Power Sector to See AI Adoption Due to Schneider Electric Acquiring Stakes in Autogrid
Schneider Electric has invested in Autogrid for leveraging on its flexibility management software for the energy industry. The investment automatically transforms Schneider Electric to be a major shareholder in the company facilitating a co-innovation collaboration to accelerate the adoption of new AI and Machine Learning capabilities for modernization of the power sector.
Schneider Electric will be immediately utilizing Autogrid’s Energy Internet and Flex Platforms to drive AI-solutions for customers’ distributed energy projects. Schneider Electric’s progressive projects such as microgrid and ‘behind the meter’ will get a shot in the arm along with advancing the company’s abilities to serve the utility sector. This is especially important currently, as grids become more distributed and consumers simply expect more from their energy usage.
Autogrid’s superior differentiated approach and its solutions that scale at ease help utility sector elements such as microgrids to seamlessly connect, allowing both, commercial and industrial consumers to monetize their energy assets.
“The combination of AutoGrid’s software-driven strategy, with Schneider Electric’s global footprint and expertise in a variety of end-user segments, is a win-win for both companies, and both companies can co-innovate throughout the energy value chain,” said Heriberto Diarte, Schneider Electric Head of External Innovation & Ventures.
Schneider Electric Ventures which is a part of the Schneider Electric innovation Program backed the investment.
“We’re at an inflection point in the energy industry. We’ve seen the promise of clean technologies and need focused partnerships, investment and innovation to drive the promise forward,” said Amit Narayan, Founder, and CEO, AutoGrid. “A closer relationship with Schneider Electric as an investor, partner and board member creates a path toward our common goal of creating a more sustainable energy future”.
Highlights of this development –
- Distributed energy networks will see faster adoption of solutions driven by AI and Machine Learning
- Fast-tracks new growth opportunities by leveraging AutoGrid’s existing capabilities
- Schnieder Electric will gain a significant lead in the microgrids sphere predicted to be a $50 billion industry in the near future
Gain exclusive insights from Cyril Perducat, EVP IoT & Digital Offers at Schneider Electric as we go live with his interview today.