Smart Energy Finances: Series B funding for AI-powered grid analytics

October 6, 2023 Editor

Image courtesy 123rf

This week’s Smart Energy Finances looks at a successful Series B financing round of $20 million for a US-based platform, Amperon, that uses artificial intelligence (AI) to unlock value from grid data and enhance electricity forecasting.

Also on the radar are announcements of an integrated platform for interconnector-based energy trading between the UK and Netherlands as well as an insurance policy partnership for Li-Ion battery products.

Series B for AI-powered grid analytics

Amperon Holdings has secured $20 million in Series B funding led by Energize Capital, to unlock more value from grid data and advance electricity forecasting.

Spurred by growing complexities surrounding demand and supply of energy – demand is seeing more flexible load and rapid electrification; supply is experiencing increasing penetration of variable resources – the funds will support the company’s shift from an electricity demand forecasting platform into a comprehensive data analytics solution.

According to the US-based company, the shift will enable businesses to effectively navigate the complexities of the energy landscape and accelerate the decarbonisation of the grid.

A machine learning model powers the platform to provide real-time insights, aiming to generate more accurate forecasts for the short and long term.

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“Now, more than ever, power markets need advanced data analytics software to ensure the grid remains balanced and that we have reliable, sustainable and affordable power during the energy transition,” states the company in a press release.

Amperon has invested in building a scalable data ingestion and management platform that analyses time-series electricity data from different grids and sources. This will play a key role as the platform expands.

The company adds that the platform was built around implementing the latest advancements in AI and cloud computing to tackle immense amounts of energy data.

Between 15-minute interval, smart meter data and the increasingly complex weather and grid variables, traditional ways of forecasting demand were inefficient. With the Series B, the company hopes to thus fine tune their predictive models and identify emerging patterns for customers.

This funding will also accelerate their expansion into new markets and build new products in the US and abroad.

The Series B brings Amperon’s total funding to $30 million. Other participants include the D. E. Shaw group, Veriten, and existing investor, HSBC Asset Management. Additionally, two long-time Amperon customers, Ørsted and another strategic utility partner, joined the round.

Technology performance insurance for Li-Ion battery customers

Great Power, a global battery manufacturer, has signed a letter of intent with Ariel Green to provide technology performance insurance for its battery cells.

Under the agreement, through Lloyd’s of London Syndicate 1910, Ariel Green will develop a coverage solution guaranteeing Great Power’s battery cells and systems backstopping the company’s warranty.

Through the collaboration, Great Power will provide technical and strategic insight to help Ariel Green develop insurance structures for the company’s lithium-ion battery products.

“We look forward to developing and implementing this comprehensive insurance coverage, backed by Ariel Green,” said Yang Xia, head of Great Power global ESS.

“This offering will de-risk our products, ensuring our customers feel confident in their choice to use Great Power battery systems both from a technology and bankability standpoint.”

*Ms. Xia from Great Power and Jamie Daggett from Ariel Green meet at RE+ in Las Vegas to finalise the partnership. Image courtesy Great Power.*

“Ariel Green brings deep expertise in battery technology required to cover the complexities and potential losses associated with battery warranties and performance guarantees, especially as projects grow in size,” said Jamie Daggett, energy storage lead at Ariel Green.

“Great Power’s battery cells have been extensively evaluated and are being thoroughly validated. We’re pleased to welcome the organization as the first lithium-ion battery cell manufacturer among our portfolio of companies and we look forward to working with the team to enable Great Power to expand the deployment of its solutions on a global scale.”

The policy is available on orders starting this year.

Interconnector energy trading

BritNed, which owns and operates the 1GW HVDC interconnector linking the Netherlands and the United Kingdom, has launched Empire, the “world’s first fully-integrated interconnector platform”, states the company in a press release.

The interconnector’s high-voltage cable allows over 70 participating organisations to trade power between the two markets. To fully utilise the capacity of the interconnector and ensure safe operations, sophisticated orchestration is necessary for capacity allocation, transfer fulfilment and financial settlements.

BritNed had previously been using multiple platforms to run long term, day ahead and Intraday auctions, manage nominations and control energy flow.

An analysis, states the company, led to the conclusion that the previous setup of multiple systems, that had restricted BritNed’s ability to roll out new and flexible allocation products, should be replaced by one integrated platform.

This integrated platform aims to unlock significant productivity gains for both BritNed’s operators and clients, minimise curtailment losses, minimise process breakdown risks and remove technical bottlenecks that hinder the development of new offers.

Supercharge was asked to design and develop the platform in close cooperation with BritNed’s experts.

The resulting platform, Empire, offers a single-window solution for BritNed clients, including energy generators and traders, as well as the BritNed operators, allowing them to manage both long and short-term auctions and nominations from one place.

As a result of optimised and automated workflows in case of unplanned outage/asset failure of BritNed’s undersea cable, BritNed states that it’s operators are now also able to react and fully take control of all operational aspects of such unforeseen consequences in minutes.

Also a result of the partnership, BritNed will soon launch the world’s first Buy Now Auction, offering both day ahead and intraday capacity after the allocation period has closed, providing more flexibility for its customers.

Over the first 10 days of its operation Empire allocated 892GW of day ahead and intraday capacity with a total allocation revenue of €4.4 million ($4.7 million) and 369MW of long-term capacity for over €1.8 million ($1.9 million).

The total flow that was instructed by Empire was 184GWh, which is equivalent to powering approximately 8,000 households every single hour.

For the latest in finance and investment news coming out of the energy sector, make sure to follow Smart Energy Finances.

I will also be attending the Bentley Year in Infrastructure awards show in Singapore next week from October 11 to 12. Will I see you there?

Cheers,
Yusuf Latief
Content Producer
Smart Energy International