Climate Connect to raise up to $10mn

Climate Connect to raise up to $10mn
Climate Connect to raise up to $10mn

London-based Indian energy start-up Climate Connect is seeking to raise $5-10 million in a Series B round within the next six months, the company's founder and chief executive officer Nitin Tanwar said in an interview. It had earlier raised a $1.2 million Series A round from Amsterdam-based Miller Turner Group. Climate Connect, which deploys artificial intelligence (AI) and machine learning technology software across the energy generation, transmission and distribution spectrum, currently works with a portfolio of 20GW. The company offers real-time intraday, day-ahead, term-ahead, and long-term energy forecasts using AI algorithms powered by millions of hourly data points from the transmission system, distribution network, generation types, and weather models. It also forecasts market prices and bid volumes. Its stated aim is to use technology to make renewable energy affordable to the masses. Tanwar said: “Next year, Climate Connect will patent its technology. We've already applied for patents in India, but want to do this in other jurisdictions as well. We currently manage a portfolio of 20GW and we want to get to 300GW in 3-5 years. We want to move into the US and China, the big energy markets. There is a lot of capacity being added there and hence, for us, a lot of opportunities.”

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