SkySpecs acquires two European wind companies
It has stated the acquisition represents an opportunity for wind farm owners and operators to confidently invest in, maintain and manage their assets for sustainable returns
SkySpecs has acquired Fincovi and Vertikal AI, two European wind energy technology companies. Fincovi is a financial asset management company and Vertikal AI specialises in predictive maintenance for wind energy . SkySpecs has stated its acquisition represents an opportunity for wind farm owners and operators to confidently invest in, maintain and manage their assets for sustainable returns. Danny Ellis, CEO at SkySpecs, commented: “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. “We are thrilled to join forces with these two great companies to equip global wind customers with the tools to best utilise capital and keep a pulse on their assets’ health and performance. “Our vision requires world-class data, predictive insight and automation. Collectively, we will help wind farm owners and operators to best invest in, maintain and manage the world’s top-performing wind assets.”
If you enjoyed this story you can sign up to our weekly email for  Energy Live News  – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the  future Net Zero  newsletter.

SkySpecs acquires two European wind companies

Image: © Tobias Arhelger/Stock.adobe.com
SkySpecs has acquired Fincovi and Vertikal AI to help wind farm 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 company SkySpecs. SkySpecs provides data insight and automation to help wind farm owners and operators to maintain and manage their assets. Fincovi 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 wind farm owners decide how to invest their next dollar.”
Fincovi is supported by the Western Investment Fund. Gillian Buckley, investment manager with the Western Development Commission said: “As a seed investor in Fincovi, the WDC Investment Fund was critical in the company’s early development phase. The acquisition by Skyspecs brings huge global reach for this Roscommon based start-ups and demonstrates that high calibre technology start-ups can be based in regional locations.”
As well as Fincovi, which is a financial specialist for renewable energy asset owners, SkySpecs also acquired Vertikal AI, which specialises in AI for predictive maintenance in wind power. Vertikal AI is a danish-based start-up led by Allan Larsen and Martin Bach-Andersen. Larsen said: “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.”
Serving customers in 26 countries, SkySpecs, Fincovi, and Vertikal AI have offices in the US, the Netherlands, Denmark, India and Dublin in Ireland. 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 wind farm owners and operators to best invest in, maintain, and manage the world’s top-performing wind assets.”

Wind energy company SkySpecs acquires Roscommon-based Fincovi

Wind park. Author: Santi Villamarín. May 18 (Renewables Now) - SkySpecs Inc, a US provider of digital asset management for the wind energy sector, on Monday announced the purchase of two wind technology firms -- Irish financial asset manager Fincovi and Danish artificial intelligence (AI) company Vertikal AI. With the newly acquired businesses, SkySpecs will be able to offer data insight and automation to wind farm owners and operators. Fincovi provides software applications and solutions designed to improve financial management, compliance and insights and in turn maximise portfolio value. Meanwhile, Vertical AI offers AI for the predictive maintenance of wind farms. Together, the three companies have customers in 26 countries. No financial details about the deals were provided. More stories to explore

