Image courtesy Avangrid
Avangrid announced it has completed a pilot project with Tyba, an energy analytics and optimization platform, meant to enhance its battery energy storage system (BESS) modelling and identify potential locations for siting storage infrastructure across US power markets.
The initiative was designed to support Avangrid’s evaluation of standalone and hybrid storage assets, improve revenue forecasting, and build internal expertise in the “rapidly evolving” US storage landscape, Avangrid said.
“It has been great to partner with Avangrid as they advance their efforts in the energy storage sector,” said Tom Thunell, Tyba’s Co-Founder and COO. “When honing an energy storage investment case, it is critical to understand how the battery will get its revenue. Tyba’s platform simulates battery operations – informed by experience optimizing over 2GWh of operating storage – to demonstrate not only how much a project may return, but how it will operate to achieve those outcomes.”
The project focused on leveraging Tyba’s platform to simulate BESS operations across approximately 2,400 locations in seven U.S. regional grid operators and independent system operators. A key feature of the pilot was the use of new pricing metrics to estimate battery energy storage systems revenue between the highest and lowest electricity prices each day. Tyba’s platform helped Avangrid analysts screen for price volatility and identify locations for siting projects. This provided Avangrid with information concerning where battery energy storage systems could provide desirable returns on investment.
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Tyba’s software also allowed Avangrid to simulate BESS operations under different market conditions, using both past and projected electricity prices. It allowed Avangrid to fine-tune battery charging and discharging strategies in real-time, day-ahead, and ancillary services (back-up power) markets, and run hundreds of stimulations tailored to each regional grid operator.
Earlier this year, Tyba announced $13.9 million in Series A funding led by Energize Capital, which will help Tyba scale its AI-enabled energy forecasting, trading and optimisation solution.
“Batteries are essential to develop more clean energy and power our modern economy. For the companies building and operating battery storage facilities, figuring out how to maximize the value of their assets and maintain a competitive edge remains a constant challenge,” Michael Baker, CEO & Co-founder of Tyba said at the time. “Tyba is the autopilot system for batteries. Our platform forecasts opportunities, executes automated dispatch and bidding strategies, and provides the visibility and control needed for traders and asset managers to manage their facilities profitably and at scale. We make the nitty gritty of battery operations easy so our customers can focus on meeting our country’s energy needs.”
Tyba supports the operations of over 1 GWh of storage assets in Texas and California. In the past year before the funding round, Tyba had tripled its customer base, launched its Asset Operations product, and claimed to be delivering revenue outcomes in the top 5% of assets. Since Tyba’s founding, its Project Simulation product has been used to model over 100GW of projects under development and secure over $1 billion in funding.
Originally published by Sean Wolfe in Factor This Power Engineering.
