First Entry into Renewable Energy Vertical
Volaris Group today announced the acquisition of ConWX ApS, a provider of mission-critical power forecasting services for global energy providers.
ConWX is headquartered in Copenhagen and provides services for energy and energy trading companies globally. The company has a renewable energy install base of more than 100GW capacity.
“With the acquisition of ConWX, Volaris Group enters the renewable energy sector. ConWX is well-positioned in this important and growing industry and we see an interesting opportunity to expand our footprint,” said Jesper Ulsted, Portfolio Manager at Volaris Group, “Our buy-and-hold-forever philosophy is well-suited for companies looking for stability, long-term growth and and it fits particularly well with the sustainability focus of this new vertical.”
ConWX will continue to operate independently under the leadership of existing management team and founders Jesper Thiesen and Erik Østergaard Madsen.
Commenting on the deal, Jesper Thiesen stated “We were looking for a sustainable long-term partner and Volaris is an excellent fit for both our technology and our talented team.We are excited to be the first company within the renewable energy vertical at Volaris and are looking forward to building out this new vertical together. Our deep industry knowledge, combined with Volaris’ experience acquiring vertical market software businesses, creates a compelling opportunity.”
ConWX is a supplier of a range of advanced weather and energy forecasting services, especially for wind and solar power energy providers. Services are used for trading and nomination of daily energy production as well as project construction phases for offshore and onshore, and Metocean forecasts on routes and sites for the planning, construction, and O&M phase.
The company was founded with a focus on providing weather services for the wind sector and have through the years develop into providing advance power forecasting services, which are critical in a world with increased rate of energy coming from variable renewable energy sources.
In the last 6 years the company have developed into a critical Data-as-a-Service and Software-as-a-Service provider of high accuracy power forecast used for energy trading on global electricity markets.
About Volaris Group
Volaris acquires, strengthens and grows vertical market technology companies. As an Operating Group of Constellation Software Inc., Volaris is all about strengthening businesses within the markets they compete and enabling them to grow – whether that growth comes through organic measures such as new initiatives and product development, day-to-day business, or through complementary acquisitions. Learn more at www.volarisgroup.com.