Spanish startup Green Eagle Solutions has closed a €6 million Series A round to bring its AI-powered renewable asset automation platform to the rest of Europe and the USA. The investment was led by the Energy Transition Tech Fund of A&G, one of Spain’s largest private banks, along with commitments from previous investors Kibo Ventures and SET Ventures.
Green Eagle Solutions sits at an important junction in the energy system. Renewable energy from wind and solar is delivered intermittently according to the natural resources available at any given time. With Green Eagle’s technology, renewable assets contribute to grid stability, become as reliable as traditional energy sources, and increase their profitability.
With this fresh round of funding, the company is continuing its international expansion. “We work very closely with international traders, operators and asset managers to understand their needs, and provide a SaaS product that is constantly innovating to keep up with new regulatory changes, technical challenges and market opportunities. This capital increase will allow us to move even faster,” said co-founder and CTO, Juan Fernández
The company’s automation platform, called ARSOS, enables renewable assets to operate 100% autonomously, allowing customers to implement revenue-based operations. To achieve this, ARSOS is able to integrate multi-tech portfolios that may include dozens of wind farms, solar plants, hydro and other critical elements such as energy meters, electrical substations and energy storage. “The volatility and complexity of today’s energy markets demands a new approach to operating renewable energy assets. We eliminate some of the challenges of orchestrating these assets and simplify the works of all parties involved in the management” says Green Eagle CEO and co-founder, Alejandro Cabrera. “With automation, our customers can leverage this complexity and optimize their business strategy.”
Since its founding in 2012, Green Eagle has grown significantly. ARSOS is now operational with over 15 GW of renewable energy capacity in Spain, which is more than 20% of the total installed capacity in the country, and more than 3 GW abroad. In 2023 alone, ARSOS autonomously executed over 50,000 site curtailments and issued 40,000 commands to wind turbines
Juan Diego Bernal, Managing Director of A&G Energy Transition Tech Fund, added: “We believe that the technology developed by Green Eagle is unique in the market. We’re convinced that Green Eagle will be a major player in the future of the energy transition. With this round of financing, we aim to help Green Eagle scale its operations internationally”.
Anton Arts, Managing Partner at SET Ventures, commented: “To SET, the success of this round shows how vital the company’s solution is in the transition to clean energy. It’s an exciting time to be involved with Green Eagle!”
Kibo Ventures also recognizes the critical role of their technology in advancing the renewable energy sector. According to the Fund: “Green Eagle Solutions, is a key player in this arena, representing a paradigm shift in how renewable assets are managed, driving efficiency and reliability at scale. Their AI-driven platform ARSOS is a testament to the transformative power of automation in the renewable industry. As we continue to support Green Eagle, we are excited to see their impact amplify across Europe and the US, setting new benchmarks for operational excellence in the energy transition journey”.
Read the orginal article: https://www.eu-startups.com/2023/12/madrid-based-green-eagle-solutions-bags-e6-million-to-automate-the-operations-of-renewable-energy-assets/
