Schneider Electric has announced an investment in flexible energy management solutions company AutoGrid.
The purchase establishes an innovation partnership for the two companies, focused on developing new artificial intelligence (AI) and machine learning solutions for distributed energy resources (DER) for utilities as well as industrial and commercial companies.
Schneider Electric will use AutoGrid’s Energy Internet and Flex solutions to add AI-based options for customers, which is envisioned to boost Schneider’s microgrid and behind-the-meter offerings.
The DER industry is set to be worth more than $50 million in the near future, and AutoGrid’s solution allows utilities to connect with DERs like microgrids, such as those in use by industrial and commercial companies looking to inject renewables into their operations.
Amit Narayan, Founder and CEO of AutoGrid said: “We’re at an inflection point in the energy industry. We’ve seen the promise of clean technologies and need focused partnerships, investment and innovation to drive the promise forward.
“A closer relationship with Schneider Electric as an investor, partner and board member creates a path toward our common goal of creating a more sustainable energy futur