The investment is in support of BP Alternative Energy’s wider low-carbon power, storage and digital energy
Oil and gas major BP, through its investment arm BP Ventures, has invested in artificial intelligence (AI) developer Grid Edge to expand its digital energy portfolio.
Grid Edge has created a cloud-based software which anticipates a building’s energy demand, allowing building managers to offset carbon dioxide emissions and energy costs.
The platform uses data including expected occupancy and weather forecasts to enable customers to adapt their energy usage, leveraging periods of high renewable power generation.
Grid Edge CEO Tom Anderson said: “It is only a few short years since the founding partners left Aston University to pursue our vision of putting data-driven, intelligent control into the hands of energy consumers and we’re proud to be working with some of the UK’s leading building operators to optimise their energy profile through our predictive AI technology.
“We are delighted to have brought on board two world-leading investors who believe in our vision and share our ambitions to change the way people use energy.”
The investment is in support of BP Alternative Energy’s wider low-carbon power, storage and digital energy strategies. The Grid Edge’s technology is claimed to enable customers to reduce carbon emissions by 10-15%, with some recording a reduction of more than 30%.
BP Ventures managing director Nacho Gimenez said: “This is the most efficient way to reduce the carbon intensity and power consumption required to keep buildings comfortable.
“Grid Edge’s machine learning and data-driven approach is what really sets them apart. We look forward to working closely together and welcoming them to the BP Ventures family.”
In 2016, Grid Edge was spun out of Aston University’s Energy Research Institute.
BP Ventures joined by Goldacre in Grid Edge’s funding round
BP Ventures is joined by family office investment house in the funding round of Grid Edge.
The funding is expected to allow Grid Edge to expand in the UK market and explore further opportunities in Europe.