ReNew Power, a clean energy firm has announced its take over on AI and ML startup Climate Connect. This contract will provide ReNew access to energy management services. The company gave out a statement saying, “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, specializing in the power markets domain in India.”
This merger will add to ReNew’s digital capabilities and allow it to provide a set of digital product offerings to customers across the energy value chain. Climate Connect will operate as an independent entity even after the deal and will be focusing on building a global team, world class data integrity, software development processes and business development activities.
ReNew Power CMD Sumant Sinha stated, “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 powerflow from generators to distribution companies to customers.”
Sinha also said that digitization will be a key player for distribution companies as they plan to tighten operations, find efficiencies and reduce AT&C losses. Climate Connect is presently well-equipped to serve the demands in the market.
“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,” said Nitin Tanwar, Climate Connect CEO and Co-founder.