"It didn’t take more than 30 minutes on a call with Danny, CEO of SkySpecs, to realise this was a fit. 88 days later we formally joined the SkySpecs family!"
Accelerating the Mission
Our mission is to make renewable energy the best managed real asset class, leapfrogging the likes of aviation and real-estate. We believe that, if renewable energy can demonstrate the highest level of risk weighted returns and best financial governance then the capital markets will invest more capital, invest sooner and expect lower returns, thus fueling the growth required.
One year into the “decade of action,” which will see renewable electricity supply jump from 26% to 57% of global power, we are well on our way to helping investors deploy and manage this USD 10.3 trillion opportunity.
But certain difficult questions were still keeping our clients (utilities, IPPs, funds) up at night. Questions that could only be answered by bringing the best-in-class solutions, on both the technical and financial side, together to create a new offering.
The Questions (e.g. Do we understand our risks?)
Sustainable returns for investors mean well managed assets where data, automation and robotics combine to head-off availability issues, costly repairs, fines and supplier issues. The “intelligent” asset management will come from joining the dots so that risk is fully understood, monitored and optimised for the benefit of investor returns.
As an asset class, the better we can demonstrate to investors that we have a handle on operational, volume, price, financial and other related risks, the more attractive the asset class will become. Large, sophisticated investors are starting to ask all the right questions, so the time is now to put in place the structures to enable the answers.
Why the Acquisition?
SkySpecs is the leader in its field. Over 75,000 turbine inspections completed. Blade asset management software that covers over 43GW of assets globally. Operations in 26 countries. The numbers speak from themselves.
Vertikal.AI has also joined the SkySpecs family in recent times. Vertikal AI has an advanced drivetrain vibration monitoring platform with their eyes on the rest of the sensor data. It is world class technology developed by the leaders in their field.
Simply put, we joined forces with the best in the industry to further our mission and solve for those difficult questions nobody has yet to solve for.
Myself and the rest of the management team (John Harney, Damian Malone, Jayesh Shah & Brian Travers) are all busier than ever growing the business.
For our customers, your day-to-day points of contact are all still with us and looking forward to getting back into the office and engaging with you even more. I’d like to take this opportunity to thank you for your business since we started Fincovi. We sincerely hope, with SkySpecs now on our side, we will significantly strengthen and expand our relationship with you in the very near term. Let’s have that coffee soon and talk about what new things we can do together.
Every young company needs a helping hand along the way. On behalf of the team, I’d like to thank NDRC, the Western Development Commission, Maurice O Gorman, Barry Gavin, Roscommon LEO and Laura Heuston for coming with us on journey and believing in the team.
Please reach out to me if you would like to know more about our plans.
Ray O Neill
CEO of Fincovi
- Learn more about SkySpecs
- Learn more about Vertikal.AI
- Go to the Press Release
- See our e-Book “The Back and Middle-Office of the Future” to learn more about how we help bridge the financial intelligence gap and enable scaling
Citations: USD 10 trillion of fossil fuel investment must be redirected towards energy transformation by 2030 - IRENA Report Jan 2020