The expansion of the AI energy system will focus initially on the UK, Spain, Scandinavia and other smart-meter enabled regions and aims to equip European energy providers with predictive intelligence. Innowatts Europe is being led by general manager Dave Boundy, who previously led Intel Energy Solutions and held senior leadership positions at Intel, driving new technology research, HR operations, and IT service management.
Despite the accelerating adoption of smart meters globally, energy companies continue to struggle to realize the full value of these investments. Innowatts’ technology provides utilities and retail energy providers with a single platform for extracting smart meter insights and translating those insights into new sources of customer and business value. By bringing its technology to European energy markets, Innowatts hopes to dramatically increase the return on investment (ROI) of many smart meter deployments across the region.
Innowatts will offer these services through its cloud-based eUtility platform, a SaaS (software-as-a-service-solution) that enables energy providers to quickly disaggregate customer-level energy patterns and use that intelligence to design highly personalized bundled offering plans, pricing and product solutions that are matched to individual customer needs. The AI energy software also provides load forecasts and other predictive insights that enable proactive forms of customer engagement such as smart energy alerts, notifications and point solution offerings.
“The rapid expansion of smart meter deployments and IoT technology across Europe has created a trove of new data and insights on customer energy consumption,” said Boundy. “Innowatts eUtility is designed to help energy companies leverage their data and translate it into actionable intelligence.”
Innowatts closed its $18m Series B funding in May and is backed by Shell Ventures, Iberdrola, Spain’s biggest utility, Evergy, a US publicly-traded electric utility, and Energy and Environment Investment, Japan’s energy venture fund.
The company has used the AI energy software to analyse more than 21 million smart meters globally, amassing the largest single body of smart meter analytics and machine learning-enabled intelligence on energy consumers. In addition to its customer engagement applications, eUtility has been used by energy providers in competitive power markets to lower bulk supply and risk management costs, integrate distributed energy resources into their portfolio, and optimize customer pricing decisions.
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