Renewable energy technology provider SkySpecs announced today it has raised $80 million in a financing led by Goldman Sachs Asset Management’ Sustainable Financing business.

Founded in 2012, SkySpecs provides data and analytics solutions aimed at enabling renewable energy asset owners to improve productivity, efficiency and returns by understanding asset health, predicting failures, prioritizing repairs, and extending asset useful life.

SkySpecs monitors about 45% of all North American wind turbine blades, and manages approximately 118 gigawatts of renewable energy assets across over 30 countries.

Vikas Agrawal, Managing Director, Goldman Sachs Asset Management, said:

“There is a growing need amongst renewable asset owners to improve asset efficiency and better manage asset health, which is not being sufficiently addressed today and is further exacerbated by aging fleets and increasing complexity of portfolios. SkySpecs has a leading market position providing high ROI preventative maintenance and software solutions to the world’s largest renewable asset owners, along with extensive data and know-how.”

Proceeds from the capital raise will be used to expand SkySpecs’ renewable energy operations and maintenance data collection and analytics software offerings, and grow the company’s geographic footprint.

Additional investors in the capital raise included NextEra Energy Resources, Statkraft Ventures, Equinor Ventures, Evergy Ventures, UL Ventures and Huron River Ventures.

Danny Ellis, CEO, SkySpecs, said:

“Renewable energy is becoming a viable, attractive, and profitable energy source. In order to scale fast enough to meet the demand, the market needs experts and solutions to help them navigate the complexities of managing their assets. We help customers get the most out of the life of their assets by identifying solutions to their most complex problems.”