GridBeyond Point: Award-winning AI-powered technology platform for energy management.
Summary
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Details
Deep dive
Product overview
The GridBeyond Point platform sends and receives data from over 70 data sets including market prices, weather data and real-time asset data. This platform is split into 3 distinct areas: TouchPoint, CentrePoint and ViewPoint.
"GridBeyond can help you. We have the technology, tools and expertise in energy management required to simplify the process of capturing, monitoring and reporting on your energy and carbon use."
Source: gridbeyond.com
Key Features:
Comprehensive Energy Management:
Demand Side Response (DSR): GridBeyond Point enables organizations to participate in DSR programs, helping to balance supply and demand on the grid while generating additional revenues.
Ancillary Services: The platform allows participation in services essential for grid stability, such as frequency regulation and voltage control.
AI-Driven Optimization:
Automated Trading: GridBeyond Point integrates AI and robotic trading to make real-time decisions, optimizing the dispatch of distributed energy resources (DERs) based on current market conditions. This helps in maximizing revenue by trading energy at the most favorable times.
Bid Optimization: The platform uses AI to craft optimal bidding strategies in energy markets, ensuring maximum profitability across trading periods.
Real-Time Monitoring and Analysis:
ViewPoint Portal: This feature provides role-specific dashboards for finance, operations, and energy managers, offering tailored insights and analytics. Users can monitor energy consumption, generation, discharge patterns, and more, with the ability to export data for further analysis.
Network Operations Center (NOC): GridBeyond Point includes 24/7 monitoring and support from a highly qualified NOC team, ensuring real-time grid event monitoring and price peak management.
Holistic Project Design and Management:
Designer Module: This tool assists in planning, designing, and analyzing energy projects by simulating various configurations and forecasting project revenues across wholesale and retail energy markets.
Forecaster Module: Utilizes AI to predict power prices, demand, and generation, aiding in informed decision-making for asset planning and operations.
Baseline Module: Tracks real-time metrics and progress towards corporate ESG goals, helping businesses to monitor and visualize their energy consumption and emissions.
Flexibility and Adaptability:
Modular Approach: GridBeyond Point’s solutions are modular, allowing businesses to adopt and scale the platform at their own pace, addressing specific challenges and goals as needed.
Integration with Renewables: The platform supports the integration of renewable energy sources, optimizing their use and contributing to a cleaner, more sustainable grid
Case Studies
SuperValu: part of the Musgraves group and Ireland’s largest grocery and food retailer, partnered with GridBeyond to manage energy consumption and participate in energy markets. By using GridBeyond's technology, over 30 SuperValu retail sites achieved significant savings through peak avoidance strategies. They optimized refrigerated assets, automated smart lighting, and HVAC controls without compromising customer experience or product integrity. Benefits included reduced carbon footprint, new revenues from grid balancing services, and enhanced energy savings.
Western Brand: a leader in chicken and egg processing in Ireland, implemented Demand Side Response (DSR) with GridBeyond. Initially skeptical, they found that the advanced metering and control technology, along with load shifting strategies, allowed them to maintain production while benefiting from DSR revenues and savings. This resulted in a reduced carbon footprint, new revenues from National Grid balancing services, and enhanced energy optimization.
Brakes, a Sysco Company: integrated Demand Side Response strategies to align with their sustainability agenda. By connecting 15 energy-intensive sites to GridBeyond’s platform, they optimized refrigeration plant compressors and evaporator fans for Firm Frequency Response (FFR) without affecting operations. This led to reduced carbon emissions, new revenues from National Grid services, and significant annual returns on the project.
United Cast Bar: a manufacturer of continuously cast-iron bar, collaborated with GridBeyond to manage and optimize their energy demand. By using GridBeyond's platform, they generated revenue from National Grid programs, avoided peak charges, and improved energy performance monitoring. This partnership also supported their commitment to environmental responsibility and sustainable manufacturing.
