BayWa R.e. Acquires PowerHub To Accelerate Digital Transformation Of The Industry
Global renewable energy developer, service provider and wholesaler, BayWa r.e has acquired Toronto-based software house PowerHub. The new addition to the BayWa r.e. group offers a leading cloud-based asset intelligence software solution and will continue to operate largely independently. The acquisition extends BayWa r.e.'s scope of digital technology services in the field of renewable energy operations and further expands its globally successful services business.
“This is an important and strategic acquisition that recognises the transformational opportunities digitalisation represents for the rapidly evolving asset management services sector”, commented Matthias Taft, Member of the Board responsible for the energy business, BayWa AG. “BayWa r.e. is committed to being at the forefront of this transformation, and I'm pleased to welcome the PowerHub team who bring with them world-class digital expertise and a market leading software platform. This is just the latest stage in our digitalisation investment programme as our services business continues its global expansion.”
PowerHub's state-of-the-art software is today providing asset intelligence to clients in 20 countries around the world. Backed by BayWa r.e., PowerHub will continue its growth path in global markets under its existing management, team, and brand as a largely independent business.
The acquisition will accelerate innovation in the asset management software space with the objective to drive efficiency, transparency, and value for asset owners and managers.
“This is an exciting time for PowerHub, and for our customers”, comments Etienne Lecompte, CEO of PowerHub. “With the additional investment and resources BayWa r.e. will provide, we will be able to significantly accelerate and enhance the development of our business and software platform to offer even greater benefits and functionality to our global customer base. PowerHub and BayWa r.e. share the same vision and recognise the huge potential and customer-derived benefits from greater digitalisation within the renewable services sector.”
BayWa r.e. manages over 7 GW of renewable assets around the world. Well-established and continuing to grow in Europe, the company is now enjoying growth and expansion in the Americas and Asia Pacific.
Tobias Bittkau, Global Director of BayWa r.e. Services, BayWa r.e. renewable energy GmbH, added: “The asset management services sector of today is unrecognisable from that of 10 years ago. And the next 10 years will see even greater changes. The whole industry is facing a challenging transformation and we will make this a success story. Digitalisation is a central driver and a key part of our continued investment and expansion plans. Working with PowerHub and our own expert teams, we can accelerate our combined digital services offering and commitment to be market leaders.”
