Castrol takes a controlling interest in Romax Technology’s InSight business, combining Castrol’s expertise in wind turbine lubrication with Romax Insight’s predictive maintenance, analytics and software business
The deal will make leading physics-based and data-driven predictive analytics available to more wind turbine operators, which could potentially result in a reduction of their maintenance costs by up to 30%
14 February 2017, London. Castrol, one of the world’s leading lubricant brands, has today announced the creation of a joint venture with Romax Technology’s InSight business, a pioneer in predictive maintenance solutions.
With over 30 years’ experience working in the wind sector this deal will combine Castrol’s global reach and knowledge of wind turbine lubrication with Romax InSight’s expertise in predictive maintenance, software and data analytics for wind turbines.
The lubrication and maintenance of a wind turbine’s expensive gearbox is critical to optimising its performance and reliability. Romax InSight is a rapidly growing predictive maintenance provider, designing software and engineering services which monitor the condition of wind turbines, and predict breakdowns – potentially resulting in a saving for its customers by up to 30% in maintenance costs.
Mandhir Singh, COO, BP Lubricants, said: “We’re incredibly excited about the potential this joint venture will create, both for the new business and also our existing customers. By working together I believe we will create a powerful, faster-growing business in the wind sector and beyond.”
Over the past two years Castrol has supported the development of a number of digital solutions which complement its core lubricants business, including GreenSteam, a data analytics company specialising in fuel saving solutions for the marine industry; Castrol OPTIS, a technology company providing leading edge machine and operational efficiency solutions to the manufacturing industry; and Castrol Carama a digital market place that connects consumers seeking car service and repair to trusted workshops,
Andy Poon, Romax Technology CEO adds: “We’re always looking at ways to drive innovation at Romax. The aim of Romax InSight is to combine our deep understanding of design and operation of wind turbines with advanced data analytics to provide practical solutions that reduce operations and maintenance costs. We are delighted to find in Castrol a partner who shares this vision and can provide a platform for growth. We look forward to working closely alongside them to take InSight to the next level.”
Notes to editors:
Wind power is predicted to grow strongly over the next 20 years. In 2015 wind generation grew by 17.4% to reach 3% of global electricity supply. (Source: BP 2016 Statistical Review of World Energy)
Castrol, one of the world’s leading lubricant brands, has a proud heritage of innovation and fuelling the dreams of pioneers. Our passion for performance, combined with a philosophy of working in partnership with manufacturers, has enabled Castrol to develop lubricants and greases that have been at the heart of numerous technological feats on land, air, sea and space for over 100 years.
Castrol is part of the BP group and serves customers and consumers in the automotive, marine, industrial and energy production sectors. Our branded products are recognized globally for innovation and high performance through our commitment to premium quality and cutting-edge technology. To find out more about Castrol please visit www.castrol.com
About Romax Technology
Romax Technology are a global leader in software, analysis and services for gearboxes, bearings and electro-mechanical systems. Providing unique solutions across the product life-cycle to key industries including automotive, aerospace, renewable energy, off road, rail and marine. RomaxDesigner is an award-winning software solution for electrical and conventional driveline systems, used by eight of the world‘s top 10 auto-manufacturers to help get better quality products to the market faster and at lower cost, without compromising on design and development accuracy.
Since 2012 Romax InSight has operated as a division of Romax Technology dedicated to wind turbine predictive maintenance and reliability engineering. InSight provides innovative condition monitoring and predictive maintenance solutions alongside premium consulting and advisory services for owners, operators and investors.
For more information on Romax please visit www.romaxtech.com