BP Ventures has led a Series A funding round in Grid Edge, a developer of artificial intelligence (AI) technology, that enables customers to predict, control and optimize their building’s energy profile. The investment is in support of BP Alternative Energy’s wider strategy of low-carbon power, storage and digital energy.
Grid Edge’s cloud-based software anticipates a building’s energy demand, allowing building managers to reduce their energy costs and carbon emissions, while maintaining comfort for users.
Using data including weather forecasts and expected occupancy, Grid Edge’s predictive energy management technology enables customers to adapt their energy use, leverage periods of high renewable power generation, and effectively use their building’s flexibility in energy demand and generation like a giant battery, to reduce costs and carbon emissions.
The technology typically enables customers to lower carbon emissions by 10 to 15%, with some registering a reduction of more than 30%. Airports, business districts and shopping centers can all benefit from the technology.
Dev Sanyal, Chief Executive of BP Alternative Energy, said: “This investment is in support of our strategy to create an ecosystem of distinctive, digitally-enabled, low carbon businesses for commercial and industrial customers. This investment in Grid Edge complements other recent investments in companies in this area, such as Voltaware. We are excited by the possibilities that working together will bring.”
Nacho Gimenez, Managing Director, BP Ventures, added: “Digital technologies are a critical component to drive the transition to a low-carbon future. Using data, we can unlock the flexibility in-built in existing energy systems. This is the most efficient way to reduce the carbon intensity and power consumption required to keep buildings comfortable. Grid Edge’s machine learning and data-driven approach is what really sets them apart. We look forward to working closely together and welcoming them to the BP Ventures family.”
Grid Edge was spun out of Aston University’s Energy Research Institute in 2016 and uses AI to empower customers, businesses and other organisations to make the most of their energy assets. This investment will enable Grid Edge to expand in the UK market, utilizing existing partnerships in the real estate sector, and explore further opportunities in Europe.
Press Release Courtesy of BP.