Software and services-focused investment firm Hg announced the acquisition of a majority stake in renewable energy software and technical advisory services provider 3E from India-based renewable energy developer and operator ReNew and minority shareholders.
Founded in 1999 as a spin-off of research organization IMEC, Belgium-based 3E provides software and technical advisory services to the renewable energy sector, including energy yield assessments and technical due diligence for renewable energy projects. The company’s SynaptiQ platform enables owners and operators of solar, wind and battery storage assets to monitor performance, track revenue and identify operational inefficiencies.
Under the agreement, members of 3E’s founding and management team will retain a stake in the company, while climate-focused investor Galvanize Climate Solutions will join Hg as a minority co-investor.
Stef Goossens, CEO of 3E, said:
“Backed by Hg, we are raising our ambition: to give our customers the industry’s leading systems of record and intelligence, in support of the energy transition.”
Hg said that the investment will support the further development of SynaptiQ, including the integration of operational, weather and market data and the combination of physics-based models with AI to optimize portfolio performance and revenue. The investment will also support 3E’s international expansion, particularly in the U.S., and potential acquisitions to broaden its product capabilities.
Aashima Jain, Thomas Martin, and Chris Fielding at Hg said:
“Since its founding, 3E has built a detailed, physics-based understanding of how renewable assets perform, backed by decades of operational data and insights that compound over time. That is the ideal foundation for building new AI products that deliver measurable value to customers.”
