CLIR RENEWABLES SECURES C$1.7M DEBT FACILITY WITH SILICON VALLEY BANK
Clir invests in expanding reach of innovative renewable energy optimization software in new markets, targets a 5% increase in global clean energy output
Vancouver: Clir Renewables, the leading provider of performance assessment software for renewable energy, has secured a C$1.7m loan with Silicon Valley Bank, the bank of the world’s most innovative companies and their investors.
The debt facility will enable Clir to drive further expansion and development of its software.
As investment into global renewable energy assets increases, there is a commensurate demand for a better understanding of clean technology performance and revenue management. Clir’s AI-driven platform generates a complete picture of individual asset and portfolio performance by digitizing each turbine or solar PV cell and its specific environmental context. By analyzing asset data in this context, Clir’s platform can pinpoint whether underperformance is owing to low resource, interference from the surrounding environment, or an issue with the technology itself. Owners can then apply the insights Clir’s analysis generates to increase annual energy production by up to 5%.
This type of technical innovation has a key role to play in establishing the clean, sustainable, and efficient energy system required to meet global power needs whilst decarbonizing.
The agreement with Silicon Valley Bank, therefore, is crucial not only for Clir in continuing to evolve its technology, but ultimately in helping to provide a route for investors to better understand the opportunities in renewable energy investment.
Gareth Brown, Chief Executive Officer, Clir, said: “Renewable energy is clearly the only way forward as we look to meet our future energy needs, but the majority of wind and solar projects are performing far below their potential. Clir’s focus is on addressing this shortfall, and, to do so, we must shake out assumptions around the causes of underperformance holding the industry back.
“Clir’s AI-mediated software provides owners with the in-depth analysis they need to identify and fix consistent underperformance hidden in the “noise” of asset data and, ultimately, predict future energy yield more accurately. This doesn’t just result in better financial terms and returns for existing projects but will help drive an increase in investment in renewable energy at a global scale.”
2020 has already proved a milestone year for Clir, which has now onboarded more than 6GW of wind – including 1GW from offshore projects. The business has expanded into Latin American markets following strong results across Europe and North America and is now investing in expanding its global expertise across wind and solar technologies.
Graeme Millen, Director of Energy and Resource Innovation at Silicon Valley Bank in Canada, commented: “Silicon Valley Bank is thrilled to be working with Clir Renewables as they scale their clean energy asset optimization technology. The continued expansion of zero emission energy generation will be enabled and reinforced by innovative technology like Clir’s.”
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About Clir
Clir Renewables is a Software as a Service company in the renewable energy industry, providing a solution developed by engineers for engineers. The cloud-based AI platform provides asset managers and owners with tools to maximize annual energy production and provide clarity on portfolio performance.
Clir’s proprietary algorithm cleans and analyzes ingested data, providing actionable insights. Founded in early 2017, the company now supports over 6 GW of assets worldwide with clients typically seeing increases of up to 5% in Annual Energy Production in the first year.
