Portuguese-German Annea, a cleantech that helps monitor and manage wind and solar farms, has raised €1 million in a funding round led by Faber, with participation from Germany’s Innoport. Accelerating the international expansion strategy, strengthening the team and entering the green hydrogen market are among the goals of this round.
“Annea is investing the additional capital in expanding its position in the renewable energy market by expanding the team of experts that combines deep technological knowledge of the industry with digitalisation. The capital will enable Annea to make its platform available to global industry players, while the reliability will provide confidence in data-driven innovations that revolutionise operations and maintenance. With Annea, global industry players are leveraging hidden potential while making a significant contribution to zero emissions,” says Marcel Frenzel, CCO and founder of Annea, with Maik Reder (CEO), quoted in a statement.
Annea uses Artificial Intelligence and Machine Learning to manage assets in renewable energy such as wind and solar farms, “by creating digital twins of the assets and their components and drawing on existing sensor data”.
Created in 2019, cleantech says it has a “99.9% accuracy level and no need to install additional hardware”, predicting breakdowns up to 12 months in advance and estimating the remaining lifespan of different components. It also allows customers to “optimise their available energy potential up to 15% through the underperformance detection module.”
The startup aims to help renewable energy companies reduce their Operation and Maintenance (O&M) costs, which currently amount to 30%.
“It is estimated that over the next four years the international renewable energy market will grow by over 60%, exceeding 4,800 GW, reflecting the enormous potential of the sector and an opportunity to make green energy even more affordable,” highlights a press release.