Clir brings strategic venture partner to accelerate growth.
Vancouver based Clir Renewables, closed their Series A round of C$7.1m this month, led by strategic investor ArcTern Ventures. Clir’s software platform uses machine learning algorithms to categorize and quantify areas of underperformance across wind farms, resulting in recommended actions for improvement, including yaw alignment and blade pitch. Customers realize Annual Energy Production (AEP) gains of up to 5% from Clir’s actionable insights, leading to improved margins. Clir stands out from competing software solutions in this growing market due to its ability to generate actionable optimization recommendations, moving beyond data monitoring and visualization.
Clir entered the financing round in August this year, seeking investment from a group with similar values and outlook on the coming energy transition. The deal, which was closed in mid-September, enables the company to focus on additional development of its AI-based analytics platform and accelerate growth commensurate with their expansion plans.
ArcTern Ventures is a leading North American venture capital firm investing in breakthrough clean technologies. Led by former start-up entrepreneurs, Murray McCaig and Tom Rand, ArcTern invests at an early stage with the capacity to provide follow-on capital to fund companies through to market leadership.
“Clir leapt ahead of large incumbents in this space, it’s impressive,” said Tom Rand, Managing Partner of ArcTern Ventures. “Their world-leading analytics can pull significant amounts of extra energy from existing wind farms, which aligns them nicely with ArcTern’s core mandate: to match profit with big impacts on GHG reduction.”
Gareth Brown, CEO of Clir Renewables, said, “It is brilliant to partner with ArcTern Ventures. They quickly bought into the vision for our platform and company, and are fully aligned with our values which is so critical for us. This latest round of funding has come at an important point in our growth when our subscribing client base has over 10% of the worlds wind turbines by mega-watt (MW) along with a substantial solar fleet. This round gives us the resources to optimize the global renewable energy fleet.”
About Clir Renewables
Clir Renewables is a Software as a Service company in the renewable energy industry, providing a solution developed by engineers for engineers. The cloud-based AI platform provides asset managers and owners with tools to maximize annual energy production and provide clarity on portfolio performance. Our proprietary algorithm cleans and analyzes ingested data providing actionable insights. Founded in early 2017, the company now supports over 4 GW of assets worldwide with clients typically seeing increases of up to 5% in Annual Energy Production. Headquartered in Vancouver, Canada, the company opened its European office in Glasgow, Scotland, in 2018. Visit our website www.clir.eco and follow Clir Renewables on LinkedIn for more information.
About ArcTern Ventures
ArcTern Ventures is a Toronto-based venture capital firm investing globally in breakthrough clean technology growth companies addressing climate change and sustainability. ArcTern was founded by Murray McCaig and Tom Rand around the belief that the accelerating transition to a greener economy will disrupt all industries and present a multi-trillion dollar opportunity for both outsized financial returns and positive environmental impact. For more information, please visit www.arcternventures.com.
