Tech giant IBM has acquired Bengaluru-based renewables company Prescinto, as the New York Stock Exchange-listed firm eyes boosting its leadership in the energy and utilities space. 

In a press statement, IBM said that the acquisition will enhance the capabilities of IBM Maximo Application Suite (MAS), the company's solution for asset lifecycle management.

The tech giant added that water, natural gas, oil, nuclear, and other energy and utility enterprises have already utilised IBM MAS. 

Steering Sustainable Journey

"The acquisition will further enable IBM to support clients' sustainability initiatives and net-zero goals, allowing users to track and monitor the performance of solar, wind and energy storage assets in near real-time; identify root causes for underperformance; and recommend actions to optimize generation," said IBM. 

The acquisition comes at a time when the International Energy Agency, in its recent report said that renewable electricity generation will increase by almost 90 percent by 2030. 

IEA also added that need to adapt to managing the performance of high-tech devices like turbines, solar panels, and inverters as energy transition progresses steadily all across the globe. 

"Organizations are increasingly turning to alternative energy sources like wind, solar, and energy storage to help reduce emissions and lower energy costs. Yet, it can be daunting to effectively manage and maximize the performance of high-tech devices like turbines, solar panels and inverters, which generate power from renewable energy assets," said IBM in the press statement. 

Leveraging Growth in Utilities Market

Affirming the growth potential of the utilities sector, another report by Allied Market Research said that the value of the global utility asset management market is expected to grow from $4.3 billion in 2022 to $12.4 billion in 2031, with a compound annual growth rate of 11.3 percent. 

In the press statement, IBM said that Prescinto's capabilities inlcude leverage AI to enable advanced monitoring, analytics, and automation to streamline renewable energy operations and manage clean energy and storage assets. 

Established in 2016, ,Prescinto provides services to global customers across 14 countries with 16 GigaWatts under management.