Grid Edge has been awarded funding from the Clean Growth Innovation Fund – a pioneering partnership between global energy and services company, Equans and Innovate UK, which is funded by BEIS (Department for Business, Energy & Industrial Strategy).
Grid Edge is a data science company that uses AI to predict carbon and energy crimes in commercial buildings, enabling intervention to stop the carbon crime ever happening, providing a simple digital net zero energy journey for building operators. The system uses holistic data from thousands of points across a building’s infrastructure, including meters, sub meters, IOT sensors and pre-existing BMS (Building Management System), which algorithms, and machine learning combines with grid and external data such as weather conditions, comfort levels, energy prices and carbon intensity to provide recommendations that will reduce future carbon and energy usage. All of which is presented on a custom, dynamic and user-friendly interface that allows companies to optimise their energy management strategies, helping make the race to net zero a sprint rather than a marathon.
The Clean Growth Innovation Fund (CGIF) launched in 2019 and will provide up to £4m of funding to UK-based, pioneering small and medium sized enterprises that can help to accelerate the UK’s progress towards Net Zero by 2050. This partnership is the first of its kind between the public and private sector and demonstrates a clear investment in innovation to deliver net zero and energy efficiency.
The fund benefits from Innovate UK’s expertise as the UK’s national innovation agency supporting business-led innovation, whilst utilising Equans’ scale and expertise in developing commercial opportunities and maximising value from solution-oriented investments. In addition to funding, Equans can provide companies with access to new markets, including a broad customer base in over 20 countries.
Grid Edge is one of two net zero carbon software specialists to obtain funding through the scheme, which will support the UK’s energy, digital and industrial transitions through the development of disruptive technologies, services and business models.
The funds and joint collaboration with Equans will enable Grid Edge to refine the digital journey, make it easier and quicker for customers to visualise and identify energy efficiency savings. Whilst continuing to innovate their flex offering, providing commercial buildings the technology to adjust their building and electric vehicle charging profiles based on price, carbon or grid constraints.”
Paul McCorquodale, Grid Edge CEO said: “Grid Edge has a mission: to be the AI that powers commercial buildings to net zero. The built environment accounts for 40% of carbon emissions globally. We want to make it easy to reduce that impact and move towards a sustainable future and a healthy planet. To see our technology resonate with Equans and Innovate UK, not only validates our beliefs, but motivates us to accelerate our mission.
“The funding provided by the Clean Growth Innovation Fund, will help Grid Edge’s predictive AI reach new building owners to reduce their energy bills and carbon footprint. It means a great deal to us to have the support of Equans and Innovate UK, and we are excited to bring forward a future where commercial buildings don’t have a negative impact on the planet and play an active role to balance the power grid.”
Jean-Philippe Loiseau, CEO for Equans UK & Ireland said: “We are proud of this unique partnership with Innovate UK and look forward to working closely with Grid Edge as we collectively invest in the common goal to reach net zero.
“Equans is committed to not only supporting the journey to net zero carbon for our customers but also helping to accelerate progress through innovation and partnerships.
“Our customers will be able to benefit from the advanced net zero technologies on offer through this venture and we hope to showcase our work across our global business – supporting us as we decarbonise homes, public buildings, commercial real estate and higher education estates among others.”
Ian Meikle, Director of Clean Growth, Innovate UK said: “Our partnership with Equans has been an excellent example of how Innovate UK can work with a strategic corporate investor to align grant funding with private investment, to support British net zero businesses.
“Partnerships such as this between the public and private sector are key to enabling net zero solutions to be deployed at scale. We are especially delighted to be working with a strategic investor with the skills, knowledge, expertise and reach of Equans in this initial partnership.
“Through our work with Equans, and with other net zero focused corporates in the future, Innovate UK will continue to facilitate corporate companies looking to invest in UK businesses and support the growth of the UK economy.”