Case Study: Delivering Business Continuity Assurance in the Renewable Energy Sector

Use case

Business Continuity

Industry

Energy & Utilities, Infrastructure

Challenge

In this promising industry, customers want assurances that their solar energy systems will still be able to run decades from now.

Solution

Escode Software Escrow Services

This renewable energy-focused services provider uses cutting edge technology to deliver solar energy and battery-storage solutions. It offers its customers software escrow as a way to mitigate their risks.

Solar energy is a clean and cost-efficient way to generate electricity, and on a broader scale it is poised to change the way the world creates energy.

“From a risk averted standpoint, the escrow agreement is focused on customer protection. We’re often requiring a long-term service commitment, plus our technology is expected to have a long-term operational life. So, from their perspective, escrow is a huge risk mitigation point.”

– Legal Counsel

Why software escrow?

Customers want to feel secure and know that they have an extra level of safety. To provide assurances, the energy provider’s written materials and some methodologies for their battery technologies are placed into an escrow account for their customers. This information will be released to them if the vendor is not available to fix problems.

In addition to escrowing these materials, they are adding firmware, and software into escrow. “Escrowing software is becoming a more consistent request by our customers,” explains the company’s legal counsel. “We need a provider like Escode, where we can securely store that source code on an untouchable basis until the release conditions are met.”

“Our customers know the Escode, so they don’t hesitate when we say that you’re our escrow agent. You’re a great service provider and have allowed us to scale, and you’re also affordable.”

– Legal Counsel

A huge risk mitigation point

As a complex and investment-intensive industry, companies in the renewable energy space take on a lot of risk. There is also a lot of upside. The U.S. is working toward a goal of having renewable energy account for about 31 percent of U.S. energy generation by 2050, creating a lot of opportunity.

A simple and streamlined process

 Escode was first selected as the company’s escrow agent, because of its reputation as a reputable provider. The relationship has developed, with top notch support from the Escode team. The company continues to grow, and scales its escrow offering. The stable and reliable escrow product coupled with great customer service makes it easy to put an escrow agreement in place. It’s a very streamlined process and signing agreements with DocuSign® makes it even simpler.