Oil giant bp has acquired UK-based digital energy business Open Energi. The company’s digital platform, Dynamic Demand 2.0, applies artificial intelligence to minimise electricity costs by analysing and optimising assets, thereby reducing energy consumption at peak price periods
Oil giant bp has acquired UK-based digital energy business Open Energi. The company’s digital platform uses real-time data to optimise the performance of energy assets. Open Energi will join the bp Launchpad portfolio, seeking opportunities to further scale the business globally and build on its strong commercial growth over recent years. bp will also explore how Open Energi, which is currently focused on the UK market, can work internationally across its trading and shipping business and low-carbon portfolio, both of which play an important role for the company’s net zero ambition.
Digital platform technologies such as Open Energi’s can be vital to maintaining the stability of global electricity energy grids. Its platform, Dynamic Demand 2.0, applies artificial intelligence to minimise electricity costs by analysing and optimising assets, thereby reducing energy consumption at peak price periods. It also provides real-time data to traders. Over the past decade Open Energi has developed into a prominent energy technology company. Its products and services are used to optimise the performance of a network of energy assets with a total capacity of over 80MW.
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.”
David Hill, Open Energi Commercial Director, said: “For the growing renewable energy capacity the world needs to meet global carbon reduction targets, we will need efficient energy optimization. As such Open Energi is fantastically positioned to grow, and we could not be more excited to be partnering to deliver that growth with bp Launchpad. Its role within the business will allow us to maintain our independence, while bp’s net-zero ambition and its new strategy align perfectly with our ambition and vision.”
bp Launchpad focuses on providing multi-year funding and accelerating start-up growth. It offers founders and teams business building and scaling capabilities, with expertise in operations, finance, tech, marketing, talent, and corporate development, alongside long-term growth with an incentivised exit path.
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