Enverus, the leading energy SaaS company, announced today that it has acquired RatedPower, the SaaS company developing solutions that automate and optimize the feasibility study, analysis, design and engineering of solar power plants and electrical infrastructure to maximize the potential of photovoltaic (PV) plants and reduce their Levelized Cost of Energy (LCOE).
Founded in 2017 by Andrea Barber, Miguel Ángel Torrero and Juan Romero, RatedPower has more than 80 employees across engineering, product, business development, marketing and operations. The company boasts 1,400 users worldwide, has assisted in 20,000 projects, contributed to producing 43 gigawatts in power – touching 22 million households – and has helped mitigate 17 million tons of CO2.
In October 2021, Seaya –the leading European and Latin American Venture Capital fund– led RatedPower’s €5.3M funding round through Seaya Ventures III, being the only financial investor in the company. In this acquisition, the founding team, Seaya, and the remaining minority shareholders have sold their stake in the company to Enverus.
“We are honoured to have been able to back such an outstanding team. Investing with purpose-driven founders that create a positive impact is core to our strategy and this proves that our commitment to sustainable tech companies continues to pay off,” said Carlos Fisch, Investment Director at Seaya. “We invested in RatedPower with an objective to expedite the shift to make solar power the world’s most relevant and competitive source. We are very happy to see that, less than a year later, this plan will be massively accelerated by joining forces with the world’s leading energy SaaS company”.
Enverus currently serves more than 440 power market participants, primarily in North America, and the addition of RatedPower’s technology and experience immediately expands Enverus’ value and growing portfolio of solutions in the solar industry and broadens its geographical coverage internationally.
“This is a great day for our future, as it validates the unique work we’ve been doing over the last five years,” added Andrea Barber, CEO of RatedPower. “We were born with the vision of digitalizing the renewable energy industry and making solar the world’s main energy source to accelerate the energy transition. Our mission aligns perfectly with Enverus and our combined strengths will place us in a privileged position to reach that vision while powering the new, global energy economy.”
“Much like our start decades ago, RatedPower is a trailblazer in digitalization, automation and efficiency, but in the rapidly growing solar market. Our common denominator is truth in data, strategic planning and optimizing efficiencies,” said Jeff Hughes, CEO of Enverus. “RatedPower and their solutions have disrupted the solar industry, helping clients realize their full potential, and together, we will accelerate our investment and expand our footprint within the power and renewables space. We will continue to provide our customers with solutions that enable them to grow and thrive in the future of energy.”