Adelaide-based OptiGrid has officially launched two artificial intelligence and machine learning-driven energy management tools that promise to transform power market operations.
The company’s software suite, designed for utility-scale and distributed battery operators, energy retailers, and virtual power plants, includes OptiForecaster for more accurate wholesale electricity price predictions and OptiBidder for intelligent battery operation and market bidding.
OptiGrid claims its technology can increase battery revenue by more than 25 per cent compared to existing solutions.
This significant improvement comes at a crucial time, as a recent peer-reviewed paper co-authored by OptiGrid co-founder and CEO Sahand Karimi suggests that batteries in the National Energy Market (NEM) are currently missing out on 50 per cent of their potential energy market revenue.
The company has successfully closed a seed capital raise led by IP Group, with participation from the Clean Energy Finance Corporation, University of Adelaide, Impact Ventures, University of New South Wales, and Hostplus.
This backing from prominent investors underscores the potential of OptiGrid’s technology to maximise the performance of energy assets.
Shane Meaney, Investment Manager at IP Group, highlighted the global relevance of OptiGrid’s solution, stating: “Operators around the globe are trying to maximise the value of their energy trading and storage assets.”
He added that improving grid efficiency could lead to lower consumer prices and accelerate the transition to 100 per cent renewables.
OptiGrid’s technology has been developed in South Australia, a region known for its volatile electricity supply-demand dynamics, making it an ideal testing ground for complex wholesale electricity market trading.
The company’s unique machine-learning models and algorithms have been shown to significantly outperform existing solutions in this challenging environment.
Sahand Karimi stressed the importance of improving battery revenue to encourage further investment in grid-connected batteries and accelerate the transition to a renewable power grid.
He noted that efficiently operated batteries not only increase financial returns but also stabilise the grid, facilitate more renewables, and defer costly infrastructure investments.
As the global energy storage market is expected to grow 15-fold by 2030, according to BloombergNEF, OptiGrid’s innovative technology is well-positioned to play a crucial role in maximising the potential of battery assets and supporting the shift towards a more sustainable energy future.
