A monitor that helps business owners track how much energy they’re using, down to individual appliances, has received BP-backing in the form of a £1.5million investment in the company that developed the technology.
Voltaware’s real-time monitoring gives customers reports and energy usage stats directly from the associated app, and is just one part of a potential future network of technology that puts consumers in charge of their energy – from how efficiently it is generated and used, to how it is stored and traded.
The potential benefit for businesses includes real-time performance analysis, meaning under-performing machinery can be identified early and repaired or replaced before it fails.
The monitors will be installed on BP sites to help track and reduce electricity costs.
The BP Ventures investment is in support of Alternative Energy’s focus on developing new digital energy technologies that could shape the way consumers use and interact with the energy that they consume. Sensors such as those provided by Voltaware are one example of these emerging digitally-enabled innovations.
BP Ventures vice president David Gilmour said he believes that real-time time energy monitoring is growing in importance and “the time is right for businesses to start adopting the technology. Voltaware’s product gives customers access to more information and enables better choices,” he said.
Founder and CEO of Voltaware, Sergey Ogorodnov said: “Modern utilities and businesses are looking at harnessing the power of electricity data as a key driver for their digital transformation strategy. By utilising the power of Voltaware’s electricity data intelligence, businesses can achieve a sustainable competitive edge for their customers.”
This year, BP has published research and reports which highlights its lower carbon activities. Its Advancing the Energy Transition report sets out these activities and approach, which includes creating low carbon businesses.
BP’s Technology Outlook, published in March, found that technology could play a ‘game-changing’ role in the area of energy efficiency with the greatest potential for energy saving coming from cars, heating, cooking, washing and power plants.
BP Ventures identifies and invests in private, high growth, potentially game-changing technology companies. Since 2006, it has invested over $400 million in corporate venturing and has 43 active investments in its current portfolio. It has a renewed strategic focus on five key areas: advanced mobility, bio and low carbon products, carbon management, digital transformation and power and storage.