In Startup50 2016: For building a venture with a robust business model in the clean tech space, a rarity in the current context.
Founders: Vishal Pandya (In Pic), Vibhav Nuwal
Bangalore-based REConnect Energy enables the electric grid to absorb increased amount of renewable energy by helping grid operators, electric utilities and wind/solar power producers to accurately forecast wind/solar power generation and electric demand using predictive analytics.
It has also launched India’s first renewable energy transactions marketplace, clickpower.in, enabling cheaper and greener access of electricity to bulk consumers of electricity.
The venture raised Rs 20 million from Infuse Ventures, a clean tech VC fund incubated by CIIE-IIM Ahmedabad and Ministry of New and Renewable Energy, Govt. of India in Aug-2014.
The company generated Rs 3.8 crore revenues in 2014, which grew to Rs.4.11 crore in 2014 and Rs. 7.67 crore in 2016. It has projected Rs. 15 crore revenues for 2017. The company, with a 52-strong team, has over 450 corporate clients, including two large state owned grid operators, across India.
The company offers predictive analytics and transactions advisory services through its marketplace, covering the entire eco-system of energy market: renewable energy generators, grid operators, electric utilities and bulk consumers of electricity.
The team is further aided by a strong client network, public sector clients’ coordination team, scalable IT platforms, predictive analytics/machine learning and network of sensors (energy and weather).
Predictive analytics for grid managers enables them to absorb large amounts of renewable energy into the grid which otherwise could not be accommodated due to variability associated with the generation. For instance, in FY14 alone, Tamil Nadu restricted wind power output by 2.2 Billion kWhs in order to ensure grid safety from variable wind power production. The same amount of energy otherwise could power entire Sri Lanka for 2 full months.
clickpower.in empowers the bulk consumers of electricity to procure greener and cheaper electricity, thereby enabling competition to reduce the green energy prices and making access to clean energy faster and economical at Pan-India level. Currently, the company filed a petition to the Central Regulator of Electricity seeking nation-wide approval for the marketplace.
- REConnect manages over 10,000 MWs of wind/solar assets for forecasting and scheduling.
- It is the largest service provider in India in this category.
- It expects the portfolio of corporate clients to reach about 800 by mid FY18.
- It manages over 35,000 MWs of assets between wind/solar/electricity demand forecasting.
- FY17 Revenue estimates: INR 15 Cr. CAGR of 78% since inception.