Halle, 15 April 2021 – Greenbyte AB, Europe’s foremost renewable energy management platform and Power Factors, LLC, the North American leader in renewable energy operations and asset performance management software, are joining forces. Korys exits with a great sense of satisfaction, happy to have helped Greenbyte grow and looking forward to seeing them conquer the world of global renewable energy software through this merger.
Korys stepped in Greenbyte in December 2016. “From the start, we truly believed both in the company and the team of this Sweden based pioneer in renewable energy management systems. And since then, we supported the company with follow-on investments” says Brieuc de Hults, Investment Director at Korys. “We wanted Greenbyte to be able to focus on further product development and growth, helping them to become a European market leader, without any financial worries, and so they did, in no more than 5 years. Thumbs up. This merger with the US market leader was the next logical step to become the global leader in renewable asset performance management. Power Factors’ offering and market reach are very complementary to Greenbyte and we are thrilled about this business combination.”
“Next to expertise and support, when convinced of a project, Korys can be an investor that progressively brings in funding so that there is no need for a portfolio company to go through new external financing (and negotiation) rounds every time cash is needed, which is undeniably a considerable asset” adds Brieuc de Hults.
“We have very much enjoyed the support and backing by Korys, whose industry expertise and relationships have helped us significantly grow our service offerings and client base,’ says Jonas Corné, Greenbyte’s CEO. Since Korys’ initial investment in December 2016, Greenbyte has grown revenues more than 4 times to become the foremost renewable energy software platform in Europe.
“With this combination of Greenbyte and Power Factors we now achieve an unparalleled scale and breadth of service in global renewable software, taking our customers a step closer to delivering 100% renewable energy,” Jonas Corné added.”
By combining forces Greenbyte and Power Factors will play a greater role in driving the converging digital and energy transformations, enabling companies around the world to tap into data across their entire business and surface deeper insights to make smarter decisions, accelerate electrification, and drive intelligent, connected experiences among enterprises. As part of Power Factors, Greenbyte will accelerate and extend its mission to help customers visualize, understand, and act on renewable energy data.
Over time, the two platforms are expected to converge, bringing together the best practices of both platforms into a single unified toolset for the effective management and operation of large fleets of renewable energy assets.
Terms of the transaction were not disclosed.
Press Contact – Korys
Sabine DERAEVE – / tel: +32 496 22 20 18
Korys is the investment company of the Colruyt family. Today, it has more than EUR 4.5 billion of assets under management. Korys also actively manages participations in privately held companies and its investment decisions are taken with a long-term perspective and based on strict economic (Profit), social (People) and ecological (Planet) criteria. Korys aims to create sustainable value in 3 major ecosystems: Life Sciences, Energy Transition and Conscious Consumer. To do so, Korys can count on a motivated team of 30 professionals based in Belgium and Luxembourg.
Headquartered in Gothenburg, Sweden, Greenbyte is a developer and enabler of smart data software to drive productivity in renewables. It has set out to create the most open, versatile, and user-friendly asset management platform available to renewable energy stakeholders worldwide. Greenbyte pulls data from all renewable energy technologies and data sources into one place, empowering portfolio owners, and their asset managers, to make truly informed decisions.