Austria’s VERBUND and TTTech form smart energy management joint venture
Image courtesy VERBUND/Nicky Webb Photography.
Austrian energy company VERBUND and tech company TTTech have launched a joint venture to develop a real-time energy management system for the smart control of the production, storage and consumption of energy.
The venture, known as TTTech ZYNE, is a platform solution that aims to enable smart and cross-site energy management.
The joint venture combines the energy market expertise of VERBUND, Austria‘s largest energy supplier, with TTTech’s know-how in industrial automation and systems for safety-critical applications.
Commenting in a release was Michael Strugl, CEO of VERBUND, highlighting the strategic importance of the cooperation: “The investment supports us in further expanding our market position as a leading provider of smart energy management solutions for industrial customers and energy suppliers. At the same time, we are taking an important step towards making grid stability and optimisation of our customers’ energy consumption more efficient and sustainable.”
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Rising electricity prices, volatile markets, and the increasing integration of renewable energies, says VERBUND, has meant increasing challenges for the energy market.
Energy costs are becoming a decisive locational factor, even as requirements for efficiency, sustainability, and secure, trustworthy solutions for critical infrastructures are increasing.
This makes the partnership important, as real-time data would enable companies to react flexibly to market signals, avoid balancing energy costs, and dynamically adjust energy flows.
Said Georg Kopetz, CEO and co-founder of TTTech: “TTTech contributes decades of experience in the development of highly reliable real-time systems and edge systems. Our technology enables, with increasingly, AI-enhanced software, to react dynamically and reliably to changes, which is of crucial importance in the volatile energy market.
“With TTTech ZYNE and in cooperation with VERBUND, we offer a solution for the triple transition, the sustainable and digitalised transformation of our energy system, and are strengthening our activities in green tech.”
Franz Zöchbauer, managing director of VERBUND X Ventures, added: “TTTech ZYNE is a strategic investment in the future of energy supply. The platform bridges the highly dynamic world of renewable energies and industry requirements.”
TTTech ZYNE will offer its solution from mid-2025.
