News

IP Group ANZ portfolio company OptiGrid has officially launched its artificial intelligence and machine learning-driven energy management tools into the marketplace and it says they will transform the way power markets operate.

OptiForecaster delivers more accurate forecasts of wholesale electricity prices, while OptiBidder intelligently manages battery operation and market bidding promising to increase revenue by 25+ percent.

OptiGrid’s software is designed for utility-scale and distributed battery operators, energy retailers and virtual power plants.

Their launch follows publication of a peer-reviewed paper, co-authored by OptiGrid co-founder and CEO Sahand Karimi, that says batteries in the National Energy Market (NEM) miss out on 50 percent of their potential energy market revenue. 

The paper says this needs to change if batteries are to fulfil their role in stabilising a renewable power grid.

IP Group has led a seed capital raise for OptiGrid that was joined by Clean Energy Finance Corporation, University of Adelaide, Impact Ventures, University of New South Wales and Hostplus.

OptiGrid is a spin-out from University of Adelaide and its products have been developed in South Australia - a region with famously volatile electricity supply-demand, making it one of the most complex environments for trading in the wholesale electricity market.

Investment Manager at IP Group, Shane Meaney, says OptiGrid has massive potential to maximise the performance of energy assets.

“Operators around the globe are trying to maximise the value of their energy trading and storage assets,” Mr Meaney said.

“Improving the efficiency of grids will bring prices down for consumers and accelerating the deployment of large-scale storage will move the grid to 100 percent renewables faster. We’re excited to be a major investor.”