The strategic collaboration agreement between Yokogawa Electric Corporation and GridBeyond of Ireland, a provider of energy IT solutions, has been finalized. Yokogawa has also taken part in the Series C fundraising round of GridBeyond mentioned its official release.
In order to assist customers utilize electricity more efficiently, Yokogawa and GridBeyond will collaborate to provide operational and advisory services for the implementation of electricity trading, as per the terms of this strategic partnership agreement.
With Yokogawa‘s vast experience in offering manufacturing consulting services and GridBeyond’s unique expertise and accomplishments in virtual power plant solutions, the two businesses will be able to suggest and support the implementation of practical solutions that will help clients maximize profitability.
Using its own special AI services, robotic trading, and other capabilities, GridBeyond is known to offer an effective electricity aggregation service.
It finds opportunities in the wholesale electricity market—where electricity that has actually been generated is sold—ancillary service markets—where capacity for future electricity supply is sold—and capacity markets—where capacity for short-term demand and supply balancing is sold.
By considering market prices and other forecast data, facility constraints, and market opportunities, the company can help its customers maximize profits by determining the best transaction plan for their facilities.
The company then automatically performs real-time bidding in these three markets. With over 900 client locations across Ireland, the UK, the US, and Australia, GridBeyond has demonstrated success in handling loads greater than 1.7 gigawatts. It guarantees that trading strategies are always maintained in the best possible condition based on the knowledge acquired through these activities and the most recent information on the state of the power market.
Necessity of Electricity Trading
Businesses can be severely impacted by rising electricity costs, particularly those who operate manufacturing plants that consume significant amounts of energy.
Electricity trading helps businesses meet their social obligations by stabilizing the supply and demand of electricity, allowing them to make additional revenue through a demand-response mechanism that encourages users to turn off their lights during periods of tight supply and demand.
Mark Davis, GridBeyond’s Chief Commercial Officer, commented: “We are delighted to announce our collaboration with Yokogawa Electric. This partnership not only supports our ongoing expansion in Japan by supporting Japanese businesses towards their net zero goals, but will also allow GridBeyond and Yokogawa to work together in other global markets too. Yokogawa Electric is a leading company in Japan and internationally, and we look forward to this new collaboration.”
Koji Nakaoka, a Senior Vice President of Yokogawa Electric and Head of the company’s Energy & Sustainability Business Headquarters, said: “Yokogawa has gained the trust of its customers by leveraging its knowledge and innovative, high-quality technologies to provide measurement, control, and information solutions that contribute to stable operations and streamline operations at manufacturing sites. Going forward, we shall help our customers increase their profits and implement ESG management by combining Yokogawa’s specialization in operational improvement with the energy management solutions of our Group company PXiSE Energy Solutions and the electricity trading services of the globally-proven GridBeyond to provide one-stop solutions for the streamlining of electricity use.”
For Further Info: www.gridbeyond.com | www.yokogawa.com
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