RatedPower, a Spain-based developer of design and optimization software for utility-scale solar projects, has raised €5.3 million (~$6.1 million) in series A funding. The round was led by Seaya Ventures, a European and Latin-American venture capital firm based in Spain, investing in sustainable energy technology companies.
The funds will be utilized to drive international expansion in key solar markets like the United States. It will also be used to expedite new products and feature developments to accelerate RatedPower’s software-as-a-service (SaaS) suite for renewables.
“Over the past four years, we’ve built a unique SaaS platform that has smoothed out the process of building solar plants in almost every country on the planet,” said Andrea Barber, co-founder, and CEO, RatedPower.
The company emphasizes that seeking systemic efficiency is the only effective way to fight climate change and deliver on the Paris Agreement. However, it argues that designing and engineering solar projects to estimate costs and energy production is complex and overwhelming.
RatedPower’s software, pvDesign, the company claims, accelerates the design and engineering process of solar photovoltaic projects. The company maintains it helps corporations to boost their efficiency and reduce the construction costs of PV projects and levelized cost of energy while increasing accuracy and assets profitability.
According to a report by Solar Energy Industries Association (SEIA) and Wood Mackenzie, solar accounted for 58% of all new power capacity additions in the United States. About 5 GW of new solar capacity was installed in Q1 2021, a new Q1 record, and a 46% increase over Q1 2020. The utility-scale sector accounts for a majority of these installations, with a Q1 record of 3.6 GW. SEIA has also increased its target for Solar+ Decade to account for 30% of overall power generation in the United States by 2030. The previous target was 20% by 2030.
RatedPower claims it has more than 1,300 users, including clients like Iberdrola, Engie, BayWa, AES, Clenera, Sungrow, Burns & McDonnell, Celsia, Shell, Samsung in pvDesign, having reached ~2,000 GW simulated in over 130 countries.
According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report, in 9M 2021, the solar sector raised $2.2 billion in VC funding in 39 deals, 466% higher compared to $394 million in 29 deals in 9M 2020.