Utility launches startups initiative to enhance operational efficiency


US utility American Electric Power has launched an initiative aimed at identifying new technologies that can help the firm improve its operations.

In partnership with L Marks, the utility has launched illuminationLAB to identify innovative technology solutions that will improve business performance and enhance customer experiences.

illuminationLAB will also focus on enhancing the utility’s grid optimisation; efficiency, operations and maintenance; and electric mobility/electrification.

Through the initiative, American Electric Power (AEP) and L Marks will register promising entrepreneurs and early and growth stage companies for mentorship over a 10 week period.

Registered startups will be assisted to advance and shape their ideas and technologies and be given access to working space and potential funding.

In addition, the startups will have the opportunity to further develop their companies alongside leading subject matter experts in the energy sector.

Chris Johnson, director, AEP Enterprise Innovation and Technology, said: “We are particularly interested in products and solutions focused on renewable energy resources, smart connected devices, customer engagement, predictive analytics and virtual assessments. We want to lead the utility industry in building the future of energy for the benefit of our customers.”

Start-ups, entrepreneurs, and businesses interested in learning more can visit aepilluminationlab.com.