SkySpecs expands wind technology offering with two acquisitions

A
A
Together, these leading companies provide world-class data insights and automation to help wind farm owners and operators best perform
ANN ARBOR, Mich., May 17, 2021 /PRNewswire/ -- SkySpecs, a global leader in wind energy technology, has acquired two of Europe's premier wind energy companies: Fincovi, a leader in financial asset management, and Vertikal AI, a pioneer in predictive maintenance for wind energy. The combined entity brings together world-class data insight and automation to help wind farm owners and operators to optimally invest in, maintain, and manage their assets for sustainable returns. Serving customers in 26 countries, SkySpecs, Fincovi, and Vertikal AI have offices in Ann Arbor (US), Amsterdam (Netherlands), Dublin (Ireland), Vejle (Denmark), and Hyderabad (India). "Our global customers are facing critical challenges when it comes to budgeting and maximizing the life and returns of their assets as the wind industry matures," said Danny Ellis, CEO of SkySpecs. "We are thrilled to join forces with these two great companies to equip global wind customers with the tools to best utilize capital and keep a pulse on their assets' health and performance. Our vision requires world-class data, predictive insight and automation. Collectively, we will help wind farm owners and operators to best invest in, maintain, and manage the world's top-performing wind assets." "There is an incredible opportunity to integrate operating data with financial data to provide better insight into asset investment," said Ray O'Neill, CEO of Fincovi. "Our team can't wait to combine our capabilities to help wind farm owners decide how to invest their next dollar." "We use data analytics and applied AI to optimize the real-time health of wind turbines," said Allan Larsen, CEO of Vertikal AI. "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." As the wind industry matures, and assets age, there is an urgent need for wind farm owners, operators, and OEMs to seek out data-driven predictive insight and automation to best manage operating expenses, extend asset life and realize optimal total production. This demand is creating an incredible opportunity for the united entity of SkySpecs, Fincovi and Vertikal AI. SkySpecs' welcomes inquiries and requests for additional information at: https://skyspecs.com/contact/ 
ABOUT SKYSPECS
SkySpecs provides world-class data insight and automation to help wind farm owners and operators optimally invest in, maintain, and manage their assets for sustainable returns. We provide end-to-end solutions from robotics and AI-driven predictive analytics for wind blade and drivetrain maintenance, through to financial asset management. SkySpecs' suite of solutions leads to lower operational costs and higher returns on wind assets, supporting the performance of the top wind producers in the world. SkySpecs operates in 26 countries on 5 continents, serving customers from offices in Ann Arbor (US), Amsterdam (Netherlands), Dublin (Ireland), Vejle (Denmark), and Hyderabad (India). Visit skyspecs.com. ABOUT FINCOVI
Fincovi is led by Ray O'Neill, John Harney, Damian Malone, and Jayesh Shah. Ray, John, and Damian are industry veterans in the finance and lending side of the renewable energy industry. Jayesh has over 20 years experience developing software startups. Fincovi was founded to make renewable energy the best managed and most sustainable real asset class. Their "intelligent middle-office" platform gives CFOs the edge and keeps financial controllers in control of scaling portfolios. Unique cloud based financial workflows, tailored for the industry, automate many of the time consuming jobs and enable advanced reports, so that risk and return can be optimised. Visit fincovi.com. ABOUT VERTIKAL AI
Vertikal AI is a danish-based startup led by Allan Larsen and Martin Bach-Andersen, two wind industry veterans with more than two decades of combined experience from the world's largest wind power organizations. Martin, the CTO is a reknowned technology pioneer, known for building industry-leading AI implementations within drivetrain condition monitoring. Vertikal started with advanced drivetrain vibration monitoring and is quickly moved into the rest of the sensors installed on the turbines. Vertikal's software platform helps O&M groups optimize operations by detecting faults earlier and more robustly, which reduces expensive component failures and unplanned downtime. Visit vertikal-ai.com. CONTACT: Theresa Trevor, theresa.trevor@skyspecs.com

SkySpecs acquires two European wind energy technology companies: Fincovi and Vertikal AI

