Enverus comes full CRCL in latest power and renewables acquisition

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Aug 09, 2023, 10:05 ET

Addition of cloud-based algorithms and modeling for wind and solar generation forecasts improves power trading by reducing risk

AUSTIN, Texas, Aug. 9, 2023 /PRNewswire/ -- Enverus, the most trusted energy-dedicated SaaS company, announced today it has acquired CRCL Solutions, a provider of cloud-based algorithms and modeling for wind and solar generation forecasts. CRCL Solutions provides a wide range of advanced forecasting data to help power traders make informed decisions and reduce trading risk.

"CRCL Solutions is a key to unlocking part of Enverus' future and enabling us to grow our footprint in power and renewables by creating more intelligent connections and opportunities across the energy ecosystem," said Jeff Hughes, CEO of Enverus. "Accurate predictions of wind and solar production have become a necessary building block for everyone involved in the power industry. To meet the needs of our customers we must forecast this production, and we must do it well."

As renewable energy capacity continues to grow to meet the requirements of a changing U.S. energy market, power traders and plant operators are increasingly reliant upon accurate, granular wind and solar forecasting data to identify arbitrage opportunities, reduce trading risk and optimize asset deployments.

CRCL Solutions was founded in 2021 by Thomas Sherman and Daniel Vassallo. Both earned a doctorate from the University of Notre Dame and their collective expertise lies in the field of environmental fluid mechanics, with a focus on developing mathematical and machine-learning algorithms to model natural, environmental systems. Their recent work has spanned developing a novel algorithmic suite to improve weather forecasting, and creating a technological pipeline that transforms raw weather forecast data into wind and solar generation forecasts at the plant level.

"By combining CRCL's core technology with Enverus' data resources, CRCL can improve its current product offerings and create entirely new energy forecasting products that were previously not possible. We believe Enverus is a perfect partner to develop the next generation of wind and solar forecasting," Sherman said.

"CRCL was founded on the idea that everyone in the energy industry should have access to the best renewable power information. Enverus' resources will accelerate our R&D goals and provide access to a much wider audience. We couldn't ask for a better partner to help achieve our mission," Vassallo said.

"The intermittent nature of wind or solar generation is the fundamental change in the grid that impacts net load grid congestion, and ultimately price," said Bernadette Johnson, general manager of Power and Renewables at Enverus. "CRCL Solutions' offerings are complementary to what we've been building for years, and together, we will create more useful and granular forecasts that enhance solutions and diversification amid an ever-changing energy transition."

Since 2017, Enverus has grown its power and renewables segment through organic innovation and acquisitions including CRCL Solutions, RatedPower, Energy Acuity and Marginal Unit. Bernadette Johnson will oversee CRCL Solution's integration.

About Enverus
Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data, sourced from 98% of U.S. energy producers and more than 35,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing; and our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6000 customers in 50 countries. Learn more at Enverus.com

About CRCL Solutions
CRCL Solutions is the developer of a weather forecasting platform intended to improve forecast accuracy and strengthen power grid resiliency. The company's platform utilizes artificial intelligence to identify when the current wind/solar forecast fails and provide an improved atmospheric forecasting in real time, enabling power traders to capitalize on low-risk, high-return trades and anticipate market movements. Learn more at CRCLsolutions.com.

SOURCE Enverus