Renewable energy software company Clir Renewables has raised CAD$27 million (US$22.4 million) to grow its business operations in Europe and North America.
Clir raised the funds from six investors including Canada Pension Plan Investment Board (CPP Investments) during its Series B funding round, co-led by by Longbow Capital Inc. and ArcTern Ventures.
Chief executive Gareth Brown said he was “delighted” with the result of the investment round, and that smart technology and data analysis will be “at the core of the effective growth of renewables”.
The Vancouver-based company will use the investment to develop its smart technology offering, which includes a cloud-based artificial intelligence (AI) platform that optimises renewable energy assets at various stages of their life cycle.
In addition, Clir will also develop its business operations in core markets such as Europe and North America, as well as growing its presence in emerging markets in Latin America, Africa and Asia-Pacific.
“With the potential for such wide-reaching impacts on every aspect of a renewable asset’s success, it’s critical that data is ‘done right’ and the subsequent analysis communicated effectively every time,” Brown said.
The financial close comes just as confidence appears to be growing in the solar sector’s potential for significant gains this year. Just under two thirds (64%) of industry insiders surveyed by the Global Solar Council (GSC) earlier this year said they expect double digit sales growth in 2021.