Clir Renewables Inc. has raised $1.9 million in bridge financing from Active Impact Investments and other investors.
Founded by CEO Gareth Brown, Vancouver based Clir Renewables is a renewable energy AI software company whose cloud-based tools help asset managers and owners maximize production, and provide owners clarity on performance.
Clir Renewables previously received funding from Sustainable Development Technology Canada (SDTC). The company also closed a $2.1 million seed round of financing in 2018.
Clir Renewables intends to use new funding for continued product development, strengthening existing features, and releasing new feature from the product roadmap.
photo credit: Clir Renewables
News Release
Successful close to investment round for Clir Renewables
Clir Renewables secured a C$1.9m investment following discussions with multiple investors.
Jun 3, 2019
Canadian renewable energy company, Clir Renewables, has successfully closed an investment round, securing C$1.9m. The SaaS company has developed a renewable energy AI platform that helps wind farm owners and operators to maximize production and provides clarity on performance risk for all interested stakeholders.
Gareth Brown, Clir Renewables CEO, says, “It’s exciting times here at Clir. We secured this bridge financing to put us in a sound financial position to continue to grow the company globally and develop our domain-specific AI. It’ll allow us to continue to lower the cost of renewable energy and give us time to find the right Series A investor later this year. It’s fantastic to see so many of the previous investors reinvesting in the company and bringing in impact and renewable industry expertise investors from North America and Europe will align a lot of expertise with the company to facilitate a massive global impact. With a bit of luck, we’ll have over 10% of the world’s wind farm owners paying to use our platform by the end of June. We need to remain humble and focus on execution to drive our industry forward to lower cost of energy”.
Clir Renewables was previously awarded funding through Sustainable Development Technology Canada (SDTC), a Canadian government support for entrepreneurs accelerating the development and deployment of globally competitive clean technology solutions. The company also secured C$2.1m in a seed-stage financing round in 2018. This latest investment enables continued product development, strengthening existing features, and releasing new feature from the product roadmap.
Mike Winterfield, Founder and Managing Partner of Active Impact Investments, commented, “We have been watching the success of the Clir Renewables team for over two years and are thrilled to get an opportunity to support them in accelerating their global expansion. Climate change requires an urgent shift from burning fossil fuels, and the insights provided by Clir’s software will continue to drive the costs of renewable energy down so it becomes the obvious choice in all markets.”
As Clir Renewables gains more market traction, it is considering sourcing larger investors to assist in capitalizing on this traction and increased interest in the software.