Renewables software firm Pexapark has raised €6 million (US$6.7 million) in Series B funding as it seeks accelerate its growth through the coming years.
The funding round, led by BayWa r.e. Energy Ventures alongside existing Series A investors Encavis and RP Global, will help Pexapark bolster its suite of tools which it says are critical to subsidy-free renewables strategies.
Pexapark uses tools such as its “unique” quantitative analysis technology to price, analyse, source and manage power purchase agreements (PPAs), while also providing financial risk, portfolio management and other advisory services to renewables developers.
It already counts major European financiers and developers such as Credit Suisse, EEX, RWE and Vestas among its clients, and aims to use the new funding to expand globally.
The €6 million in new funding takes the company’s overall funding to €11 million (US$12.3 million), and co-founder and CEO Michael Waldner said Pexapark had been humbled by the support of its investors and customers alike.
“Our solutions have helped renewable energy firms secure financing via PPAs for over 5GW of projects. This new round of funding will help us grow our company to support the successful development of many more gigawatts worldwide,” he said.
Ulrich Seitz, managing director at BayWa r.e. Energy Ventures – the venture capital arm of European renewables stalwart BayWa r.e. – said it was excited to support a company helping to accelerate the renewables sector’s transition towards a subsidy-free era.
“Pexapark has already given companies a great deal of transparency into market risks in Europe via its datasets and software. This is a fundamental requirement for the industry in order to adapt to these risks worldwide and drive a global clean energy transition.”