Sydney solar and wind forecasting start-up seeks funds to tap booming global market

The Sydney-based company behind an Australian made technology that helps forecast and optimise the output of large-scale wind and solar projects is seeking to raise to up to $5 million to accelerate its international expansion.

Fulcrum3D said on Wednesday that it was working with advisory firm Energy Estate to tap investors for $A3-5 million to increase its market reach and capitalise on the global renewable energy boom – particularly in the US, where a renewables friendly government has taken the wheel.

The company first launched its ARENA-backed advanced cloud tracking system on the Australian market in mid-2016, where it was soon been applied to major commercial and grid-scale projects, including the 25MW Katherine Solar Farm in the Northern Territory.

Fulcrum3D’s CloudCAM, uses cameras, irradiance sensors and data analytics to track clouds to help manage the power output effects, enabling higher solar penetration and reducing the need for alternative generation, while also optimising the use of battery storage systems.

The company has since also developed a trailer-mounted wind energy monitoring technology, called Sodar, which it claims provides accurate wind resource data at a fraction of the cost of traditional met masts and with more flexibility for site location.

At this stage, Fulcrum3D says it provides operational performance monitoring on over 2,000MW of utility-scale solar as well as forecasting services for well over 2,000MW of wind and solar generation on Australia’s National Electricity Market (NEM).

Among the wind projects to have adopted its Sodar technology are the 270MW Snowtown 2 wind farm, the 131MW Waterloo Wind Farm, and the 111MW Granville Harbour Wind Farm, all owned by Palisade Integrated Management Services.

According to Palisade Integrated Management Services asset engineer Josh Lowndes, Waterloo wind farm – pictured above – actively uses self-forecasts to regularly achieve a causer pays factor (CPF) of zero, resulting in no regulation FCAS fees.

Elsewhere, Fulcrum3D has systems already deployed in China, Europe, India, Middle East, South America and the Pacific Islands, but is hoping to extend its reach overseas with the help of the planned fund-raising round. The company has forecast a total addressable market of $A1.8 billion by 2025.

Proceeds from the capital raise would in particular be focused on accelerating Fulcrum3D’s expansion in the US, the company said, where initiatives from the Biden administration were accelerating renewables penetration.

“The next few years are crucial for us,” said Fulcrum3D managing director and co-founder, Dr Colin Bonner.

“This capital injection will further accelerate our international expansion, scale our manufacturing capabilities, expand our marketing, and accelerate our R&D,” he said.

“We have had great Australian results and have our eyes on accelerating growth in international markets, so we can facilitate the global transition to renewables by providing the most accurate forecasting data on the market.“