AI Energy Startup Climate Connect Attracts Investment from Miller Turner Group
Series A funding for Climate Connect. Continued push for AI-based solutions in energy forecasting, scheduling, trading & electric mobility. Funding to boost development of new products for wider range of customers in Europe and Asia.
Amsterdam, 22 November 2017: Climate Connect Holding B.V. today announced that it has secured Series A round of investment from Amsterdam-based Miller Turner Group, to boost deployment of its Artificial Intelligence (AI) driven software solutions for energy sector globally. The capital injection by Miller Turner Group shall help Climate Connect transform its ongoing AI projects into applications for existing and future customers in Europe and Asia.
Energy companies across the board today face the unique challenge of rapid integration of renewable energy and electric mobility platforms within the traditional grid infrastructure. Artificial Intelligence and Machine Learning solutions provide a dynamic platform to meet these challenges in a timely and financially efficient manner, compared to traditional solutions that often involve high initial capital costs and can quickly become outdated because of their innate rigidity.
In recent years, Climate Connect has excelled in the development of Machine Learning based models to forecast critical parameters like price, imbalance, variable generation, weather and load, in European and Indian energy markets. Climate Connect has developed the proprietary E.A.G.L.E (Energy & Artificial Intelligence Guided Learning Engine) platform in Python where client teams can coordinate with Data Scientists at Climate Connect to quickly identify the optimal Machine Learning algorithm for a given energy sector use case. E.A.G.L.E assimilates data in real-time and enables autonomous optimal decision-making by syncing with a customized front end dashboard, while entire software system runs in a secure cloud environment.
Climate Connect offers Machine Learning based software, powered by its proprietary E.A.G.L.E platform, to some of the leading energy companies in the world. A number of leading energy companies in generation, trading, distribution and grid operation are using Climate Connect’s software to optimize assets and take market positions on a daily basis. In Europe, as solar industry enters a zero subsidy based environment, Climate Connect is working with several solar asset managers to provide solar plants access to wholesale markets using its Intelligent Merchant Solar (IMS) solution that delivers superior returns compared to current PPA structure in the market.
During a discussion on how Machine Learning applications would shape the future of energy sector, Founder and CEO Nitin Tanwar said, “Advances in Artificial Intelligence present humankind the opportunity to solve several man-made problems. When intelligently applied to the grid, they make possible the transition to a 21st century energy ecosystem - characterised by green, cheap and abundant energy for all. We have the chance to permanently solve the dual problems of climate change and energy security. With support from our incoming investors from Amsterdam, Climate Connect intends to scale up its Machine Learning applications around renewables, grid management, weather forecasting and electric vehicles and be part of this unique moment in history.”
Co-founder and CTO, Sanand Sule explained that “We use both classical Machine Learning as well as deep learning to add value to our customer businesses. Because of the availability of real-time data in the energy value chain, incredible opportunities to hand over decision making to machines exist, provided initial hurdles of data integrity and model selection can be cracked by a cross-functional team of data scientists, software engineers and energy experts.”
Commenting on the investment, the Board at Miller Turner Group issued the statement “At Miller Turner Group we bring assets to life across a range of sectors including Energy, Data Centres and Property. We also make associated investments in complementary start-up activities where our experience and expertise can support rapid and sustainable growth leading to increased shareholder value. We see our involvement with Climate Connect to be aligned to our managed activities as well as investments and are very excited to be supporting such an engaged team which has dedicated itself to innovation in the Renewable Energy sector.”
Founded in 1973, Miller Turner is an infrastructure development, asset management and investment company with offices in Amsterdam, London and Dublin. We are privately funded and owned by an Anglo-Dutch-Irish consortium and leverage over 40 years’ experience in the industry. Our philosophy is to put the interests of our investors, contract partners, the environment and communities foremost in all activities. The team at Miller Turner embodies the shared values of Partnership, Responsibility, Rigour and Tenacity.