IBM acquires Prescinto for renewables asset performance management

October 15, 2024

Prescinto is a software-as-a-service (SaaS) platform to manage and optimize the end-to-end operations of renewable energy assets. Its acquisition will enhance the capabilities of IBM’s integrated solution for asset lifecycle management.

October 15, 2024
Uma Gupta

IBM announced today it has acquired Bengaluru-headquartered Prescinto, a software-as-a-service (SaaS) platform to manage and optimize the end-to-end operations of renewable energy assets.

Prescinto, founded in 2016, leverages artificial intelligence to enable advanced monitoring, analytics, and automation to streamline renewable energy operations and manage clean energy and storage assets. It works with and services global customers across 14 countries with 16 GW under management. Prescinto’s asset performance management capabilities help organizations simplify operations and maintenance to maximize return on investment.

“The acquisition of Prescinto will enhance the capabilities of IBM Maximo Application Suite (MAS), IBM’s solution for asset lifecycle management. Moreover, it will further IBM’s leadership in the energy and utility space, an industry undergoing significant transformation and seeking solutions to manage and optimize wind, solar, and other renewable energy storage assets. Water, natural gas, oil, nuclear, and other energy and utility enterprises globally already utilize IBM MAS,” stated IBM.

Organizations are increasingly turning to alternative energy sources like wind, solar, and energy storage to help reduce emissions and lower energy costs. Yet, it can be daunting to effectively manage and maximize the performance of high-tech devices like turbines, solar panels and inverters, which generate power from renewable energy assets. In addition, environmental factors like weather and debris can contribute to reducing energy output, system effectiveness, and system uptime. According to Allied Market Research, the value of the global utilities asset management market is expected to grow from $4.3 billion in 2022 to $12.4 billion in 2031, with a CAGR of 11.3%.

“The acquisition [of Prescinto] will further enable IBM to support clients’ sustainability initiatives and net-zero goals, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time; identify root causes for underperformance; and recommend actions to optimize generation,” stated IBM.

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