Wind energy company SkySpecs acquires Roscommon-based Fincovi

18 May 2021

Image: © Tobias Arhelger/Stock.adobe.com

SkySpecs has acquired Fincovi and Vertikal AI to help windfarm operators maximise their return on assets as the wind industry matures.

Roscommon-based Fincovi is one of two European companies that have been acquired by wind energy tech business SkySpecs.

US-headquartered SkySpecs provides data insight and automation tools to help windfarm owners and operators to maintain and manage their assets.

Fincovi, meanwhile, is a financial specialist for renewable energy asset owners. It is led by Ray O’Neill, John Harney, Damian Malone and Jayesh Shah.

O’Neill, who is Fincovi’s CEO, said there is an incredible opportunity to integrate operating data with financial data to provide better insight into asset investment.

“Our team can’t wait to combine our capabilities to help windfarm owners decide how to invest their next dollar.”

Fincovi has been supported by the Western Development Commission (WDC). Gillian Buckley, investment manager with the WDC, said that it was a seed investor and was “critical” in the company’s early development phase.

“The acquisition by SkySpecs brings huge global reach for this Roscommon-based start-up and demonstrates that high calibre technology start-ups can be based in regional locations,” she added.

As well as Fincovi, SkySpecs also acquired Danish start-up Vertikal AI, which specialises in AI for predictive maintenance in wind power.

Vertikal AI is led by Allan Larsen and Martin Bach-Andersen. “Joining with SkySpecs will enable us to deliver our predictive maintenance software to the market – at scale – for the greatest performance impact with wind producers,” Larsen said.

SkySpecs, Fincovi and Vertikal AI together have offices in the US, the Netherlands, Denmark, India and Ireland, serving customers in 26 countries.

SkySpecs’ CEO, Danny Ellis, said he is delighted that the company is joining forces with Fincovi and Vertikal AI. “Our global customers are facing critical challenges when it comes to budgeting and maximising the life and returns of their assets as the wind industry matures,” he said.

“Our vision requires world-class data, predictive insight and automation. Collectively, we will help windfarm owners and operators to best invest in, maintain and manage the world’s top-performing wind assets.”

Jenny Darmody is the deputy editor of Silicon Republic

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