Hg has agreed to acquire a majority stake in renewable energy asset software provider 3E from ReNew and minority investors.
Hg will support the business as it accelerates the rollout of artificial intelligence tools across its SynaptiQ platform and expands operations into the US market. Galvanize Climate Solutions will participate as a minority co-investor, while 3E founders and management will roll over a portion of their equity.
Founded 25 years ago, 3E provides performance management software and technical advisory services for solar, wind and battery storage installations. The company monitors more than 50 GW of generation assets for utility-scale and commercial clients including EDP, Renvolt and BayWa r.e.
Aashima Jain, Thomas Martin and Chris Fielding, partners at Hg, said: "As renewable capacity continues to grow, investors and operators are looking for solutions to help protect returns on increasingly complex portfolios. Since its founding, 3E has built a detailed, physics-based understanding of how renewable assets perform, backed by decades of operational data and insights that compound over time. That is the ideal foundation for building new AI products that deliver measurable value to customers. We are excited to back Stef and the team as they invest in the product and scale internationally."
Stef Goossens, chief executive of 3E, said: "3E has helped owners, operators and investors understand how their renewable assets really perform. Backed by Hg, we are raising our ambition: to give our customers the industry’s leading systems of record and intelligence, in support of the energy transition. We will focus on AI-based revenue analytics for assets in operation and strengthen our US presence to accelerate global growth. Hg’s experience in scaling software businesses and in AI makes it the right partner for this next phase.
"I also want to thank ReNew, which has been an energetic shareholder since December 2022, and whose support brought 3E to where we are today and positioned us to take this next step in our growth. We are glad to continue working with them as a valued customer. For our customers and our people, what makes 3E stays the same: the team that built it continues to lead it, and our advisory work remains independent. What changes is the pace at which we can deliver."
Galvanize partners, Saloni Multani and Mani Ghiasi, added: "We have followed 3E’s journey for several years and have been impressed by its differentiated, physics-based digital twin platform and the loyalty of its customers. The business has strong momentum, and we look forward to working alongside Hg and bringing our energy sector expertise and relationships to accelerate that growth, particularly in the US."
