ABB invests in Gridcog to enhance digital capabilities for future energy projects Through this strategic minority investment, ABB will be investing in Gridcog to grow advanced energy modeling and simulation technologies. ABB also invests in Gridcog, to help accelerate the deployment of renewable energy, industrial microgrids, distributed energy resources (DERs), energy storage, alternative energy procurement strategies and energy as a service solutions. The financial terms of the deal were not disclosed by the companies.
The collaboration will give ABB’s customers more confidence to design, compare and validate complex energy projects. From the initial planning stages, customers will also have clear visibility on project costs and carbon emissions. As energy systems become more decentralized, organizations need accurate digital resources to support investment decisions and long-term sustainability targets.
Gridcog Platform Adds Energy Modeling Capabilities
Gridcog develops a digital software platform that allows energy professionals to design and manage multi-asset energy projects in multiple energy markets. Furthermore the platform enables fast scenario modelling, project simulation and detailed performance analysis.
Users can also see utility-scale energy projects in transparent, downloadable reports. This allows organizations to compare multiple project scenarios before investment decisions are made. The platform enables companies to develop credible, data-driven net-zero strategies by tracking both financial performance and carbon emissions.
The world is moving to electrification faster. Meanwhile renewables now account for more than one-third of global power generation. Consequently, the energy networks have become increasingly complex. This shift has created a greater demand for flexible distributed energy resources, industrial microgrids and advanced digital planning tools that allow for technical, financial and environmental assessments.
Stuart Thompson, President of ABB’s Electrification Service division, said: “By combining Gridcog’s modeling capabilities with our energy advisory and microgrid engineering expertise, we can help customers move faster from concept to implementation, as they adopt innovative technologies and business models to support their energy management goals. Together, ABB and Gridcog will focus on helping customers navigate an increasingly complex and constantly evolving energy landscape, reduce emissions and unlock more value from distributed energy resources, while supporting ABB’s growth in digital, energy advisory and service-led business models.”
ABB Strengthens Its Energy Innovation Ecosystem
The partnership is one more addition to ABB’s growing innovation ecosystem. This enables ABB to improve its capacity to combine software, hardware and services into holistic energy-as-a-service offerings. The collaboration’s primary focus is on commercial and industrial organizations seeking solutions that deliver operational efficiency and sustainability benefits.
“ABB’s investment is a strong signal of how critical advanced modelling has become in managing the constantly changing nature of the energy ecosystem,” said Fabian Le Gay Brereton, CEO of Gridcog. At Gridcog, we’re committed to giving customers the clarity they need to make confident decisions about complex energy systems. With ABB we can help companies to accelerate the journey from idea to implementation with a clear understanding of the financial case and the carbon impact.”
ABB is participating in the current funding round alongside AXPO, DNV and Verbund Ventures. Other important shareholders in Gridcog include Albion and the Clean Energy Finance Corporation. The investment is made via ABB Electrification Ventures, the venture capital arm of ABB’s Electrification business. Since 2021, ABB Electrification Ventures has invested over $110 million in 16 startups. These investments foster innovation through technologies that improve productivity, operational efficiency and sustainability. ABB Ventures was established in 2010 and has invested about $500 million in startups. These companies complement ABB’s electrification, automation and motion portfolio and strengthen ABB’s long-term commitment to digital energy transformation.
Explore IT Tech News for the latest advancements in Information Technology & insightful updates from industry experts!
News Source: PRNewswire.com
