BP acquires Open Energi for renewable energy assets optimisation
Join Our Newsletter - Get important industry news and analysis sent to your inbox – sign up to our e-Newsletter here
X

BP acquires Open Energi to optimise its renewable energy assets

23 Jul 2021 (Last Updated July 23rd, 2021 15:30)

Open Energi’s digital platform helps provide power flexibility during periods of low renewable generation and price peaks.

BP acquires Open Energi to optimise its renewable energy assets
Open Energi’s digital platform uses real-time data to optimise energy usage. Credit: BP.

BP has acquired UK-based artificial intelligence (AI) driven company Open Energi in an effort to optimise the performance of its renewable energy assets.

Open Energi’s digital platform uses real-time data to optimise the energy use of low-carbon assets, from battery storage to hydrogen electrolysers and solar farms, creating cost savings.

It also helps maximise revenues for customers by connecting its technology to power markets and giving traders access to real-time data.

Open Energi will become part of the BP Launchpad portfolio, a team of in-house business builders and scalers that support BP’s aim of becoming a net-zero company by 2050.

BP said that it plans to use the Launchpad portfolio to upscale its operations and build on the commercial growth it has enjoyed in recent years.

BP Launchpad and Ventures senior vice-president Sam Skerry 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.”

The share of primary energy generated from ‎renewables is expected to increase to around 60% in 2050 under the net-zero scenario set out in BP’s Energy Outlook for last year, up from around 5% in 2018.

BP expects that digital platform technologies such as Open Energi’s can help in maintaining the stability of global electricity energy grids.

In a separate development, BP has signed an exclusive consultancy agreement with renewable energy consultancy Quaybridge to speed up offshore wind growth.

The companies will work together to advance BP’s global offshore wind portfolio.

Last month, BP agreed to acquire solar development projects in the US with 9GW of capacity from 7X Energy.