Tokyo, Japan and Dublin, Ireland - April 16, 2024
Yokogawa Electric Corporation
GridBeyond
Yokogawa Electric Corporation (TOKYO: 6841) and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, Yokogawa has participated in GridBeyond's Series C funding round.
GridBeyond leverages its own unique AI services, robotic trading, and other capabilities to provide an efficient electricity aggregation service that identifies suitable opportunities in the wholesale electricity market, where actually 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 know-how to help its customers maximize profits by taking market prices and other forecast data, facility constraints, and market opportunities into consideration to determine the best transaction plan for their facilities, and then automatically perform real-time bidding in these three markets. GridBeyond has more than 900 client sites in Ireland, the UK, the US, and Australia, and a track record in managing loads exceeding 1.7 gigawatts. Based on the knowledge gained through these activities and the latest information on electricity market conditions, it ensures trading strategies are always kept in an optimum state.
Soaring electricity prices can have a large impact on businesses, especially those with manufacturing facilities that use large volumes of electricity. Through a demand-response mechanism whereby users refrain from power use in times when there is a tight balance in power supply and demand, electricity trading allows businesses to generate additional income while helping to fulfill their responsibilities to society by stabilizing power supply and demand.
On the basis of this strategic partnership agreement, Yokogawa and GridBeyond will work together to provide consulting and operational services for the implementation of electricity trading, and thereby help customers use electricity more efficiently. With GridBeyond's distinctive know-how and achievements in providing virtual power plant solutions and Yokogawa's extensive experience in providing consulting services to manufacturers, the two companies will be able to propose and assist in the implementation of effective measures that will help customers maximize profitability.
Mark Davis, GridBeyond's Chief Commercial Officer, commented: "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.”
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About GridBeyond
GridBeyond's vision is to deliver a global zero carbon future. By leveraging AI, we innovate and collaborate with our customers to create optimal value from energy generation, demand, and storage to deliver a zero-carbon future. By bridging the gap between distributed energy resources and electricity markets, GridBeyond's technology means every connected asset – whether utility-scale renewables generation, battery storage, or industrial load – can be utilized to help maximize opportunities and enhance the grid. By intelligently dispatching flexibility into the right market, at the right time, asset owners and energy consumers unlock new revenues and savings, resilience, and management of price volatility, while supporting the transition to a net zero future.
For more information, visit www.gridbeyond.com
About Yokogawa
Yokogawa provides advanced solutions in the areas of measurement, control, and information to customers across a broad range of industries, including energy, chemicals, materials, pharmaceuticals, and food. Yokogawa addresses customer issues regarding the optimization of production, assets, and the supply chain with the effective application of digital technologies, enabling the transition to autonomous operations.
Founded in Tokyo in 1915, Yokogawa continues to work toward a sustainable society through its 17,000+ employees in a global network of 129 companies spanning 60 countries.
For more information, visit www.yokogawa.com
The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Electric Corporation, GridBeyond or their respective holders