With 2020 now in full swing, we pause to celebrate the accelerated adoption of the Drive platform by many of the leading providers of renewable energy. Together, we are paving the way for a cleaner, renewable future. Thank you!
"The digital transformation of clean energy is upon us!"
The drive toward renewable energy continues unabated, giving those of us in the renewable energy business every reason to remain optimistic. Last year we experienced renewable energy production outpacing coal for the first time in the United States, with more coal plants expected to be retired again in 2020 amid continued declines in renewable energy pricing.
The percentage of electricity served from renewables is expected to increase from 19% in 2020 to 22% in 2021, up from 17% in 2019. Wind power capacity is expected to hit 125 GW in 2020—up 19 GW from 2019—and 130 GW in 2021. And solar is expected to grow 24 GW in 2020, setting a new record in the United States, and blowing away the previous record from 2006.
A Global Transition
This is a seminal and global transition, not a fad or trend. According to BloombergNEF, 77% of OECD nation energy investment will be in wind and solar over the next 30 years, comprising over $10 trillion of new renewable assets. BloombergNEF now forecasts 50% of all electrical energy production to come from renewables by 2050 – leading to the catchy new phrase, “50 by 50”.
Moreover, 2020 is projected to be the “year of storage,” and we’re seeing it here at Power Factors. Most of our customers are investing in storage and working with us to ensure we can support their needs with a common platform across all their renewable assets. We can!
Hold on tight. The energy industry is in the middle of a major disruption.
On the business front, the race is on to grow. Consolidations, mergers, green field acquisitions – they’re a daily occurrence. Managing these transitions and quickly optimizing and reporting on new assets has become a challenge for leading providers. Even owner-operators who have established full wrap relationships with their service providers need methods to keep their providers accountable– and more and more of them are turning to Power Factors.
If I could sum up the value we provide in three key points, it would be this:
A Single System of Engagement Supporting Your Entire Clean Energy Ecosystem.
From performance engineers to ROC operators, asset managers and asset owners to field service dispatchers and field technicians – all looking at the same data but with insights tailored to their use case. Our single platform — Drive — supports wind, solar, and storage assets; integrates drone, market, and weather data; and connects seamlessly with other enterprise applications, such as ERP, invoicing, and the like.
Industrial-Grade and Accurate.
Our application is built on top of infinitely scalable industrial platforms – Microsoft Azure, OSIsoft PI System, and Salesforce – so we can provide the level of uptime and reliability leading clients demand. We take great pride in ensuring that the time-series data from renewable plants is cleansed properly, the metrics are correct, and the events are accurate. This “digital plumbing” is a major pain point for our customers and we handle it all.
We want our customers focused on the biggest problems – and real problems, not the noise that accompanies review of plant-level SCADA screens. Our team is now over 120 strong with deep renewables expertise. We speak your language, we understand your challenges, and we make products that reflect the accuracy you demand. We’re pushed every day by the leading companies in the business to up our game, and with our Agile SAFe development process and multiple scrum development teams, we are constantly improving to meet those demands.
A Customer-First Approach.
Yes, we are a cloud-based software provider, but we think of ourselves as a service company. Our largest department is software development, followed closely by our Customer Success team, a group of customer advocates that work in Asia, North America, and Europe to ensure continuous value realization.
We have the most accurate event engine and we deliver world-class analytics, but without the service element, we wouldn’t continue to earn your trust and your business! It’s one of our company values — a philosophy carried by the CS team, but shared by everyone at Power Factors.
Our commitment to our customers continues in 2020 when we will deliver some very exciting new features, along with SOC 2 compliance (we are already SOC 1 Type 2 compliant). We will continue expanding our global team to keep pace with our customers’ growth.
As always, we will remain focused on delivering outcomes and enabling our customers’ success through advanced software solutions and expert services. Come by and visit us — we’re speaking and exhibiting at fifteen global conferences in 2020.
Thank you again to our valued customers, partners, and employees.
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