Energy giant bp announced today the acquisition of UK-based Open Energi, an AI-focused provider of energy asset optimization solutions. According to bp, Open Energi’s technology optimises the energy use of low-carbon assets, contributing to the company’s net zero ambition.
Open Energi will be integrated into the energy giant’s in-house business accelerator, bp Launchpad.
Open Energi’s platform aims to address an emerging issue as global energy systems increasingly rely on renewable sources, such as wind or solar-derived power, which are often less consistent than legacy systems in their production capabilities, potentially leading to supply and price volatility. Utilizing artificial intelligence, the platform analyzes and optimizes assets, including battery storage, hydrogen electrolysers and solar farms, reducing energy consumption at peak price periods.
David Hill, Open Energi Commercial Director, said:
“For the growing renewable energy capacity the world needs to meet global carbon reduction targets, we will need efficient energy optimization. As such Open Energi is fantastically positioned to grow, and we could not be more excited to be partnering to deliver that growth with bp Launchpad. Its role within the business will allow us to maintain our independence, while bp’s net-zero ambition and its new strategy align perfectly with our ambition and vision.”
Launchpad was established by bp in 2018 as a team of in-house business builders to turn breakthrough technologies and digitally-led business models, from both inside and outside bp, into high potential businesses that can help re-imagine energy. Open Energi is Launchpad’s sixth investment.
Sam Skerry, Senior Vice President bp Launchpad and Ventures, said:
“Open Energi’s technology helps manage the intermittency of increasing global renewable capacity, creating both energy saving and revenue opportunities. The acquisition will help bp develop digitally-driven integrated energy systems and deliver innovative, efficient and flexible energy solutions for customers. As the world’s renewables capacity continues to grow, we’re excited to work with Open Energi to help optimise the cost of energy and the performance of low carbon energy assets, and support our wider customer offer.”