bp acquires AI-driven energy optimisation business Open Energi
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.
It can 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. It also accumulates data and learns how best to further optimise the energy use of different assets over time.
Open Energi will join the bp Launchpad portfolio, seeking opportunities to further scale the business globally, and building 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 its net zero ambition.
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.
Its platform, Dynamic Demand 2.0, applies artificial intelligence to minimise electricity costs by analysing and optimising assets, and through reducing energy consumption at peak price periods as a result. It also provides real-time data to traders. Both applications will 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.”
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.”