IBM is announcing it has acquired Prescinto, a provider of asset performance management (APM) software-as-a-service (SaaS) for renewables.
Prescinto’s capabilities leverage AI to enable advanced monitoring, analytics, and automation to streamline renewable energy operations and manage clean energy and storage assets.
Organizations are increasingly turning to alternative energy sources like wind, solar, and energy storage to help reduce emissions and lower energy costs, effectively management of high-tech devices like turbines, solar panels and inverters, which generate power from renewable energy assets, is critical.
As the focus shifts toward alternative energy sources like wind and solar, effective management of equipment like turbines and solar panels is critical.
According to Allied Market Research, the value of the global utilities asset management market is expected to grow from $4.3 billion in 2022 to $12.4 billion in 2031, with a CAGR of 11.3 percent.
The acquisition of Prescinto will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management. Moreover, it will further IBM’s leadership in the energy and utility space, an industry undergoing significant transformation and seeking solutions to manage and optimize wind, solar, and other renewable energy storage assets. Water, natural gas, oil, nuclear, and other energy and utility enterprises globally already utilize IBM MAS.
The acquisition will enable IBM to support clients’ sustainability initiatives and net-zero goals, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time; identify root causes for underperformance; and recommend actions to optimize generation.
For example, a solar power plant can become less efficient over time due to accumulated dirt and debris on its panels. Renewable APM software can use visual recognition capabilities to help monitor these assets, identify issues before they become critical, and prompt the necessary actions to restore optimal efficiency. This would allow for real-time tracking of panel performance, streamline required cleaning, and enable organizations’ prompt response before energy output decreases.
Prescinto, founded in 2016 and headquartered in Bangalore, India, works with and services global customers across 14 countries with 16 GigaWatts under management.
