Renewables advisory firm Pexapark has secured €8 million (US$8.08 million) in a second round of Series B funding as it plots further expansion.
The funding will support the company’s growth into newer areas of the renewables market, such as energy storage, trading as a service and portfolio management.
Pexapark will also look to expand its presence in Europe by hiring more staff throughout 2022.
S&P Global Commodity Insights, which partnered earlier this month with Pexapark to create a new PPA benchmark, and energy storage company Fluence have joined existing series A and B investors Encavis, RP Global and BayWa r.e. Energy Ventures.
The Switzerland-headquartered firm’s total equity investments has so far reached €19 million in order to accelerate its growth in the renewable energy market.
Pexapark uses tools such as its quantitative analysis technology to price, analyse, source and manage power purchase agreements (PPAs) which counts major energy companies such as Total Energies, Orsted or CIP amongst its clients.
Moreover, the advisory firm has secured the second half of a loan guarantee from the Swiss government’s Technology Fund.
Michael Waldner, co-founder and CEO at Pexapark, said: “With such a huge pipeline of renewables projects across the world, it is more essential than ever that developers, financiers and energy buyers are tuned into the risks, and that they have the right operating models to manage them.”