Michigan startup SkySpecs accelerates growth with $80M investment

SkySpecs, the Michigan-based energy renewal startup, announced today that an $80 million capital raise has closed. SkySpecs provides service and software solutions to make renewable energy the most efficient power source in the world. 

The strategic investment comes from Goldman Sachs Asset Management (Goldman Sachs) with additional participation from a subsidiary of NextEra Energy Resources, as well as existing SkySpecs investors like Statkraft Ventures, Equinor Ventures, Evergy Ventures, UL Ventures, and Huron River Ventures, also played a part in this investment.

The new funding will help SkySpecs accelerate the expansion of their software offerings by leveraging their existing foundation of automated high-quality data collection and analytics, as well as grow its geographic footprint in order to advance its mission to optimize renewable performance and help displace fossil fuel generation.

“Renewable energy is becoming a viable, attractive, and profitable energy source. In order to scale fast enough to meet the demand, the market needs experts and solutions to help them navigate the complexities of managing their assets. We help customers get the most out of the life of their assets by identifying solutions to their most complex problems,” Danny Ellis, CEO of SkySpecs, said in a press release. “That’s why we’ve developed a solution set that enables companies to manage and optimize their assets from the planning phase right through the full asset lifecycle, including predicting future failures and prioritizing repairs in order to optimize their maintenance budgets.”

Through a solution-based approach to renewable energy, SkySpecs leverages AI-based fault detection in technology and diagnostic solutions to enable earlier and more robust fault detection. This solution allows customers to maximize uptime, as well as their asset lifetime.

“There is a growing need amongst renewable asset owners to improve asset efficiency and better manage asset health, which is not being sufficiently addressed today and is further exacerbated by aging fleets and increasing complexity of portfolios,” said Vikas Agrawal, Managing Director, Goldman Sachs Asset Management. “SkySpecs has a leading market position providing high ROI preventative maintenance and software solutions to the world’s largest renewable asset owners, along with extensive data and know-how. We’re excited to invest in SkySpecs’ vision to accelerate the expansion of capabilities that will increase the performance and longevity of renewable resources, reduce operating costs, and simplify asset ownership.”

SkySpecs provides a solution for renewable energy companies that struggle to understand the health of their assets.

“It’s a pivotal time for the future of renewable energy,” added Ellis. “The industry is constantly changing, and companies need to be equipped to grow with it. Effective asset management, and the data to achieve it, is key for future success.”

SkySpecs is growing and looking for talented folks to join their team. If you're interested in working on revolutionizing energy, check out SkySpecs' open jobs.