- Above’s technologies enhance the design, construction, and overall management of solar plants
- The investment will establish Above as a global leader in solar plant data and analytics
- First investment in solar tech by Clean Growth Fund
The Clean Growth Fund, the UK venture capital fund, has led a GBP£2.4m investment in Above, a world-leading solar data and analytics company. Above is revolutionising the solar industry, developing software, digital models and AI to help generate more solar power from data.
Above, founded in 2016, has worked on over 2500 solar assets and supports customers across six continents. It works with many of the world’s leading solar energy companies to deliver solar plant data and analytics through its interactive web-based platform, SolarGain. The company’s technology digitises solar assets, optimising the operational efficiency and performance of ground-mounted and roof-mounted solar PV assets.
As well as data analytics and AI, Above provides its customers with a suite of data solutions that help solar companies design, build and manage better, more efficient solar plants. Its work includes aerial topographical mapping, construction management and solar plant inspection solutions.
It is the Clean Growth Fund’s first investment in the UK solar industry. The Clean Growth Fund was set up in 2020 to invest in the UK’s most promising early-stage “clean growth” technology companies.
Susannah McClintock, Investment Director at Clean Growth Fund: “With an established presence in the global solar industry, Above is in a very strong position to expand and grow its operations. With the deployment of solar forecast to increase globally by 165GW every year over the next three years, efficiency in condition monitoring and asset maintenance is becoming increasingly important for the industry to increase yield factors. Above’s growth prospects are exciting.”
Will Hitchcock, founder and Chief Executive of Above Surveying, said: “We are delighted that the Clean Growth Fund has chosen to invest in our company; it underlines our confidence in our innovation and vision for how technology will transform the global solar industry. We are at the heart of the digitalisation transformation now underway within a rapidly growing industry, a transformation which is critical in ensuring the rapid and sustainable deployment of solar across the world.”
Jeremy Elden, Chairman of Above since 2020, said: “The consistent success of Will and his team at Above over the past five years has been most impressive. This significant investment from the Clean Growth Fund and the support of Above’s existing investors will enable the company’s market-leading technologies to be offered to solar and related service companies in many more key markets. The company is remaining true to its vision of becoming the leader in solar software.”
As part of this funding round, Jeremy Elden has made an additional investment in the company.
For this transaction, the lawyers Shoosmiths acted for the Clean Growth Fund. Birketts acted for Above.
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