Vilnius, Lithuania-based, the global leader in solar project design software, PVcase raised USD 100 million in joint investment. The round took place on July 17, 2023. Highland Europe, Energize, as well as existing investor Elephant, provided the investment to the company.
So far, the company’s total financing amounts to more than USD 123 million. As a part of the deal, John Tough, managing partner of Energize Ventures, is now a member of the PVcase board of directors.
Purpose of financing for PVcase
With the latest financing, the company seeks to develop its software solutions as well as expand its business operations.
What the company’s official has to add
PVcase CEO David Trainavicius said, “Data risk is a technical problem that has become an industry-wide constraint. We plan to use this investment to drive more cost and time savings by offering a one-stop solar design platform.”
Besides, PVcase Chief Commercial Officer Douglas Geist said, “For solar data, there are no standards for how much to collect, when and how often to collect it, and what the data should cover. PVcase’s momentum won the confidence of these investors that we can address this challenge.”
What the investors have to add
Irena Goldenberg, Partner at Highland Europe, said, “Good, streamlined data across the design and construction lifecycle is the fuel we need to keep the renewable energy transition moving toward a cleaner future. We need to advance solar operations fully into the digital age by reducing data risk. We’re making this investment so PVcase can lead the industry to a solution.”
John Tough, managing partner of Energize Ventures and now a member of the PVcase board of directors, further said, “The utility-scale solar industry is poised for explosive global growth in the coming years, yet it currently lacks the digital tools needed to meet the demand of the market,” said “Software solutions aimed at automating solar workflows and increasing data integrity are required for the market to become profitable and scalable. After getting to know the PVcase team, product and customers over the last two years, Energize is confident that PVcase is the software the industry needs to unlock its growth potential.”
In addition, Peter Fallon, General Partner at Elephant, said, “In utility-scale solar design and construction, the physical output can only be as good as the software and data inputs. PVcase is building the leading end-to-end solution in the category, allowing its customers to more effectively design and develop scaled solar projects. The Company is growing rapidly and capital efficiently, and we are excited to continue to back the team.”
About the company
David Trainavicius in 2017 launched the company. PVcase is a next-generation PV software-as-a-service company. Driven by world-class engineering and a cutting-edge development team, PVcase is helping power the energy transition by making solar project design faster, more efficient and more precise.
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