds believe that PVcase’s strong financial performance and position in the market make it capable of acquiring other software platforms, furthering its goal of becoming a comprehensive solution for the solar engineering community. PVcase has expanded into 75 countries and has primarily operated from its revenue stream, allowing it to build a significant cash reserve for future acquisitions.
PVcase Chief Commercial Officer Douglas Geist highlighted the lack of standards for solar data collection and emphasized that PVcase is well-equipped to address this challenge. The company’s momentum and proven track record won the confidence of the investors, who see PVcase as a key player in advancing the digitalization of the solar industry.
The utility-scale solar industry is poised for significant global growth in the coming years, but it currently lacks the digital tools necessary to meet market demand. PVcase’s end-to-end solution and focus on data integrity and automation have positioned the company as a leader in the field. The investors are confident that PVcase can unlock the industry’s growth potential and play a crucial role in the renewable energy transition towards a cleaner future.
With this substantial investment, PVcase is well-positioned to continue its expansion and further develop its software solution, addressing the pressing issue of data risk in the solar market. The company’s long-term goal is to provide a streamlined and efficient platform that enables developers to design and develop scaled solar projects effectively, contributing to the growth of the renewable energy sector.
