Italian startup Renewcast bags €2M to advance its wind energy generation forecasting

Italy-based Renewcast, a company specialised in wind energy generation forecasting, announced recently, that it has secured €2M through a SAFE/CLA funding round.

The funding round was led by South Western Power Group (SWPG), a division of MMR Group, a major player in power transmission and renewable energy in the US.

It was followed by CDP Venture Capital’s Green Transition Fund, which uses EU resources to stimulate innovation in green sectors.

This investment brings the company’s total funding to approximately €3M, following the successful closing of its seed round in December 2023.

Fabio Nicolò, CEO and Founder of Renewcast, comments, “The initial funding round allowed us to complete our SaaS platform, refine our forecasting models, secure our first commercial customers, and build a strong sales pipeline. The new funding round will allow us to expand our technical team, further enhance our platform, continue to improve our forecasting models, and scale our operations in Europe and the US market.”

“Additionally, we are building a strong partnership ecosystem in the weather forecasting space, positioning Renewcast as an established global player in the coming months. We are excited to continue to push the boundaries of what is possible with wind forecasting technology,” Nicolò.

Renewcast: AI-powered renewable energy forecasting

Founded by Fabio Nicolò, Ugo Mattoni, and Sibghat Ullah in 2020, Renewcast provides AI and deep learning solutions that deliver accurate daily and intra-day wind generation forecasts.

The company’s proprietary SaaS platform has already demonstrated its impact, managing over 1.5 GW of installed capacity in pilot programs and commercial customers.

With improved forecast accuracy of up to 30 per cent and potential savings of up to €4 per MWh of energy produced.

The investor

SouthWestern Power Group is an independent merchant energy generation and transmission development team.

Current Projects include the Bowie Power Station located in southeastern Arizona and the SunZia Southwest Transmission Project.

David Getts, CEO of SWPG, adds, ” We invested in Renewcast because we know a winning business model when we see one. The founding team is experienced and business-minded, and we are confident that Renewcast will be successful in the rapidly growing renewable energy market. We are particularly excited to support Renewcast’s entry into the US market, where we believe there is huge growth potential.”