Power Factors, a global leader in renewable asset management software, announced it acquired the Greek company Inaccess, a leading provider of integrated mission critical software and hardware solutions for renewable power plants, battery energy storage systems, hybrid plants, and virtual power plants (VPPs). Inaccess is a trusted technology and solutions provider to global utilities, oil and gas majors, leading renewable energy developers, investors, and independent power producers.
The combination of Power Factors’ leading asset performance management solutions with Inaccess’ SCADA, power plant and battery control, and market trading offerings will support the transition of the global renewables energy market from a subsidized and largely static environment to a dynamic, market-based environment.
Linking market and performance-based insights to assets controls will become a ‘must-have’ for the future renewables market. Additionally, the accelerated adoption of utility-scale storage solutions is enabling new revenue sources for owners of renewable plants. The combination of two powerful platforms, with Power Factors’ leading asset performance management solutions and Inaccess’ best-in-class SCADA, power plant and battery control, and energy marketing offerings, will unlock these new services, along with new potential revenue streams.
“The vision of linking plant insights to trading and real-time controls is among the most exciting area of the renewables market today. Open, smart, and autonomous tightly integrated tools will be required with the ever-increasing penetration of renewables onto the grid,” said Gary Meyers, CEO of Power Factors. “The combination of Power Factors and Inaccess solutions will be transformational for the renewable energy industry. We welcome our new colleagues as we join forces and collaborate to drive the renewable energy transition.”
“The renewables business is no longer just about minimizing levelized cost of energy (LCOE), it is also about maximizing revenue by making smart data-driven decisions in real-time, and by enabling income stacking from multiple services on existing or new operating assets. To do this effectively requires a broad and deep technical stack along with the platform capacity and scale to serve the largest energy producers on the planet. Achieving global scale is one of the many reasons we are excited to join forces with Power Factors,” said Christos Georgopoulos, co-founder and CEO of Inaccess.
When the transaction is closed, Power Factors will expand its customer asset management portfolio to nearly 200 Gigawatts, serving more than 300 customers worldwide, positioning Power Factors as one of the world’s largest renewable energy software companies.
Jonas Corné, Chief Strategy Officer at Power Factors, said: “We’re investing deeply in enabling our customers to drive digitalization efforts to better integrate large mixed renewable energy portfolios into the grid with direct market access. We are excited about what the integration of Power Factors and the remarkable team at Inaccess will mean to our customers and to the renewable energy industry globally.”
The transaction is subject to customary closing conditions including regulatory approvals.