Press Release: Investment and Asset Management Platform Odyssey Acquires Ferntech
Odyssey Energy Solutions has acquired the German remote monitoring and control technology company, Ferntech.
Emily McAteer, CEO and Co-Founder, Odyssey, says: “We’re delighted about the acquisition of Ferntech and the opportunity it presents to expand the toolkit we offer our clients and users. We’ve successfully worked with the Ferntech team and their technology for several years. The acquisition significantly advances our mission to enable streamlined development, financing, and operations of distributed infrastructure projects at scale.”
Odyssey has become the go to platform for investors and governments making investments in the distributed renewable energy market and is currently facilitating flow of funds totalling over USD900 million.
McAteer says: “Odyssey has proven the value of its platform to catalyse investment into the distributed energy sector. We are excited to now offer an integrated and industry-leading product for efficient operations and maintenance.”
Ferntech’s remote monitoring and control solution includes hardware and software technologies to collect, analyse, and act on granular system data. Operators need fewer trips to site and can reduce operational and maintenance costs by 30 per cent. Standardised control algorithms also make systems smarter, improving productivity and reducing downtime by up to 10 per cent.
Ferntech, founded in Berlin in 2016, has deployed its solutions in over 15 countries across five continents. It is recognised as an innovator in monitoring hardware and analytics, due to its ability to work across nearly any technology.
Patrick Cousins, VP Customer Success, Odyssey and former CEO, Ferntech, says: “Joining the Odyssey family is a fantastic development for us. We know we work well together and have a shared ambition to transform how we can use data to scale low carbon infrastructure at a lower cost.”
Global net zero emissions targets are driving a rush into low carbon infrastructure. OECD calculates that USD6.3 trillion of annual investment in infrastructure is needed until 2030 in energy, transport, water, and telecommunications infrastructure, to sustain growth. Decentralised assets are increasingly seen as solutions to the cost and resilience issues that affect large, centralised projects.
McAteer says: “We are seeing a rapid increase in investment in distributed infrastructure projects, and the sector has enormous potential. We have built the team and technologies required to make Odyssey’s end-to-end investment and asset management platform exactly what the sector needs to achieve this potential.”