Yokogawa Electric Corporation, in collaboration with energy IT solutions provider GridBeyond of Ireland, has finalized a pivotal strategic partnership agreement. Additionally, Yokogawa has actively participated in GridBeyond’s Series C funding round, marking a significant step forward in their mutual commitment to advancing energy management solutions.
Utilizing its proprietary AI services, robotic trading, and other cutting-edge capabilities, GridBeyond offers an efficient electricity aggregation service that identifies lucrative opportunities across various markets. These include the wholesale electricity market, where actual electricity is traded, ancillary service markets for future supply capacity, and capacity markets for short-term demand and supply balancing. With expertise in analyzing market prices, forecast data, facility constraints, and opportunities, GridBeyond assists clients in maximizing profits through tailored transaction plans. Automating real-time bidding processes across these markets, the company boasts a substantial client base, spanning over 900 sites in Ireland, the UK, the US, and Australia.
Rising electricity costs pose significant challenges for businesses, particularly those operating manufacturing facilities reliant on substantial electricity consumption. By adopting a demand-response mechanism, wherein users reduce power usage during periods of strained supply and demand, electricity trading offers businesses an opportunity to not only generate supplementary income but also fulfill their societal obligations by contributing to the stability of power supply and demand.
Underpinning this strategic partnership agreement, Yokogawa and GridBeyond will collaborate to offer consulting and operational services geared towards facilitating the adoption of electricity trading aimed at enhancing customer energy efficiency. Leveraging GridBeyond's unique expertise in virtual power plant solutions alongside Yokogawa's extensive consulting experience within manufacturing sectors, the joint effort will enable the identification and implementation of impactful measures to optimize customer profitability.
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. 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 the 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”.