IBM acquires Indian SaaS startup Prescinto to shine a light on renewable energy assets

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IBM announced on Tuesday it has acquired Prescinto – a Bangalore-based provider of asset performance management software for renewable energy.

Since its 2016 debut, Prescinto has won customers in 14 countries and manages 16 gigawatts worth of infrastructure. For some perspective, 16 gigawatts represents all wind-powered electricity generation that came online in the EU during 2022. The EU is expected to build 20GW of new wind every year on average between 2023 and 2027, according to industry advocate WindEurope.

Big Blue claimed the acquisition would enhance its existing asset lifecycle management platform, Maximo Application Suite (MAS).

IBM suggested Prescinto could help to manage scenarios such as solar power plants that become less efficient as panels accumulate dust. Prescinto's SaaSy software, IBM suggested, can "use visual recognition capabilities to help monitor these assets, identify issues before they become critical, and prompt the necessary actions to restore optimal efficiency. This would allow for real-time tracking of panel performance, streamline required cleaning, and enable organizations' prompt response before energy output decreases."

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Binance helps bust solar scammers

Also at the intersection of tech and renewable energy in India yesterday, crypto-hub Binance claimed it's helped Delhi Police to shut down a scam targeting the sector.

An entity known as "M/s Goldcoat Solar" allegedly lured investors by impersonating government officials on social media. It claimed to have the backing of the Government of India’s Ministry of Power in a solar power expansion project, according to Binance. Once funds were received, the threat actor (allegedly) absconded with the funds that were funnelled into various fraudulent bank accounts.

Surprise, surprise – the high returns never materialized.

Binance claimed its role in the bust included providing analytical support and helping investigators follow the money trail. The police made multiple arrests and recovered over 100,000 USDT (that's Tether cryptocurrency).

That capability means Big Blue thinks Prescinto will "further IBM's leadership in the energy and utility space."

IBM said MAS already manages water, natural gas, oil, and nuclear assets for its customers.

Big Blue has entered other partnerships around MAS – including one with Japan's NTT Comware to manage the control of air conditioning in datacenters earlier this year.

Market analyst firm International Data Corp (IDC) already ranks IBM as a top performer in asset lifecycle management. Big Blue pulled in a share of 10.8 percent in 2023. ®

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