In a recent release, Schneider Electric (News - Alert), a company for digital transformation of energy management and automation, announced an investment in AutoGrid, provider of flexibility management software for the energy industry. The investment makes Schneider Electric a major shareholder in the company and is reportedly designed to establish a co-innovation partnership focused on driving new AI and machine learning solutions for the utilities and commercial and industrial companies.
Schneider Electric said it will use AutoGrid’s Energy Internet and Flex platforms to add artificial intelligence-driven solutions for distributed energy projects. AutoGrid’s solution is designed to allow utilities and distributed energy resources like microgrids to connect, allowing commercial and industrial clients to monetize their renewable energy assets.
“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,” said Heriberto Diarte, Head of External Innovation & Ventures, Schneider Electric.
The investment is led by Schneider Electric Ventures, part of Schneider Electric’s newly formed Innovation at the Edge Program. 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.
“We’re 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, AutoGrid. “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.”