Post: Celebrating success: GridBeyond wins Energy Risk Technology Firm of the Year Award

Celebrating success: GridBeyond wins Energy Risk Technology Firm of the Year Award

We’re delighted to share that GridBeyond has been awarded the Technology Firm of the Year award at the Energy Risk Awards ceremony on May 16 in Houston. The award highlights our ongoing commitment to innovation in the energy space and was accepted by Joe Hayden, Vice President of Revenue North America, following our exhibition at the Energy Risk event earlier in the day.

Why we won the Energy Risk award

GridBeyond’s AI-powered digital platform, Point, stands out in a crowded market by offering unparalleled solutions for businesses navigating volatile energy markets. Our platform doesn’t just mitigate risk – it maximizes value from grid services while supporting progress towards a net-zero future.

What sets Point apart is its accuracy of forecasting, robust risk management, and effective hedging strategies. By combining quantitative analysis, market intelligence, and forecasting, Point evaluates and forecasts everything from site electricity demand to weather conditions. This enables us to recommend optimized strategies that deliver efficiencies, risk management, and revenue generation opportunities for our clients.

Proven success

Our technology has already made a significant impact, particularly during extreme weather events such as high summer demand charges across the US. In Summer 2023, GridBeyond’s model accurately predicted all five Coincident Peak (5CP) periods in the PJM RTO region, issuing only seven warnings in total. This allowed our clients to proactively adjust their consumption, significantly reducing their capacity charges for the next delivery year. For an average 5MW industrial facility, our technology would have saved over $100,000 over the next year of operations.

Continuous innovation

GridBeyond is constantly pushing the boundaries of innovation. Our platform predicts prices up to 48 hours in advance with over 90% accuracy and conducts real-time re-forecasting within-day. Additionally, our AI and algorithmic trading capabilities empower clients to optimize flexibility within traded markets and grid programs, unlocking cost savings and new revenue streams.

Strategic acquisitions and expansion

In 2023, GridBeyond acquired Veritone Inc Energy Business, enhancing our forecasting models’ accuracy and expanding our capabilities for real-time optimization of energy assets across the US and beyond. Furthermore, we’ve expanded our suite of solutions to include tools that support businesses in mitigating the risks of the net-zero transition, such as Designer and Baseline.

Looking ahead

GridBeyond is not slowing down. We’ve recently concluded a €52M Series C financing round to support our international expansion, significantly expand our US presence, and continue investing in research and development. This funding will enable us to further evolve our technology and demonstrate our leadership in Grid Edge Virtual Power Plant (VPP) worldwide.

We’re immensely proud of this achievement, but our journey is far from over. GridBeyond remains committed to driving innovation, delivering value to our clients, and shaping the future of energy. Thank you to everyone who has supported us on this incredible journey.

If you’re interested in finding out what our award winning platform can do for you, get in touch with our team today!

News | 16 April 2024

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