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IBM has announced the acquisition of Bengaluru-based renewables company Prescinto, aiming to enhance the capabilities of its Maximo Application Suite (MAS) for asset lifecycle management. This move strengthens IBM’s position in the energy and utility sectors, where its MAS solution is already widely used by companies in water, natural gas, oil, nuclear, and other energy sectors. The acquisition comes at a critical time as renewable electricity generation is expected to rise by nearly 90% by 2030, according to the International Energy Agency. As more organizations adopt renewable energy sources like wind and solar, they face challenges in managing the performance of high-tech devices such as turbines, solar panels, and inverters. Environmental factors, including weather and debris, can impact energy output and reduce system efficiency, making effective asset management increasingly vital. Prescinto, founded in 2016, offers asset performance management (APM) software-as-a-service (SaaS) tailored for the renewable energy sector. Leveraging artificial intelligence, the platform provides advanced monitoring, analytics, and automation for managing clean energy and storage assets. This technology allows real-time tracking and monitoring of solar, wind, and energy storage performance, helping users identify and resolve underperformance issues to optimize energy generation. For instance, solar power plants can lose efficiency over time due to debris on panels. Prescinto’s APM software uses visual recognition to monitor such issues, enabling proactive maintenance and ensuring that assets maintain peak efficiency. This leads to faster responses and improved energy output. Globally, Prescinto manages 16 gigawatts of renewable energy across 14 countries. Its platform offers a range of capabilities, including real-time monitoring with high-definition maps, AI-driven insights to identify losses, and data visualizations to help deploy site teams effectively for repairs and maintenance. With the global utility asset management market projected to grow from $4.3 billion in 2022 to $12.4 billion by 2031, IBM’s acquisition of Prescinto positions it well to meet the growing demand for solutions in the renewables space, further solidifying its leadership in the energy sector. |
