- Published: 05 February 2018 05 February 2018
Vestas has entered into an agreement for the acquisition of Utopus Insights, an energy analytics provider with a team with data science expertise in analytics, power engineering, energy software development, and meteorology.
The acquisition price for Utopus Insights is approximately US$ 100 million on a debt and cash free basis. For 2017, Utopus Insights is, on a stand-alone basis, expected to report consolidated revenues below US$ 10 million. Utopus Insights will be included in Vestas' financial reporting from the time of closing, which is expected to take place within the first quarter of 2018 and is subject to necessary third-party approvals being in place. US-based Utopus Insights has its origins in IBM's Smarter Energy Research Institute and currently offers five software tools for the renewable energy industry and continues to develop new products based on its store of over 30 issued patents related to energy innovation. Vestas and Utopus Insights will also sign joint development agreements that support predictive and prescriptive analytics products. Utopus Insights will continue as a stand-alone entity under Vestas Service, including separate branding.