Clir Renewables has raised a $27 million Series B funding round co-led by Longbow Capital and ArcTern Ventures and including Canada Pension Plan Investment Board (CPP Investments), BDC Capital, Active Impact Investments and Tokio Marine HCC.
Founded in 2017, Clir is dedicated to maximizing project returns from renewable energy assets.
Clir has provided critical technology to support owners of renewable energy assets in 11 countries via its AI-driven monitoring and optimization platform. Clir’s existing customer base collectively own more than 10% of the global installed wind and solar capacity.
This latest round will allow Clir to further develop ‘smart’ products, utilizing industry-wide data to evaluate technical and financial risk with more accuracy, enabling improved contractual and financing terms for owners and investors.
Additionally, this round will enable the firm to accelerate Clir’s growth within the existing European and North American markets, as well as grow its presence in Latin America, Africa and Asia-Pacific.
2021 has been characterized by record investment in renewable energy projects and ‘green’ services. This deal demonstrates that for many firms these investments are guided by a desire to take a lead in driving the success of clean energy worldwide.
As such, these stakeholders are looking to bring value beyond capital to technology firms such as Clir, the likes of which will be critical to supporting a successful, efficient energy transition.