Market Position
GridBeyond Point is positioned as a leading platform in the energy sector. In early 2024, GridBeyond raised €52 million in a Series C funding round, led by Alantra’s Energy Transition Fund, Klima, with participation from new and existing investors such as ABB, Energy Impact Partners, Mirova, Constellation, and Yokogawa Electric Corporation. GridBeyond continues to evolve its platform to handle a wide array of energy assets in an automated manner. This includes enhancements to their VPP capabilities and the integration of advanced energy management solutions that support both grid operators and local utilities in maximizing the use of low-carbon technologies.
Competitors
Wattics: It offers tools for energy monitoring, reporting, and optimization, aimed at helping businesses reduce their energy consumption and costs. Wattics operates in the analytics industry and is considered one of GridBeyond's significant rivals.
Dexma: It provides solutions for energy efficiency and monitoring, serving various sectors including commercial and industrial markets. Dexma's focus on database management and energy optimization makes it a strong competitor to GridBeyond.
Metry: It helps businesses gather and utilize energy data to improve efficiency and sustainability. Metry's technology is designed to support energy reporting and benchmarking, positioning it as a competitor in the energy technology industry.
Eliq: Its platform allows utilities and energy retailers to offer better customer engagement through data-driven insights. Eliq's emphasis on energy monitoring and customer interaction tools adds competitive pressure in the market.
ResourceKraft: This company provides energy management solutions with a focus on monitoring and optimization. ResourceKraft helps businesses track their energy usage and identify opportunities for savings, contributing to improved energy efficiency and reduced costs.
EnergyCAP: Its software solutions help organizations manage their energy data, streamline billing processes, and identify cost-saving opportunities. EnergyCAP's focus on data management and cost analysis adds another layer of competition.
Challenges:
Market Competition: The presence of several strong competitors, such as Wattics, Dexma, and GridPoint, increases the competitive pressure on GridBeyond. These competitors offer similar services and innovations, which can make it challenging for GridBeyond to maintain and grow its market share.
Technological Integration: Integrating new technologies, such as AI and machine learning, with existing infrastructure and ensuring compatibility with a wide range of energy assets can be complex. This requires continuous investment in research and development and overcoming technical hurdles.
Scalability and Implementation: Scaling solutions to accommodate the needs of various clients across different geographies can be difficult. Each region may have unique requirements and challenges, necessitating customized solutions and robust support systems.
Data Security and Privacy: Managing large volumes of energy data involves significant security and privacy concerns. Ensuring data integrity and protecting against cyber threats is crucial for maintaining client trust and regulatory compliance.
Opportunities:
Increasing Demand for Renewable Energy: The global push towards renewable energy and sustainability offers significant opportunities.
Advancements in AI and Machine Learning: Leveraging AI and machine learning for energy optimization and automated trading can provide competitive advantages. Continuous innovation in these technologies can help GridBeyond deliver more efficient and effective solutions to its clients.
Partnerships and Collaborations: Forming strategic alliances with companies like ABB and other investors can enhance GridBeyond’s technological capabilities and market reach. These collaborations can also provide additional resources and expertise to drive innovation.
Evolving Energy Markets: The transition to digitalized, decarbonized, and decentralized energy systems opens up opportunities for GridBeyond to offer its services. As markets evolve to support more flexible and low-carbon energy sources, GridBeyond Point can play a crucial role in facilitating this transition
Sustainability and Impact
GridBeyond Point supports the integration of renewable energy sources like wind, solar, and hydro, reducing reliance on fossil fuels and enhancing grid sustainability. The platform enables businesses to optimize energy use through advanced DSR strategies, reducing energy waste and improving grid stability as well as reducing their carbon footprint. It also helps avoid peak energy usage, reducing the need for less efficient peaker plants. Recent funding supports expansion into new markets like the US, Australia, and Japan, promoting global adoption of sustainable energy solutions.
GridBeyond Point significantly advances sustainability by optimizing energy use, supporting renewable integration, reducing carbon emissions, and enhancing grid resilience, while also providing economic benefits and leveraging advanced technologies.
