Energy tech platform Zeigo has been acquired by Schneider Electric, expanding its portfolio of digital renewable energy and resource management solutions.
This acquisition will complement Schneider Electric’s portfolio of clean energy services and solutions, while advancing the company’s digital energy transformation ambitions.
Schneider Electric highlighted how demand for power purchase agreements (PPAs) - which Zeigo facilitates through its PPA marketplace - is expected to grow as net zero ambitions accelerate across the globe, with PPAs already being one of the “most common and effective” ways for companies to begin to decarbonise.
However, speed and complexity are two barriers that keep some corporations out of the PPA market, according to Steve Wilhite, SVP for Schneider Electric’s sustainable business division.
Indeed, renewable energy procurement can be time-consuming and complicated, according to Schneider Electric, requiring expert evaluation of projects and risks as well as the satisfaction of stakeholders.
The company is now to combine Zeigo’s AI capabilities with its advisory services to deploy what it described as enhanced collaborative intelligence in the energy and environmental commodity procurement process.
“By adding the Zeigo technology and team to our existing portfolio of services and solutions, we will be able to provide even greater value to our clients worldwide,” Wilhite said.
It follows Zeigo raising £800,000 in 2020 to scale its business and further develop its platform, an investment round led by Naruhisa Nakagawa, founder of Caygan Capital. Other investors included Green Angel Syndicate, ClearlySo, the Syndicate Room and Earlymarket.