August 26th, 2020 — Over the past decade, rapidly declining module costs and innovation in soft costs have made photovoltaic solar the cheapest and fastest-growing source of new electricity in the world. Since 2010, the technology cost of solar has decreased 85%, drawing $1.3 trillion in solar asset investments. Over that same time period, global capacity increased from a mere 25 GW to 663 GW in 2019.
While lower costs have allowed developers and financiers to offer more competitive rates than ever, developers have become increasingly cost sensitive in order to protect margins and stay competitive in a growing industry. As developers look to cut costs and improve reliability in an industry with a growing labor shortage, they face a fragmented landscape that relies heavily on manual processes such as individualized site surveys and labor-intensive inspections.
Raptor Maps is building the system of record for the solar industry. Combining digital models, aerial imagery, and machine learning, Raptor Maps is systematizing the solar asset lifecycle, from site selection and construction to inspection and investment due diligence. By creating efficiency, transparency, and standardization across the industry, Raptor Maps is making solar more financeable and scalable.
Tackling Solar Operations and Maintenance Costs
The combination of increased competition and the ITC phase-out is pushing developers towards innovations that reduce labor costs, improve performance, and enable longer asset lifespans. Existing digital solutions tend to only tackle one step of the process at a time, limiting interoperability and preventing owners from gaining a holistic view of their solar projects.
Improving the operations and maintenance (O&M) of solar assets is a major financial opportunity for asset owners and financiers, most of whom still rely on manual inspections. According to the EIA, O&M represents nearly 20% of the levelized cost of energy of a typical solar asset.
Since its founding in 2015, Raptor Maps has established itself as the leader in software and aerial inspection for solar plants. Their software enables customers to use off-the-shelf drones or airplanes to quickly capture and analyze data using thermal and color imagery, leveraging machine learning to build and update a digital record of the customer’s electrical and mechanical drawings.
Building the System of Record for the Solar Industry
Inspections, which are mandatory at every stage of solar development and operation, are just the first step. By applying machine learning and advanced analytics to site selection, surveying, build progress monitoring, and investment due diligence Raptor Maps is creating a system of record for every stage of the solar development stack.
A system of record, achieved through a robust digital twin of solar assets, gives developers, financiers, EPCs, asset owners, and asset managers a holistic view of their assets that is commensurate with the scale and complexity of the solar industry. By capturing a wide spectrum of verifiable data and analytics that cover key contract specifications, Raptor Maps has the potential to not just save costs for developers, but also to become a trusted third-party source-of-truth for complex financial transactions and warranty claims.
Why Powerhouse Ventures Invested in Raptor Maps
In 2019, Powerhouse Ventures invested in Raptor Maps’ seed round. Today, we’re proud to announce our participation in Raptor Maps’ Series A, co-led by Blue Bear Capital, Data Point Capital, and Buoyant Ventures with participation from the Massachusetts Clean Energy Center, Congruent Ventures, and Y Combinator.
Raptor Maps’ customers include leading global utilities such as Enel (a Powerhouse partner); developers such as Cypress Creek Renewables; EPCs such as McCarthy; and the largest global solar operations company, Swinerton. To date, Raptor Maps has analyzed 25 GW of C&I and utility-scale solar across 2,300 installations in 36 countries, with over $50 million in annual savings detected.
We look forward to continuing to work with Co-Founder & CEO Nikhil Vadhavkar, Co-Founder & CTO Eddie Obropta, and the entire Raptor Maps team to reduce costs and create a trusted system of record for the solar industry.
To read more about Powerhouse Ventures’ other publicly-announced investments, visit our Insights page.