Photo credit: Onyx Insight
Photo credit: Onyx Insight

Technology and services

Investing in a leader in renewable energy data analytics

Macquarie Capital acquired ONYX Insight (ONYX), the leading provider of wind turbine performance analytics and condition-based monitoring to the wind energy industry, and is supporting the continued scaling of the business

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Sector Technology and services
Sub-sector Renewables
Location Global

Opportunity

Founded in 2008, ONYX is a technology business that brings condition-based monitoring and predictive analytics to owners and operators of renewable energy assets.

Its integrated suite of technologies and services combine state-of-the-art enterprise software and analytics, sensing technologies and engineering consulting solutions, and can be used throughout the lifecycle of assets, with a focus on wind turbines.

By tracking diverse measurements across the asset lifecycle, ONYX engages all members of the renewables ecosystem, including operators, developers, financiers and the original equipment manufacturers (OEMs) to support the performance and increase the lifespan of assets operating in the field through preventative and predictive analysis.

Using the insights it provides, asset owners and operators can reduce downtime and improve operational efficiencies, ultimately leading to increased profitability and sustainability for renewables projects.

Approach

The global wind industry installed a record 117 GW of new capacity in 2023, representing a 50 per cent year-on-year increase from 2022.1

The market is expected to continue growing in the coming years, driven by increasing energy demand, growing concerns about climate change, government policies promoting renewable energy initiatives, and technological advancements that make wind energy more affordable and efficient.2

In 2024, Macquarie Capital acquired ONYX, which had been a part of bp's venture division Launchpad since 2017. Macquarie Capital made the investment through its Growth and Technology team, which specialises in growth investments and buyouts among high-growth, innovative companies. Macquarie Capital’s investment was driven by the belief in ONYX's market-leading position due its deep renewables expertise, award-winning technologies and proven track record of successfully reducing operating and maintenance expenditure for wind owners and operators. 

Outcome

Today, ONYX continues to operate as an independent business providing services to its global customer base of renewables developers, owners, financiers and OEMs, including 8 of the top 10 wind asset owners in more than 30 countries worldwide.

In 2024, ONYX was awarded various multi-year contracts across Europe and Latin America.3 Its latest contract in Brazil will see ONYX deliver its fleet of software as a service (SaaS)  technologies across more than 700 turbines. Work is also underway on a three-year contract in Spain, which will see installations of predictive maintenance and data acquisition technologies on more than 100 turbines.

Macquarie Capital’s investment in ONYX will support it in continuing to scale its business, working with an expanding number of owners and operators of renewable energy assets globally. With the support of resources from Macquarie Capital, ONYX will continue driving innovative solutions across the renewables sector, reducing costs for clients and enabling higher levels of operational efficiency.

ONYX’s fully integrated technology and service offerings sets the company apart within the wind condition-based monitoring sector. We’re excited to be a part of ONYX’s ongoing growth as it continues to expand its operations to support a diverse range of global clients across the renewables sector.” 

Ben Bailey and John Spirtos 
Macquarie Capital Growth & Technology

20,000+

wind turbines monitored by ONYX4

8 of the top 10

wind asset owners worldwide use ONYX technologies4

32

countries with wind turbines monitored by ONYX4

  1. Global wind report, Global Wind Energy Council, 2024
  2. Massive global growth of renewables to 2030 is set to match entire power capacity of major economies today, moving world closer to tripling goal, IEA, 2024
  3. ONYX Insight awarded multi-year contracts in Europe and Latin America, Energy Global, 2024
  4. ONYX Insight

    Main photo credit: ONYX Insight

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