bp has bought AI-driven energy business Open Energi as the energy giant looks to optimise its renewable energy assets.
The latter company’s platform uses real-time data to optimise the performance of energy assets, which can help generate savings and maximise revenues for customers by connecting to power markets and providing flexibility at times of low renewable generation and during price peaks.
Open Energi will join the bp Launchpad portfolio, seeking opportunities to further scale the business globally and bp will explore how the former company, currently focused on the UK market, can work internationally across its trading and shipping business and low carbon portfolio.
Its platform, Dynamic Demand 2.0, applies AI to minimise electricity costs by analysing and optimising assets and through reducing energy consumption at peak price periods, in addition to providing real-time data to traders.
Both applications are expected to help boost the bp Trading & Shipping customer offering.
Sam Skerry, Senior Vice President bp Launchpad and Ventures said: “Open Energi’s technology helps manage the intermittency of increasing global renewable capacity, creating both energy saving and revenue opportunities. The acquisition will help bp develop digitally-driven integrated energy systems and deliver innovative, efficient and flexible energy solutions for customers.
“As the world’s renewables capacity continues to grow, we’re excited to work with Open Energi to help optimise the cost of energy and the performance of low carbon energy assets and support our wider customer offer.”