ENGIE invests in Energy Data Management leader EnergyworxJuly 17th, 2020 by Energyworx
ENGIE, through its venture capital arm ENGIE New Ventures, announces its strategic investment in Energyworx, the worldwide market leader in cloud-based in Energy Data Management solutions.
Based in the United States and the Netherlands, Energyworx enables top US and European energy companies to unlock valuable insights in their massive granular supply, demand and contextual energy data sets.
With this investment, ENGIE expands its existing partnership and leads a new round of funding for Energyworx, joined by EDP – a global player in renewable energy – through its venture capital arm EDP Ventures, and SET Ventures – a leading investor in smart energy solutions.
Digital platform for the energy transition
Massive growth in volumes of data, insufficient quality of data and expanding data silos are emerging obstacles utilities face as the world transitions to decentralized low-carbon energy. Energyworx has achieved strong growth in recent years with its Software as a Service (SaaS) Energy Data Management platform and its proven ability to transform traditional solutions within the energy and utilities market.
The platform includes a solid data foundation and several solutions, like Cloud Meter Data Management and Energy Deal Analytics.
The collaboration with Energyworx enables even greater value and capabilities from ENGIE’s suite of digital platforms for ENGIE customers. With intelligent consumption pattern analytics enabled by Energyworx, ENGIE delivers smarter supply, bid, and pricing decisions, resulting in lower energy prices and maximized use of renewable energy for ENGIE’s customers.
As a Retail Electric Provider, ENGIE North America partnered with Energyworx to optimize competitive bid preparation process for commercial and industrial customers. Energyworx’ scalable and flexible platform gave ENGIE a foundation for building sophisticated anomaly detection algorithms and proprietary analytics to respond quickly to changing customer behaviors, and market conditions while maintaining a high level of competitiveness. Utilizing Energyworx, ENGIE has decreased bid processing times threefold and increased its bid win rate.
Responding to the COVID-19 challenge
A recent example: Energyworx’ rules-based platform enabled ENGIE North America to adapt to abrupt and significant changes in energy consumption due to the COVID-19 pandemic. While closures of restaurants, hotels, schools, airports and businesses caused big drops in energy consumption, consumption rose for healthcare and certain manufacturing customers. ENGIE was able to rapidly adapt its algorithms and pricing analytics to adjust for the consumption anomalies to continue to accurately predict and price energy supply without interruption.
Another example how Energy Data Management can contribute to more sustainability: by providing businesses and households with better insight regarding consumption, Energyworx helps to create more efficiency. Supporting flexibility trading and demand response management with more precise data management, means that renewable energy can be balanced much easier within existing networks.
A foundation for the sustainability journey
“Analysis of customer load shape and renewable supply intermittency is fundamental to guiding our customers in their sustainability journey to carbon neutrality and best pair them with clean renewable energy tailored to their needs.” says Scott PINIZZOTTO, Investment Director at ENGIE New Ventures. “The Energyworx platform enables business units across ENGIE to build the sophisticated analytics they need to create offerings that scale the deployment and adoption of renewable energy”.
“Everything we do is designed to accelerate the world’s transition to clean energy. We’re proud that Energyworx can support a leader like ENGIE to solve data issues in an increasing number of their core processes” underlines Marcel E. SMIT, CEO of Energyworx. “ENGIE’s knowledge and international network will be a boost for Energyworx’ global ambition that through technology innovation, we will support utilities all over the world to accelerate the energy transition.”