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BP expands its digital energy portfolio by investing in energy management platform, Grid Edge

10th October 2019

BP Ventures has led a Series A funding round in Grid Edge - a developer of artificial intelligence (AI) technology - that enables customers to predict, control and optimise their building’s energy profile.

BP's latest investment is part of its efforts to reduce carbon emissions across its energy portfolio. Photo: BP

The investment is in support of BP Alternative Energy’s wider strategy of low-carbon power, storage and digital energy. Grid Edge was spun out of Aston University’s Energy Research Institute in 2016 and uses AI to empower customers, businesses and other organisations to make the most of their energy assets.

 Tom Anderson, chief executive, Grid Edge said: “It is only a few short years since the founding partners left Aston University to pursue our vision of putting data-driven, intelligent control into the hands of energy consumers and we’re proud to be working with some of the UK’s leading building operators to optimise their energy profile through our predictive AI technology. We are delighted to have brought on board two world-leading investors who believe in our vision and share our ambitions to change the way people use energy.”

 Family office investment house Goldacre joined BP as co-investors in the funding round, enhancing its portfolio of investments in technology for smart real estate and future cities.

 Matthew Harris, managing director, Goldacre, added: “Optimising energy demand is now an essential requirement of businesses and consumers. Reducing carbon emissions in a way that puts building operators in control and allows them to prioritise occupants’ comfort levels is a challenge, but one that can and will be solved through leveraging smarter digital technologies. This investment demonstrates that, for Goldacre, this is not simply an aspiration; it is being delivered today.”

 This investment will enable Grid Edge to expand in the UK market, utilising existing partnerships in the real estate sector, and explore further opportunities in Europe.