PEXAPARK SECURES FURTHER €8 MILLION IN SERIES B FUNDING
· Latest injection of funding builds on backing from BayWa r.e. Energy Ventures, Encavis, and RP Global – underlining Pexapark’s bright future
· New strategic investors S&P Global Commodity Insights and Fluence provide routes to accelerated growth for Pexapark in energy storage and global markets
Zurich, July 11th, 2022 – Pexapark, a leader in software and advisory services for renewable energy sales, has completed a second round of Series B funding for a total of €8m. This round began in late 2021, bringing Pexapark’s total Series B funding to €14m, and its total equity investment to €19m, accelerating its growth in the global renewable energy market.
The funding round, formally announced this month, has seen S&P Global Commodity Insights, which includes S&P’s Platts price benchmarks, and Fluence, an energy storage and digital applications leader, join existing Series A and B investors Encavis, RP Global and BayWa r.e. Energy Ventures in backing the fast-growing business.
Furthermore, Pexapark has now secured the second half of a loan guarantee from the Swiss government’s Technology Fund. This recognizes Pexapark’s role in contributing to the energy transition towards net zero.
This substantial momentum since Pexapark launched five years ago is testament to the success and relevance of the business offering for clients, including renewable energy investors, such as developers, independent power producers (IPP) and funds, as well as offtakers, such as utilities and corporates, as they enter a new world of energy trading.
This latest funding will support the continued expansion of Pexapark – which now employs more than 80 people across Europe – into new business areas of the renewable energy ecosystem, such as storage, trading as a service and portfolio management, which are critical to fully enabling the energy transition. It will also see the business embark upon a significant expansion in headcount across Europe through the course of 2022.
Since it was founded in 2017, Pexapark has become a trusted leader in European renewable energy sales and risk management. It provides an operating system that encompasses software and advisory services to facilitate the entire energy trading and sales workflow from price discovery to analytics, execution and monitoring, covering solar and on- and offshore wind in 18 countries.
Underpinned by trusted price reference data for PPAs and Pexapark’s advanced quantitative analytics technology, the award-winning solutions of Pexapark have been adopted by leading companies such as Ardian, Brookfield’s CEE Group, CIP, Total Energies and Orsted to price PPAs, analyse hedging decisions, quantify portfolio risks and grow revenues across major European renewables markets.
Michael Waldner, Co-Founder and CEO at Pexapark said: “We are delighted to announce that with S&P and Fluence, two global leaders are joining Pexapark as strategic partners in this latest funding round. This will be a powerful combination as we seek not only to grow the company globally, but to also accelerate the energy transition.
“From our perspective this means providing funds, IPPs, developers and offtakers such as utilities and corporates, with the capabilities, tools and services that they need to manage their energy portfolios and risks, which continue to evolve in a market that is almost entirely subsidy-free now, yet also incredibly volatile and undergoing rapid, lasting change.
“With such a huge pipeline of renewables projects across the world, it is more essential than ever that developers, financiers and energy buyers are tuned into the risks, and that they have the right operating models to manage them.”
Dave Ernsberger, Head of Market Reporting and Trading Solutions at S&P Commodity Insights, said: “In a rapidly evolving energy market, we are glad to be teaming with Pexapark to help bring more transparency to prices, particularly around PPAs and the rapidly evolving renewable energy markets, where opportunities, risk assessment and investment are in a transformative stage. We look forward to leveraging the expertise of our Platts benchmarking and methodology to further Pexapark’s work in the global energy transition.”
Marek Wolek, Chief Strategy and Commercial Officer at Fluence commented: “As the pace of the energy transition quickens, and as more renewable energy players enter the merchant market, it is vital that investors and owner/operators are able to manage market volatility through both physical assets and robust digital infrastructure. Pexapark is a leader in this domain with data, software and expertise. We look forward to playing a significant role in its next chapter and supporting its expansion in the global marketplace.”
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Pexapark is an award-winning enterprise software and advisory company, specialised in renewable energy. With more than 20,000 MW of renewable PPA transactions supported, Pexapark is the reference for buying, selling and managing renewable energy.
Pexapark’s PPA reference prices increase transparency across 18 markets. Our advisory team and software suite enable leading companies to close successful PPA transactions, manage their risk and grow their renewable energy revenues.
Pexapark was founded in 2017 with the purpose of accelerating the energy transition towards net zero by creating an efficient market for renewable energy.
About BayWa r.e. Energy Ventures
BayWa r.e. Energy Ventures is a Munich based venture capital firm looking for investment opportunities in energy tech across Europe and Israel.
BayWa r.e. Energy Ventures focuses on scalable business models in the areas of digital energy solutions, storage and e-mobility, and believes the key to success is ensuring great chemistry and collaboration between the founders, management team and investors.
As the venture capital unit of the global renewable energy developer, service provider and distributor BayWa r.e. AG, the company combines corporate stability and a deep understanding of the energy market with the entrepreneurial experience and mindset within its dedicated team. https://energy-ventures.baywa-re.com/
Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from renewable sources listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPPs), Encavis acquires and operates solar parks and (onshore) wind farms in eleven European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). Within the Encavis Group, Encavis Asset Management AG specialises in the area of institutional investors.
ENCAVIS is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been awarded by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with “A” and ISS ESG with their “Prime” label.
Further information on the Company can be found at www.encavis.com.
About RP Global
RP Global is an independent power producer with over 35 years of experience in the renewable energy sector. As a developer, investor and operator, the company focuses on hydro, wind, and solar PV projects. Currently, RP Global is developing a pipeline of 9 GW.
RP Global is a founding partner of Enery, building an operating and greenfield PV portfolio in Eastern Europe, and of PPA advisory Pexapark.
RP Global has established successful partnerships with investors and lenders, such as the IFC/World Bank, the EBRD, Mirova/Natixis, the Marguerite Fund and Talanx, among others.
The company’s international team is active in Europe, South America, and Africa. The headquarters are in Vienna, Austria, and Madrid, Spain.
About S&P Commodity Insights
At S&P Global Commodity Insights, our complete view of global energy and commodities markets enables our customers to make decisions with conviction and create long-term, sustainable value.
We’re a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating Energy Transition, S&P Global Commodity Insights’ coverage includes oil and gas, power, chemicals, metals, agriculture and shipping.
S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit https://www.spglobal.com/commodityinsights.
Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader in energy storage products and services, and digital applications for renewables and storage. With a presence in 30 global markets, Fluence provides an ecosystem of offerings to drive the clean energy transition, including modular, scalable energy storage products, comprehensive service offerings, and the Fluence IQ Platform, which delivers AI-enabled digital applications for managing and optimizing renewables and storage from any provider. The company iFluence is transforming the way we power our world by helping customers create more resilient and sustainable electric grids. For more information, visit our website, or follow us on LinkedIn or Twitter.
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws, including the anticipated role of Fluence and benefits of its investment in Pexapark. All statements, other than statements of present or historical fact included in this press release are forward-looking statements.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Fluence’s control and are difficult to predict. Factors that may cause such differences in expected results include but are not limited to the following: market volatility and business operations of Pexapark. Fluence caution that the foregoing list of factors is not exclusive and additional information about factors that could materially affect Fluence is set forth in Fluence’s annual and quarterly report filings with the U.S. Securities and Exchange Commission.
These forward-looking statements are made as of the date of this press release, and Fluence has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required under applicable law.