November 17, 2011
3TIER®, a global leader in renewable energy risk analysis, today announced it has been recognized by three organizations for continued, strong growth. For the fourth consecutive year, 3TIER was included in the Puget Sound Business Journal's list of 100 Fastest-Growing Private Companies in Washington State. For the second consecutive year, 3TIER ranked on Deloitte's Technology Fast 500™. In addition, 3TIER made its debut on the 2011 Inc. 5000.
“The demand for 3TIER’s services continues to grow around the world,” said Craig Husa, 3TIER’s chief executive officer. “As the penetration of wind and solar energy increases, there is an ever-greater need to accurately forecast power production from weather-driven renewables and mitigate the risk of their variability. Over the last year, we have seen important investments come to fruition, which are delivering great value to the industry as a whole.”
In 2011, 3TIER made several announcements that reflect its leadership in renewable energy forecasting and risk analysis. In May 2011, 3TIER began partnering with weather risk insurers to offer financial instruments to hedge the risk of wind power variability. These products create an entirely new global market for financial wind risk management. They are designed to ease financing pressure on wind projects, where the cost of financing often includes large premiums to cover production uncertainty. In September 2011, a 3TIER collaboration resulted in the first real-time wind project valuation tool, which enables investors to perform instant valuation and scenario analysis on more than 3,400 wind projects around the world. In October 2011, 3TIER announced that its resource risk analysis work had helped utility-scale solar developers secure over $4.1 billion in private and public financing and loan guarantees.
“3TIER, like all 2011 Technology Fast 500 companies, has excelled in fostering innovation and channeling it into spectacular growth – against the backdrop of one of the most challenging economies in history,” said Eric Openshaw, vice chairman and U.S. technology, media, and telecommunications leader, Deloitte LLP. "Deloitte recognizes 3TIER for its remarkable accomplishment.”
The Deloitte Technology Fast 500 is based on five-year revenue growth and is exclusively focused on the fastest-growing technology, media, telecommunications, life sciences, and clean technology companies in North America. The Puget Sound Business Journal and Inc. awards are based on three-year growth and are not sector specific.
“We are pleased to honor 3TIER as a 2011 Deloitte Technology Fast 500 company,” said Mark Jensen, managing partner, technology and venture capital services, Deloitte & Touche LLP. “As one of the fastest-growing tech companies in North America, 3TIER has demonstrated excellence in technological innovation, entrepreneurship, and rapid growth.”
3TIER helps the global energy market manage renewable energy risk. A pioneer in wind and solar generation risk analysis, 3TIER uses weather science to frame the risk of weather-driven variability – anywhere on earth, across all time horizons. With offices serving North America, Europe, India, Latin America, and the Pacific Rim, 3TIER has global reach with products and services spanning renewable energy project feasibility, energy marketing, and asset management. For more information, visit www.3tier.com.
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