Canadian renewable energy company, Clir Renewables, has successfully closed an investment round, securing C$1.9 million. The service-as-a-software (SaaS) company has developed a renewable energy AI platform that helps wind-farm owners and operators to maximize production and provides clarity on performance risk for all interested stakeholders.
“It’s exciting times here at Clir,” said Gareth Brown, Clir Renewables CEO. “We secured this bridge financing to put us in a sound financial position to continue to grow the company, globally, and develop our domain-specific AI. It’ll allow us to continue to lower the cost of renewable energy and give us time to find the right Series A investor later this year.”
Clir Renewables was previously awarded funding through Sustainable Development Technology Canada (SDTC), a Canadian government support for entrepreneurs accelerates the development and deployment of globally competitive clean technology solutions. The company also secured C$2.1m in a seed-stage financing round in 2018. This latest investment enables continued product development, strengthening existing features, and releasing new feature from the product roadmap.
“It’s fantastic to see so many of the previous investors reinvesting in the company and bringing in impact and renewable industry expertise investors from North America and Europe will align a lot of expertise with the company to facilitate a massive global impact,” added Brown. “With a bit of luck we’ll have over 10% of the world’s wind farm owners paying to use our platform by the end of June. We need to remain humble and focus on execution to drive our industry forward to lower cost of energy”
As Clir Renewables gains more market traction, it is considering sourcing larger investors to assist in capitalizing on this traction and increased interest in the software.
Mike Winterfield, Founder and Managing Partner of Active Impact Investments, commented: “We have been watching the success of the Clir Renewables team for over two years and are thrilled to get an opportunity to support them in accelerating their global expansion. Climate change requires an urgent shift from burning fossil fuels, and the insights provided by Clir’s software will continue to drive the costs of renewable energy down so it becomes the obvious choice in all markets.”
Filed Under: Financing, News, Software