TwinThread: Speed and Visibility with Predictive Operations
If you are looking for greater production or cost efficiency, to effectively use your current data, or allow operators the power to find new opportunities, you may want to consider predictive analytics.
Predictive analytics could play a key role in making your data work more effectively, in a manner that suits engineers.
TwinThread has given insight into how the Predictive Operations Platform is timely, cost effective and uses innovative ideas for long term results.
‘Time is Money’
To get the most from Predictive Operations it’s important to understand what your provider aims to achieve and how quickly you will see results.
The provider will understand the importance of proving value fast.
“whatever predictive solution your organization pursues, it has to connect to your existing data sources easily and quickly,” according to TwinThread in their article ‘Powering Digital Manufacturing Transformation’.
“In the Litmus Test of assessing a prospective platform, whether it’s capable of drawing on your existing information has to be very high (if not first) on your list of prerequisites.”
Ultimately, the statement ‘Time is Money’ reigns true in most business practices.
When pursuing a goal, such as production or cost efficiency, it is necessary to deploy a system that can actively analyze production data, enabling your operations team to make further improvements to current processes.
TwinThread prides itself in achieving fast results within days by providing a solution that is simple for operators to learn and apply.
“If it’s slow out of the gate, because it’s difficult to connect, this is just pushing the time to insight further out,” adds TwinThread.
Any engineer or operator can use TwinThread’s platform to model their factory and scale learnings quickly.
Creating a Digital Twin
A useful component for continuous improvement, in production, is a digital twin.
“Bringing your data to life by pairing insights with illustrated representations of the assets your experts interact with day in and day out allows for faster and more comprehensive understanding and a more risk-based approach to scaling operational improvements.” TwinThread explains.
A virtual representation of production can give insight into its overall performance in real time, and creates an easier process of diagnosing potential issues or anomalies.
“By visualizing your information through these ‘digital twins’, operationalizing insights happens faster and more accurately.”
Uncovering insights within your data at a higher speed and with greater accuracy means optimizing the value your machine and human resources can deliver - resulting in maximum payback.
Financing rises in digital platforms and renewables projects
Cold Bore is leading a shift in the completions (fracking) industry towards safer, more autonomous operations by providing oil & gas companies with SmartPAD, a centralised fully integrated software and hardware platform designed to collect, analyse, and report data. Better utilisation of this data unlocks operators’ ability to make improvements across all KPIs.
Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.
Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s US onshore operations. The technology will support bpx’s efforts to continuously improve its operations.
“The oil & gas industry has realised that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil & gas operations.” said Brett Chell, Co-founder & President at Cold Bore Technology.
“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. The future of the oil & gas industry is autonomous operations."
Existing investors include the Rice Investment Group (RIG), a $200M multi-strategy, energy sector investment fund.
Another company in the spotlight last week was Soltage, a leading independent renewable power producer, which has raised a $130M debt facility led by Silicon Valley Bank. The investment will finance a 110MW national portfolio of projects across North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.
The construction of this portfolio will be staged over the next three quarters, with construction currently underway on ten projects across four states. Customers purchasing electricity from the projects financed through this debt vehicle include Investor Owned Utilities buying power under Public Utility Regulatory Policies Act (PURPA) contracts, community solar subscribers and corporations purchasing power from the portfolio to meet clean energy goals and lower energy costs.
Silicon Valley Bank is the Sole Coordinating Lead Arranger of the debt facility with three other banks included as lenders. This facility includes an optional $100M expansion feature to finance additional projects beyond the current set of identified projects. This announcement marks the latest development for the Soltage Iris capital vehicle, following Soltage and Harrison Street's $250M commitment in March to deliver 450MW of new solar, solar+storage and standalone storage development across the US.
"Soltage continues to provide stable investment opportunities for capital providers who are looking for bankable approaches to sustainable infrastructure investment," said Sripradha Ilango, Soltage CFO. "We are pleased to continue to bring to market high quality project portfolios that open avenues for corporations, utilities and families to adopt solar power and achieve decarbonisation priorities."
"We are at a critical point where funding domestic infrastructure to bring more clean energy online in the United States is of the utmost importance," said Bret Turner, Market Manager at Silicon Valley Bank. "Our team is proud to work with Soltage to support building these essential zero carbon energy projects in key locations across the country."
This announcement is part of a continued movement of mainstream investors looking to solar and other renewable infrastructure assets for long-term investment opportunities. Soltage has deployed over $1B into clean energy assets across the US since its founding in 2005.
SVOLT Energy Technology Co., a leading EV battery manufacturer, held a B Round Financing Transaction Ceremony in Changzhou, Jiangsu on July 28. Following the completion of A Round Financing of RMB 3.5 billion ($538 million) at the end of February, the company rapidly closed this third round of market-based equity funding, raising a total amount of RMB 10.28 billion ($1.58 billion).
Last month also saw Longroad Energy, a US-based renewable energy developer, owner and operator, complete term financing for Sun Streams 2, its 200 MWdc solar project in Maricopa County, Arizona. Longroad owns 100 percent of the project after acquiring it in early 2021 from First Solar, the original developer.