ReNew Power to acquire AI startup Climate Connect

ReNew Power, a clean energy firm, inked a definitive agreement to acquire artificial intelligence and machine learning start-up Climate Connect.

With this acquisition, ReNew Power will have access to energy management services.

As per statement released by ReNew Power, "ReNew Power has signed a definitive agreement to acquire Regent Climate Connect Knowledge Solutions Private Ltd ("Climate Connect"); a digital -analytics, software development, Artificial Intelligence (AI), and Machine Learning company, specialising in the power markets domain in India."

This will not only add to company’s digital capabilities but also allow it to provide a suite of digital product offerings to customers across the energy value chain, it added.

Climate Connect will be operated as an independent subsidiary and will continues to focus on building a global team, world class data integrity and software development processes, as well as business development activities, it said.

"The first wave of growth in the renewable energy industry came through the addition of physical assets on the ground, the next wave will come through the development of digital products that help optimize power flow from generators to distribution companies to customers," said ReNew Power CMD Mr Sumant Sinha.

Climate Connect will help the distribution companies, as they are looking to tighten operations, find efficiencies, and reduce AT&C losses. Digitalization will offer the solution, positioning the company to service this important market, Mr Sinha added.

Climate Connect CEO and Co-founder Mr Nitin Tanwar said, "We believe that the company's acquisition by ReNew Power will help us create long-term value for our existing distribution utility and IPP customers and provide us the much-needed scale for the next leg of our journey.”

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.