Artificial intelligence company eVolution Networks has joined a grid optimisation joint venture (JV) formed by one of Japan’s biggest trading conglomerates, Mitsui, and major Chinese PV company GCL-Poly.
Our sister site PV Tech revealed last summer that GCL-Poly, one of the major players in Solar Media’s Solar Module Super League (SMSL) rankings tables, formed a JV looking to investigate new and clean energy businesses and opportunities in China and selected overseas territories, dubbed “new generation energy and infrastructure” projects.
Initially launched with US$50 million invested 50-50 by the two partners, a release issued this morning said that along with eVolution Energy Limited, the three have formed a further JV, Evolution Energy Limited, which will “redefine AI technology for power grids infrastructure”, aimed at improving grid performance and reducing losses.
AI algorithms developed by eVolution will collect vast amounts of data from grid networks, establishing patterns of behaviour and predicting demand levels in real-time. This could reshape how the grid operates, providing power companies with “a giant leap into the future with massive CAPEX (capital expenditure) and OPEX (operating expenditure) cost reduction”, the JV partners said.
“There's huge potential for AI technology to predict and optimize the grid performance. Utility companies will be able to transform from the long-standing manual managed to sophisticated, agile and green operation,” eVolution Innovation Group CEO Roy Morad said.
GCL-Poly investment managing director Donglei Yan said the JV partners will leverage resources and market access in “Japan, China and South East Asia”, while Mitsui representative Daisetsu Sakai said that all of the partners in the new business “contribute a globally recognized reputation in their respective areas to innovate next generation of grid infrastructure”.
Stay up to date with the latest news, analysis and opinions. Sign up here to the Energy-Storage.news Newsletter.