Vestas Wind Systems A/S: Vestas to acquire Utopus Insights, a leading energy analytics and digital solutions company

The acquisition allows Vestas to seize digital opportunities and expand its
service offering. 

Aarhus, Denmark, 2018-02-02 23:32 CET (GLOBE NEWSWIRE) --

Vestas has entered into an agreement for the acquisition of Utopus Insights,
Inc., an energy analytics provider with 15 years of experience in solutions
development, a suite of innovative digital products, over 30 patents, and a
highly experienced team with data science expertise in analytics, power
engineering, energy software development, and meteorology. 

The acquisition price for Utopus Insights is approx. USD 100m (approx. EUR 80m)
on a debt and cash free basis. The consideration will be paid in cash from
readily available sources. For 2017, Utopus Insights is, on a stand-alone
basis, expected to report consolidated revenues below USD 10m (approx. EUR 8m).
Utopus Insights will be included in Vestas' financial reporting from the time
of closing, which is expected to take place within the first quarter of 2018
and is subject to necessary third-party approvals being in place. 

As the global energy sector is transforming, Vestas is looking to offer
customers digital solutions to deliver greater predictability, increased
renewable energy production, more efficient operations, and better integration
with energy grids. This transformation means energy systems and power plant
owners must improve forecasting accuracy for renewable production, optimise
output from each individual generation asset and orchestrate a portfolio of
resources across multiple sites and equipment types. They must also do so in a
cost-effective manner that ensures grid stability as renewable energy sources
gradually replace conventional, fossil-fuel generated power plants. With this
purchase, Vestas seeks to seize the opportunity afforded by this ongoing
transformation to deliver faster, smarter, and more holistic solutions. 

"Vestas' strategic objective is to accelerate the transition towards a fully
decarbonised energy sector in the most efficient and cost-effective way
possible - both for our customers and for our planet", said Anders Runevad,
Vestas' Group President and CEO. "Acquiring Utopus Insights significantly
improves Vestas' existing market-leading capabilities for advanced analytics
and integrated energy software solutions. We will now be able to provide our
customers improved forecasting, output optimisation and coordination between
assets, and support the larger energy ecosystem's increased uptake of renewable
energy". 

US-based Utopus Insights has its origins in IBM's Smarter Energy Research
Institute and has a rich pedigree in data science, software, utility
operations, meteorology, and renewable and distributed energy. Utopus Insights
currently offers five powerful novel software tools for the renewable energy
industry and continues to develop new products based on its store of over 30
issued patents related to energy innovation. Vestas and Utopus Insights will
also sign joint development agreements that support advanced predictive and
prescriptive analytics products. Utopus Insights will continue as a stand-alone
entity under Vestas Service, including separate branding. 

"Utopus Insight's mission is to accelerate an era of distributed, reliable,
clean and cost-effective energy", said Utopus Insights CEO, Chandu
Visweswariah. "Combining with Vestas represents a quantum leap forward in our
ability to accomplish that mission. The significant synergies gained from
applying our breakthrough tools to Vestas' global-leading wind energy resources
and existing offerings will demonstrably benefit customers and the grid. We are
appreciative of the opportunity to work with a team and a company whose
commitment, mission, vision and values align so perfectly with our own". 

"Vestas can now provide customers with additional digital tools that can
further leverage available data, increase their operational agility and help
them make smarter decisions to lower their costs, increase their revenues and
better manage their power plants", said Christian Venderby, Group Senior Vice
President and Head of Service at Vestas. "Joining our unequalled experience and
data repository with Utopus Insights' incomparable data analytics expertise
creates a digital solution powerhouse that will enable us to meet and exceed
our customers' needs". 

Contact details
Vestas Wind Systems A/S, Denmark

Investors/ analysts:
Patrik Setterberg, Vice President
Investor Relations
Tel. [phone]

Media:
Anders Riis
External Communications
Tel: [phone]
Email: [e-mail]

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