IBM Acquires Prescinto to Improve Green Energy Solutions, Asset Management Capabilities

The acquisition will improve the capabilities of IBM Maximo Application Suite (MAS), IBM's offering for asset lifecycle management

Outlook Planet Desk

Updated on: 16 October 2024 3:54 pm

The value of the global utilities asset management market is expected to grow from $4.3 billion in 2022 to $12.4 billion in 2031, with CAGR of 11.3 per cent. Photo: by Freepik

Tech gaint IBM announced on Tuesday that it has acquired Prescinto, a Bangalore-based software company that manages renewable energy assets like solar and wind energy. Prescinto’s capabilities involve using AI to enable advanced monitoring, analytics and automation to streamline renewable energy operations and manage clean energy and storage assets.

The acquisition will improve the capabilities of IBM Maximo Application Suite (MAS), IBM's offering for asset lifecycle management. It will enhance IBM's position as a leader in the energy and utility sector, which is experiencing a major shift and looking for ways to effectively handle and enhance wind, solar, and other renewable energy storage resources, the company said in a statement.

Water, natural gas, oil, nuclear, and other energy and utility companies around the world are already using IBM MAS.

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The progress will enhance IBM's ability to aid clients in their sustainability efforts and achieving net-zero objectives. This enables users to monitor the effectiveness of solar, wind, and energy storage assets in almost real-time. This also allows users to identify the root cause and the reasons for poor performance and suggest measures to enhance production.

Established in 2016 by entrepreneur Puneet Jaggi, Prescinto, located in Bengaluru, utilises artificial intelligence (AI) to facilitate advanced monitoring, analytics, and automation in order to optimise renewable energy operations and oversee clean energy and storage assets. Its range of services combines clean energy facility information with cutting-edge technology to enhance power production.

The company received funds from venture capital funds including startup incubator and accelerator Venture Catalyst, Infection Point Ventures, Mumbai Angles and LetsVenture.

“The value of the global utilities asset management market is expected to grow from $4.3 billion in 2022 to $12.4 billion in 2031, with CAGR of 11.3 per cent,” IBM stated, citing Allied Market Research.