Castrol created a joint venture with Romax Technologys InSight business, which provides condition monitoring and predictive maintenance services for wind turbines.
In a news release, Castrol said the deal will combine its global reach and knowledge of wind turbine lubrication with Romax InSights expertise in predictive maintenance, software and data analytics for wind turbines. According to the announcement, Castrol will have a controlling interest in the InSight business, though the size of that stake was not disclosed.
Photo courtesy of Castrol
Castrol said a new joint venture will combine its global reach and knowledge of wind turbine lubrication with Romax InSights expertise in predictive maintenance, software and data analytics for wind turbines.
Since 2012, Romax InSight has operated as a division of Nottingham, United Kingdom-based Romax Technology. InSight provides condition monitoring and predictive maintenance solutions.
Wind power is predicted to grow over the next 20 years, according to the BP 2016 Statistical Review of World Energy. In 2015, wind power generation grew by 17.4 percent to reach 841 terawatt-hours, or 3 percent of global electrical supply. One terawatt-hour is equal to a sustained power of approximately 114 megawatts for a period of one year.
Lubricant demand for use in wind energy applications will grow at a 7.4 percent compound annual rate over the next five years, likely reaching more than 50,000 metric tons consumption by 2020, Kline & Co. estimated in its study, Lubricants for Wind Turbines: Global Market Analysis and Opportunities.