Renewables firm BayWa r.e. is bolstering its digital technology services offering with the acquisition of Toronto-based PowerHub.
The acquisition is set to expand BayWa r.e.’s services business, with BayWa r.e. currently managing and maintaining 7GW of solar, wind and bioenergy worldwide.
PowerHub offers asset management software to managers, owners and investors in renewable assets, as well as O&M providers.
Its cloud-based asset intelligence software solution is intended to centralise and streamline project and portfolio information, with the aim of improving the efficiency and cohesiveness of planning, development and operations.
Its platform offers services including automated workflows, reports and invoicing, as well as operational KPI tracking, land management and a host of other services.
It will remain as a largely independent business under its existing management, team and brand.
The acquisition comes as part of BayWa r.e.’s digitalisation investment programme as its services business continues its global expansion.
BayWa r.e. is increasingly looking at digitisation, having launched an energy technologies division – BayWa r.e. Energy Ventures - in 2018 for the venture capital market, with the aim of funding the early development of new digital solutions, alongside e-mobility and energy storage.
It’s hoped the PowerHub acquisition will accelerate innovation in the asset management software space in order to drive efficiency, transparency and value for asset owners and managers, BayWa r.e. said.
Matthias Taft, board member of BayWa AG with responsibility for the energy business, said: "This is an important and strategic acquisition that recognises the transformational opportunities digitalisation represents for the rapidly evolving asset management services sector.”
PowerHub’s software currently operates in 20 countries and the firm is looking to continue its growth in global markets.
Etienne Lecompte, CEO of PowerHub, said the two firms share the same vision and recognise the “huge potential” of digitalisation.
“With the additional investment and resources BayWa r.e. will provide, we will be able to significantly accelerate and enhance the development of our business and software platform to offer even greater benefits and functionality to our global customer base,” Lecompte continued.