Together, these leading companies provide world-class data insights and automation to help wind farm owners and operators best perform
News provided by
Share this article
Share this article
ANN ARBOR, Mich., May 17, 2021 /PRNewswire/ -- SkySpecs , a global leader in wind energy technology, has acquired two of Europe's premier wind energy companies:   Fincovi , a leader in financial asset management, and Vertikal  AI , a pioneer in predictive maintenance for wind energy. The combined entity brings together world-class data insight and automation to help wind farm owners and operators to optimally invest in, maintain, and manage their assets for sustainable returns. A shift toward smarter asset investment and predictability of O&M needs just got easier with the combined expertise of SkySpecs, Fincovi, and Vertikal AI. SkySpecs acquires Fincovi and Vertikal AI: Three wind energy software and technology leaders come together to offer asset stakeholders smarter data, deeper insights, and higher levels of transparency into their investments from start to finish. Serving customers in 26 countries, SkySpecs, Fincovi, and Vertikal AI have offices in Ann Arbor (US), Amsterdam (Netherlands), Dublin (Ireland), Vejle (Denmark), and Hyderabad (India). "Our global customers are facing critical challenges when it comes to budgeting and maximizing the life and returns of their assets as the wind industry matures," said Danny Ellis, CEO of SkySpecs. "We are thrilled to join forces with these two great companies to equip global wind customers with the tools to best utilize capital and keep a pulse on their assets' health and performance. Our vision requires world-class data, predictive insight and automation. Collectively, we will help wind farm owners and operators to best invest in, maintain, and manage the world's top-performing wind assets." "There is an incredible opportunity to integrate operating data with financial data to provide better insight into asset investment," said Ray O'Neill, CEO of Fincovi. "Our team can't wait to combine our capabilities to help wind farm owners decide how to invest their next dollar." "We use data analytics and applied AI to optimize the real-time health of wind turbines," said Allan Larsen, CEO of Vertikal AI. "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." As the wind industry matures, and assets age, there is an urgent need for wind farm owners, operators, and OEMs to seek out data-driven predictive insight and automation to best manage operating expenses, extend asset life and realize optimal total production. This demand is creating an incredible opportunity for the united entity of SkySpecs, Fincovi and Vertikal AI. SkySpecs' welcomes inquiries and requests for additional information at: https://skyspecs.com/contact/  
ABOUT SKYSPECS
SkySpecs provides world-class data insight and automation to help wind farm owners and operators optimally invest in, maintain, and manage their assets for sustainable returns. We provide end-to-end solutions from robotics and AI-driven predictive analytics for wind blade and drivetrain maintenance, through to financial asset management. SkySpecs' suite of solutions leads to lower operational costs and higher returns on wind assets, supporting the performance of the top wind producers in the world. SkySpecs operates in 26 countries on 5 continents, serving customers from offices in Ann Arbor (US), Amsterdam (Netherlands), Dublin (Ireland), Vejle (Denmark), and Hyderabad (India). Visit  skyspecs.com . ABOUT FINCOVI
Fincovi is led by Ray O'Neill, John Harney, Damian Malone, and Jayesh Shah. Ray, John, and Damian are industry veterans in the finance and lending side of the renewable energy industry. Jayesh has over 20 years experience developing software startups. Fincovi was founded to make renewable energy the best managed and most sustainable real asset class. Their "intelligent middle-office" platform gives CFOs the edge and keeps financial controllers in control of scaling portfolios. Unique cloud based financial workflows, tailored for the industry, automate many of the time consuming jobs and enable advanced reports, so that risk and return can be optimised. Visit fincovi.com . ABOUT VERTIKAL AI
Vertikal AI is a danish-based startup led by Allan Larsen and Martin Bach-Andersen, two wind industry veterans with more than two decades of combined experience from the world's largest wind power organizations. Martin, the CTO is a reknowned technology pioneer, known for building industry-leading AI implementations within drivetrain condition monitoring. Vertikal started with advanced drivetrain vibration monitoring and is quickly moved into the rest of the sensors installed on the turbines. Vertikal's software platform helps O&M groups optimize operations by detecting faults earlier and more robustly, which reduces expensive component failures and unplanned downtime. Visit vertikal-ai.com . SOURCE SkySpecs

00:01 ET
SkySpecs acquires two European wind energy technology companies: Fincovi and Vertikal AI

Visor offers AccountsIQ, a cloud-based financial services platform that provides accounting, consolidation, and business intelligence for clients.

Visor

Fincovi Selects AccountsIQ for SPV Accounting

Bord na Mona

AIB Capital

Grant Thornton

Funding Date

Pre-Money Valuation

Post-Money Valuation

Amount Raised

Shares Authorized

Issuance Price

Dividend Rate

Liquidation Preferences

Liquidation Price

Participation

Conversion Price

Anti Dilution

General Voting

Board Voting

Par Value

Companies creating software to help manage, optimize, and automate energy management and optimization. 

Energy Management Software

Track and capture company information and workflow.

Fintech

Acquired

Fincovi provides renewable energy companies with specialised software applications and hosted solutions, coupled with an open and connected ecosystem to improve financial management and compliance to maximize portfolio value. On May 17th, 2021, Fincovi was acquired by SkySpecs. The terms of the transaction were not disclosed.

Name	Work History	Title	Status
John Harney	Bord na Mona, AIB Capital, and Grant Thornton	Chief Financial Officer	Current
Subscribe to see more	Subscribe to see more	Subscribe to see more	Subscribe to see more

Name	John Harney	Subscribe to see more
Work History	Bord na Mona, AIB Capital, and Grant Thornton	Subscribe to see more
Title	Chief Financial Officer	Subscribe to see more
Status	Current	Subscribe to see more

Wells Fargo Success Story

Professional Services

Platform Overview

Fincovi

Executives

Fincovi Management Team

2 Team Members

This profile has not been claimed.

Discover the right solution for your team