Lisbon, November 7, 2019. During the Web Summit 2019, the best technology conference on the planet, EDP and NET2GRID signed a strategic agreement.
NET2GRID, a Dutch based company that provides real time energy data analysis (energy insights and bill disaggregation services), announced a strategic investment led by EDP Ventures, the venture capital arm of EDP group. This investment follows an ongoing development partnership with EDP, that allows for real-time access to data and to increase data granularity from the smart meters with a factor of 1,000.
Through NET2GRID, EDP can complement its services offer to consumers in Portugal. The Non-Intrusive Load Monitoring technology is giving EDP customers insights in energy consumption and efficiency of individual appliances, without the need for sub metering.
“We are very happy with EDP as a partner, through joined creation we can tailor our services to the needs of the EDP businesses and create new services or significantly reduce costs. The EDP meters provide access to both active and reactive power enabling our multi-timeseries models to detect even more appliances compared to other regions in the world”
says Bert Lutje Berenbroek, CEO of NET2GRID. “The investment of EDP Ventures will help us to scale-up and expand also outside Europe”.
“Besides being the first one providing NILM solutions at a fraction of the cost, the NILM accuracy of 90% is an essential requirement to build our data driven business models”
says António Vidigal, Board Member of EDP Ventures.
“It is our strong believe the NET2GRID technology will play an important role for utilities across the globe to transition from low margin commodity sales into high margin services. We are very proud to join and partner with NET2GRID on their growth journey”.
NET2GRID has four important disciplines in house: hardware development, full stack platform development, data science on electrical models and machine learning.
About EDP EDP is a global energy company, operating in 16 countries and 4 continents, in the generation, transport, distribution and marketing of electricity and gas. Leading innovation in renewable energies, it has 12,000 employees and over 11 million clients. The company is also the 4th wind producer in the world. EDP Ventures is the corporate venture arm of EDP group, an early-stage venture capital mainly focused in Seed and Series A aiming to support and stimulate the open innovation process in the energy sector. Currently managing more than 70M€, EDP Ventures looks for disruptive technologies and business models focusing in Renewable Power technology, Smart Grids, Energy Efficiency, Electric Mobility, Energy Storage, AI and ML, Cybersecurity, Digital and Predictive analytics. It is located in Lisbon and São Paulo.
Media Contact EDP - ENERGIAS DE PORTUGAL SA Inês Cândido Ines.candido@edp.com Cell: +351 93 354 75 45 Tel: +351 21 001 26 32
About NET2GRID NET2GRID is one of the leading companies world wide of real time NILM (non-intrusive load monitoring) services. NET2GRID’s energy insight platform, is reducing your cost to serve while increasing customer engagement. Greater energy consumption insights and deeper, more trusting customer relationships translate into upsell activity and reduced churn. It is our solution to engage your customer. The company was founded in 2011 and holds office in The Netherlands and Greece.
Media Contact NET2GRID BV Berend Olde Rikkert press@net2grid.com Tel: +31 30 304 00 86