Yokogawa collaborates with GridBeyond to develop electricity trading solutions

By OEM Update Editorial April 16, 2024 7:28 pm

GridBeyond’s proprietary AI services and robotic trading enable it to provide an efficient power aggregation solution by discovering relevant possibilities in the wholesale energy market, ancillary service markets, and capacity markets.

Yokogawa Electric Corporation and energy IT solutions provider GridBeyond have signed a strategic collaboration agreement. Yokogawa took part in GridBeyond’s Series C funding round. 

GridBeyond uses its proprietary AI services, robotic trading, and other capabilities to provide an efficient electricity aggregation service that identifies suitable opportunities in the wholesale electricity market, where actual generated electricity is sold, ancillary service markets, where future electricity supply capacity is sold, and capacity markets, where short-term demand and supply balancing capacity is sold. The company has the expertise to assist its customers in maximising profits by considering market prices and other forecast data, facility constraints, and market opportunities when determining the best transaction plan for their facilities, and then automatically performing real-time bidding in these three markets. GridBeyond has over 900 client sites in Ireland, the United Kingdom, the United States, and Australia, and has successfully managed loads of more than 1.7 gigawatts. Based on the expertise gained from these operations and the most recent information on energy market conditions, it ensures that trading methods are always optimised.

Soaring electricity rates can have a significant impact on businesses, particularly those with manufacturing plants that require a lot of electricity. Electricity trading allows businesses to generate additional revenue while also fulfilling their social responsibilities by stabilising power supply and demand through a demand-response mechanism in which users refrain from using power when power supply and demand are in balance.

On the basis of this strategic partnership agreement, Yokogawa and GridBeyond will collaborate to provide advisory and operational services for the deployment of electricity trading, allowing users to use electricity more efficiently. GridBeyond’s unique expertise and achievements in virtual power plant solutions, combined with Yokogawa’s extensive experience in manufacturing consulting services, will allow the two companies to propose and assist in the implementation of effective measures that will help customers maximize profitability.

Mark Davis, GridBeyond’s Chief Commercial Officer, said: “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.”