Barcelona-based Delfos, an AI-powered, real-time advanced analytics platform helping improve the performance and reliability of renewable energy power plants, has secured €6.3M in a seed round of funding.
The Spanish startup claims that its technology optimises renewable energy assets for utility firms, reducing downtime, enhancing performance, and preemptively identifying potential faults.
Investors supporting Delfos
Rokas Peciulaitis, Managing Partner at Contrarian Ventures says, “Infrastructure investors in renewables want efficiency, stability and to be able to make timely decisions well in advance of failures to ensure their sites are up-and-running 24/7 with no downtime.”
“Delfos’ predictive management platform is a critical software infrastructure layer to ensure the resilience of those assets.”
“We are excited to partner with an exceptional Delfos team, and are really impressed by their existing client trust and traction and believe they will be the leading product in the market as they scale across Europe and the US in the coming years.”
Romero Rodrigues, Managing Partner at Headline adds, “Delfos combines management and AI in one of the most attractive sectors today, which is renewable energy.”
“With the need for sustainable development and the growth of the ESG agenda around the world, businesses like theirs stand out for solving real issues. Additionally, we were especially excited about the startup’s potential for international expansion.”
Brief about Delfos
Founded in 2017 by Guilherme Studart and Samuel Lima, Delfos Energy is headquartered in Barcelona and founded in Fortaleza, Brazil. It is a climate software company specialising in renewable energy.
The startup’s “virtual engineer platform” employs AI and big data to enhance the efficiency of wind, solar, and hydro farms. Delfos’ real-time virtual engineer software provides automated performance and reliability workflow management to boost ROI and optimise asset performance.
With a track record on over 10GW of monitored renewable energy assets, Delfos estimates a 3-5 per cent increase in energy generation, a 30 per cent reduction in component replacement costs, and streamlined data management and reporting processes.
Reducing downtime to make renewable sites more efficient
Delfos offers a SaaS platform to B2B customers, empowering utilities and renewable energy managers to proactively identify performance improvements, maintenance issues, and potential faults in real time through a performance & reliability x-ray.
The advanced technology allows engineers to detect performance issues within 24 hours and address major component faults 3-5 months before downtime, crucial for remote assets like solar farms.
Research by KWH Analytics highlights that 92 per cent of EBITDA loss in solar energy stems from underutilisation and underproduction, making Delfos’ preemptive approach crucial for maximising efficiency and minimising downtime in the renewable energy sector.
Co-founder Studart says, “If we are to enable a green energy transition fully, the renewables at the heart of our future energy supply chain must be as efficient and reliable as possible.”
“This is where Delfos comes in – our technology is designed to drive up the energy produced by each renewable asset, making them more lucrative to run, more efficient, and more appealing to investors looking to back the energy transition to net zero.”
Funds to expand globally
Delfos recently established its European headquarters in Barcelona, Spain, alongside its LATAM HQ in Brazil, comprising a total of 55 employees. The company plans to hire 12 more employees in Spain and across Europe within the next six months, designating it as the global HQ location.
The funding round aims to fuel European expansion, focusing on partnerships with renewable energy asset owners, maintenance providers, and utility companies.
Delfos eyes US expansion in 2025 after establishing a solid presence in Europe and LATAM.