A Chicago-based startup that helps clean energy companies monitor and detect mechanical problems with their wind turbines and solar panels recently won the Clean Energy Trust competition, a cleantech accelerator program.
Aerospec Technologies, founded by Lance Li, a recent graduate of Northwestern University’s Kellogg School of Business, came in first place out of eight other university-based, Midwest and cleantech startups, and was awarded $50,000 at the Feb. 8 competition at Chicago’s manufacturing incubator mHUB.
The startup, launched in 2015, has created a SaaS platform that uses artificial intelligence and data analytics to detect mechanical issues with clean energy systems. By collecting data through drone-connected microchips that amass aerial footage and data, Aerospec’s software leverages algorithms to quickly and efficiently analyze that data to tell owners what the conditions of their sites are.
“[Clean energy systems] are meant to last for 30-plus years, so during that time, they’re generating electricity, but they’re also requiring maintenance,” Li said. “Currently, some of the inspection and maintenance work is done in a very manual fashion, meaning it’s very costly. Through process automation, they can be more efficient and generate more electricity, knowing problems before they even happen.”
Li said Aerospec’s software helps companies save time and money when monitoring their systems because otherwise, they’d be doing it manually. He said Aerospec can monitor systems 10 times faster and do it for half the cost.
“Traditionally, maintenance requires technicians to go one by one on the solar field to check their condition,” Li said. “But we have really revolutionized and disrupted the process by leveraging commercial drone technology.”
Aerospec’s clients include major clean energy companies, including Canadian Solar, one of the largest solar panel service providers in North America. Aerospec clients can opt to have data on their systems delivered to them on a quarterly and/or semi-annual basis.
Li currently has a team of seven working for the company, many of which he recruited from Northwestern. Li said winning the Clean Energy Trust competition was a big milestone for the company and has helped map out its next steps.
“[Winning] feels really, really great,” Li said. “Being validated means so much to us as a team.”
Clean Energy Trust has awarded more than $3.7 million in funding to 33 clean energy startups, which have gone one to raise an additional $112 million and have created more than 300 jobs.
Li said Aerospec's prize money will go to research and development, but that he is looking for additional financing to expand. In addition to the competition prize money, Aerospec has secured a small pool of money from Pritzker Group Venture Capital.
“It’s not enough, but it’s a great start,” Li said, adding that he is currently raising a seed round for $1-1.5 million. “We’re at a point where we’re scaling. We actually have clients that are paying for our services. That’s a strong signal for market validation.”
