After analyzing the growth potential in the renewable energy sector, aerial data analytics company DroneBase has secured USD 7.5 million in series C funding in order to expand its footprints into the renewable energy market.
The company is planning to do this further with its new platform DroneBase Insights for wind and solar industry.
For this purpose, it has founded DroneBase Europe in Germany and wanted to serve the expanding customer base.
Commenting on the company’s expansion plans, Dan Burton, CEO and Founder of DroneBase, said that “DroneBase’s expansion into renewable energy reflects our belief in the growth potential of the wind and solar energy industries.”
“Since many energy companies have both wind and solar assets, we are well-positioned to leverage our DroneBase Insights platform to grow our global market share in renewable energy,” Burton added.
Sharing the business experience with DroneBase, Jamie Mordarski, Director of Operations and Maintenance, Americas at SMA, said that “DroneBase has been instrumental in helping us scale solar asset inspection and analysis across North America.”
“Their ability to provide 100 per cent aerial coverage by using drones and manned aircraft gives them a tremendous competitive advantage. We look forward to growing our partnership with DroneBase as our portfolio grows,” Mordarski commented.
The company claimed that DroneBase Insights for Solar gathers accurate data that otherwise would not be visible to the naked eye, and thermal sensors are necessary to detect anomalies such as hot spots and defects on solar panels.
It also expects that as an upcoming feature to the platform, DroneBase Insights for Wind and Solar will be able to detect issues with most components of wind and solar field.
Besides serving global energy partners, the company’s first international office in Germany will expand its services to support current customers with assets in Europe, while introducing its capabilities to new clients, the company said in a statement.
In May this year, a research & consulting firm Frost & Sullivan also analyzed that, with the surge in adoption of technologically advance activities in the power sector such as digital transformation, remote monitoring and operational cost optimization, the market for drones in the power and utility sector will continue to expand at a CAGR of 23.6 per cent and will reach USD 515 million by 2030.