Odyssey Energy Solutions Inc has acquired Ferntech GmbH, a German company specialising in the remote control and monitoring of off-grid renewable energy systems.
The US renewables investment firm says the acquisition is to strengthen its position as an end-to-end investment and asset management platform.
In addition, it will boost the capabilities of the company to work on the development, financing, and operation of distributed infrastructure projects at scale.
“The acquisition significantly advances our mission to enable streamlined development, financing, and operations of distributed infrastructure projects at scale,” Emily McAteer, CEO and Co-Founder, Odyssey said on the acquisition.
Odyssey has become the go-to platform for investors and governments making investments in the distributed renewable energy market and is currently facilitating the flow of funds totalling over US$900 million.
Ferntech’s remote monitoring and control solution includes hardware and software technologies to collect, analyse, and act on granular system data. Operators need fewer trips to site and can reduce operational and maintenance costs by 30%.
Standardised control algorithms also make systems smarter, improving productivity and reducing downtime by up to 10%.
The Organisation for Economic Co-operation and Development estimates that USD 6.3 trillion of annual investment in infrastructure is needed until 2030 in energy, transport, water, and telecommunications infrastructure, to sustain growth.