Global giant invests in company as part of sustainability Innovation at the Edge programme
Schneider Electric, a leader in the digital transformation of energy management and automation, has announced that it has invested in AutoGrid, a firm that specialises in flexibility management software for the energy industry.
The investment makes Schneider Electric a major shareholder in the company and establishes a co-innovation partnership focused on driving new AI and machine learning solutions for utilities and commercial and industrial companies.
The investment is led by Schneider Electric Ventures, part of Schneider Electric’s newly formed Innovation at the Edge Program, a statement from the company said.
Innovation at the Edge is focused on incubating, investing, and partnering with start-ups and other innovative companies outside of Schneider Electric’s core business to nurture ideas that will achieve a sustainable energy future.
Most immediately, Schneider Electric will leverage AutoGrid’s Energy Internet and Flex platforms to add artificial intelligence-driven solutions for customers’ distributed energy projects, the statement added.
This will accelerate new capabilities for Schneider Electric’s leading microgrid and behind the meter solutions, as well as advance its ability to better serve the utility segment as it will encourage greater participation and control over energy usage.
“This strategic investment reinforces our commitment to help our clients adopt new technologies like AI and machine learning to transition to a new energy future,” said Heriberto Diarte, head of External Innovation and Ventures at Schneier Electric.
“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,” he stated.
AutoGrid has a differentiated approach and scalable solution that allows utilities and distributed energy resources like microgrids to connect, allowing commercial and industrial clients to monetize their renewable energy assets, the statement highlighted.
“We are 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 of AutoGrid, about the deal.
“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,” he added.