British multinational invests £1.5m in innovative energy firm

British multinational invests £1.5m in innovative energy firm

/ Financial News / Sunday, 09 September 2018 08:15

British multinational oil and gas behemoth BP has announced that it has invested £1.5m in an innovative energy company that enables businesses to monitor their ability to track their energy demand in forensic detail.

BP Ventures officially announced that it had invested in Voltaware in an effort to support BP Alternative Energy’s strategy in low-carbon power. Engineers at BP Alternative Energy are actively exploring what impact digitalization will have on the energy industry, and are attempting to examine how new innovations and technology will shape the way that energy is consumed and managed, both by businesses and individuals.

Sensors such as those provided by Voltaware are one example of these emerging digitally-enabled innovations.

Dev Sanyal, chief executive of BP Alternative Energy, said “Nearly two thirds of the projected growth in global energy demand over coming decades is expected to come in the form of electricity, and BP is looking at innovative ways to meet customers’ power and storage needs. Enabled by digital technologies such as those provided by Voltaware, we can be more efficient in the generation of electricity and how that power can be monitored, moved, sold, traded and stored.”

Voltaware has also developed an internet-enabled energy monitoring device that provides business and residential users with the opportunity to track and optimize their energy consumption, breaking the data down to demand from individual appliances, and manage their electricity use.

David Gilmour, vice president, BP Ventures, said: “Governments, business and individuals must all play their part in advancing the energy transition. Real-time energy monitoring is growing in importance and the time is right for businesses to start adopting the technology. Voltaware’s product gives customers access to more information and enables better choices. BP Ventures believes Voltaware’s offer to businesses could lead to far more efficient operations.”

Sergey Ogorodnov, Founder and CEO of Voltaware, said: “Modern utilities and businesses are looking at harnessing the power of electricity data as a key driver for their digital transformation strategy. By utilizing the power of Voltaware’s electricity data intelligence, businesses can achieve a sustainable competitive edge for their customers. The £2.5 million invested by BP Ventures, First Imagine! Ventures and Contrarian Ventures, will help us focus on our AI and data science capabilities and speed up our growth.”

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