Castrol, a global and leading lubricant brand, has announced the creation of a joint venture with Romax Technology’s InSight business, a pioneer in predictive maintenance solutions.
Castrol and Romax have formed a new joint venture, with the intent of making physics-based and data-driven predictive analytics available to more turbine operators — and to potentially reduce wind-farm maintenance costs by up to 30%.
With over 30 years’ experience working in the wind sector, this deal will combine Castrol’s global reach and knowledge of turbine lubrication with Romax InSight’s expertise in predictive maintenance, software, and data analytics for wind turbines.
The lubrication and maintenance of a wind turbine’s expensive gearbox is critical to optimizing its performance and reliability.
Romax InSight is a rapidly growing predictive maintenance provider, designing software and engineering services, which monitor the condition of turbines and predict breakdowns – potentially resulting in a saving for its customers by up to 30% in maintenance costs.
“We’re incredibly excited about the potential this joint venture will create, both for the new business and also our existing customers,” said Mandhir Singh, COO, BP Lubricants. “By working together, I believe we will create a powerful, faster-growing business in the wind sector and beyond.”
Over the past two years Castrol has supported the development of a number of digital solutions, which complement its core lubricants business. This includes:
- GreenSteam, a data-analytics company specializing in fuel-saving solutions for the marine industry;
- Castrol OPTIS, a technology company providing leading-edge machine and operational efficiency solutions to the manufacturing industry; and
- Castrol Carama, a digital market place that connects consumers seeking car service and repair to trusted workshops.
“The aim of Romax InSight is to combine our deep understanding of design and operation of wind turbines with advanced data analytics to provide practical solutions that reduce operations and maintenance costs,” said Andy Poon, Romax Technology CEO. “We are delighted to find in Castrol a partner who shares this vision and can provide a platform for growth. We look forward to working closely alongside them to take InSight to the next level.”
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