Amperon raises $2mn for smart grid tech solutions
New York-based startup Amperon has announced the end of its US$2mn seed round to develop further smart grid tech solutions.
The company has already created an AI-based platform that allows electricity providers to easily view operational analytics of grid performance in real-time, as well as accurately forecast long-term and short-term supply requirements.
Citing the decline of fossil fuel usage and the increasing potential of renewable energy sources to bolster grid stability, Amperon is committed to giving utility providers dynamic smart tools to enable a digital transformation of the energy sector.
Pioneering the digital grid
In a recent article by Tech Crunch, Abe Stanway, Co-Founder of Amperon, stated his opinion that more tech solutions would need to be developed, particularly for emerging economic strains such as the COVID-19 pandemic.
“We tell them how much electricity their customers are going to use on a short-term and long-term basis,” he said. “When these exogenous shocks and black swan events occur, we get much more valuable because you need this machine learning in order to understand how the grid is going to behave.”
His comments appear to have struck a chord with investors; with firms such as Blackhorn Ventures, Powerhouse Ventures and Intellis Capital providing financial backing, Amperon has secured investors with a strong knowledge of the energy sector’s needs.
Stanway, a veteran data scientist and engineering pioneer, has an impressive resume which includes work at Etsy, McKinsey and Planet labs. Despite this diverse experience, he expertise in the energy sector is apparent: he was included on Forbes’ 30 under 30 for Energy 2020 list
Having leveraged granular data from smart-meter data, Amperson now feels confident in pushing forwards with high-value tech applications and geographical expansion - the company currently operates on the ERCOT (Texas), AEMO (Australia) and PJM (Pennsylvania) grids.
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Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.