AutoGrid, a player in the artificial intelligence (AI)-driven optimization for distributed energy resources (DERs), announced that it has signed a definitive agreement to be acquired by Schneider Electric, the global specialist in energy management and automation.
The transaction between the two is subject to regulatory approval and other customary closing conditions and is expected to close in Q3, 2022. The acquisition will provide AutoGrid with the resources and global reach to accelerate its growth and pace of product innovation.
What does AutoGrid bring Schneider Electric?
“Schneider Electric and AutoGrid have a shared vision for a more sustainable world through electrification, digitization and decarbonization. With AutoGrid, we can deliver significant value to energy companies by delivering cutting-edge tech to drive adoption of smart grids and reduction of carbon emissions. We are excited to create maximum impact with our clients by accelerating the reach and scale of AutoGrid,” said Nadège Petit, CIO at Schneider Electric.
Schneider Electric and AutoGrid have been working together as partners since 2015 and announced a fully integrated Advanced Distribution Management System (ADMS) and Distributed Energy Resources Management System (DERMS) two years ago.
In January 2022, the energy industry’s leading independent research firm Guidehouse Research ranked the Schneider Electric – AutoGrid DERMS solution as #1 in the world.
“Joining forces with AutoGrid will give customers the most advanced platform to integrate and orchestrate distributed energy resources for the benefit of all grid stakeholders. These new capabilities will accelerate prosumer engagement for a more sustainable and efficient grid,” said Luis D’Acosta, Executive Vice President of Digital Energy at Schneider Electric.
What is AutoGrid’s industry experience?
AutoGrid’s tech plays a role in combating climate change. For over a decade, AutoGrid has pioneered the science of flexibility management to enable broad renewable energy adoption.
Their democratized energy internet smooths out fluctuations in renewable energy supply. AutoGrid’s AI-powered Virtual Power Plant (VPP) and Distributed Energy Resources Management (DERMS) Platform offers a sustainable alternative to dirty fossil-fuel dependent backup power plants by deploying untapped capacity from batteries, EVs and flexible load.
AutoGrid has changed the one-way, electricity grid architecture into a two-way flow of electrons that gives consumersfree dom to combat climate change with their energy decisions “We started AutoGrid with the singular mission of accelerating the world’s access to sustainable energy,” said Amit Narayan, Founder and Chief Executive Officer of AutoGrid.
“I am grateful for the help we have received from Schneider Electric. I say with confidence that we couldn’t have found a better partner who is more aligned in terms of our values and commitment to the mission to decarbonize our planet. I am now looking forward to the next chapter to scale our technology even faster to solve this urgent climate crisis facing us.”