bp acquires AI-driven energy optimization business

bp has acquired UK-based digital energy business Open Energi. The company’s digital platform uses real-time data to optimize the performance of energy assets. It can generate savings and maximize revenues for customers by connecting to power markets and providing flexibility at times of low renewable generation and during price peaks. It also accumulates data and learns how best to further optimize the energy use of different assets over time.

Open Energi will join the bp Launchpad portfolio, seeking opportunities to further scale the business globally, and building on its strong commercial growth over recent years. bp will also explore how Open Energi, which is currently focused on the UK market, can work internationally across its trading & shipping business and low-carbon portfolio, both of which play an important role for its net zero ambition.

Over the past decade Open Energi has developed into a prominent energy technology company. Its products and services are used to optimize the performance of a network of energy assets with a total capacity of over 80MW.

The share of the primary energy from ‎renewables is projected to increase from around 5% in 2018 to 60% by 2050 in the Net Zero scenario set out in bp’s Energy Outlook (2020 edition). However, because generation from these sources depends on variable weather conditions, the growth will also bring increased market and price volatility. Digital platform technologies, such as Open Energi’s, can be vital to maintaining the stability of global electricity energy grids. In efficiently connecting assets with the power grid, they help flexibly balance supply and demand, and maximize the performance of low carbon energy resources.

Its platform, Dynamic Demand 2.0, applies artificial intelligence to minimize electricity costs by analyzing and optimizing assets, and through reducing energy consumption at peak price periods as a result. It also provides real-time data to traders. Both applications will help boost the bp Trading & Shipping customer offering.

Courtesy of bp.

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