bp looks to digitalised and optimised energy systems with its UK-based platform provider Open Energi acquisition.
As bp continues its foray into the clean energy world and transition away from oil, it continues on the acquisition trail this time with the artificial intelligence-based energy management platform provider Open Energi.
Open Energi joins bp’s Launchpad portfolio, which is designed to scale up businesses for the global market. As part of the deal, bp intends to explore how Open Energi, which is currently focused primarily on the UK market, can work internationally across its trading and shipping business and low carbon portfolio to support its net zero ambition.
“Open Energi’s technology helps manage the intermittency of increasing global renewable capacity, creating both energy saving and revenue opportunities,” comments Sam Skerry, Senior Vice President bp Launchpad and Ventures.
“The acquisition will help bp develop digitally-driven integrated energy systems and deliver innovative, efficient and flexible energy solutions for customers.”
Open Energi’s products encompass optimisation and dispatch for grid-scale assets, demand side management and smart building dynamic demand, with projects with multiple industrial, commercial and academic organisations across the UK.
The company’s platform uses real-time data to optimise the performance of energy assets. It can generate savings and maximise 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 optimise the energy use of different assets over time.
“For the growing renewable energy capacity the world needs to meet global carbon reduction targets, we will need efficient energy optimization. As such Open Energi is fantastically positioned to grow, and we could not be more excited to be partnering to deliver that growth with bp Launchpad,” says David Hill, Open Energi Commercial Director.
Open Energi currently manages a portfolio of 80MW of assets.