AI and analytics SaaS energy platform partners with AWS
Innowatts is working with Amazon Web Services to process 4.3 billion data points per hour via its platform which is deployed across nine countries and 17 energy markets.
The City of Fargo in the US is one of those benefiting from the service
Energy software-as-a-service (SaaS) platform Innowatts is using Amazon Web Services (AWS) to help accelerate the digital transformation of utility companies.
The company has launched a solution allowing energy providers to make full use of the “transformative power” of cloud-based, fully scalable data analytics.
Energy analytics
Leveraging AWS to process 4.3 billion data points per hour, Innowatts claims its energy analytics platform has been deployed across nine countries and 17 energy markets, with more than 45 million meters under management.
According to Innowatts, by combining its AI data-analysis technology with AWS’s flexibility, scalability, and pay-as-you-go model, the solution gives utilities full transparency into their own operations, the needs of their customers, and changing energy-market conditions including decarbonisation and decentralisation to extreme weather.
With smart technologies – from grid-level infrastructure to consumer devices – now generating vast amounts of data, Innowatts reports its AWS-enabled machine learning (ML) platform delivers the accurate forecasts and real-time intelligence utilities need to succeed.
“Fargo is able to precisely measure the adoption and use of the electric vehicle charging station investments, and with these insights, drive initiatives to bring more awareness to the clean energy alternatives available”
Innowatts’ forecasts outperformed other predictive models in a year-long Electric Power Research Institute (EPRI) study and outperformed rivals during the 2020 Texas heatwave, with a mean absolute percentage error (Mape) of just 1.5 per cent, compared to more than 2 per cent for the Electric Reliability Council of Texas (Ercot) own forecast.
Innowatts claims its platform is already delivering quantifiable return-on-investment (ROI) and business value for utilities, with better forecasts and risk management yielding cost savings of up to $50 per meter per year from avoided generation and distribution charges. With access to deep customer insights, utilities can also develop personalised engagement strategies for customers, reducing churn by 25 per cent without impacting gross margins, the company said.
“Based on the insights provided by Innowatts, the City of Fargo is able to precisely measure the adoption and use of the electric vehicle (EV) charging station investments, and with these insights, drive initiatives to bring more awareness to the clean energy alternatives available in downtown Fargo and drive more foot traffic for our local businesses,” said Michael Redlinger, assistant city administrator at the City of Fargo.
“The analytics from Innowatts and [its] ability to bring meaning to otherwise disparate data streams generated by this project has shown the city what is possible from smart clean energy investments.”
“We’re proud to bring our groundbreaking AI analytics solutions to a wider audience,” added Jeff Wright, chief revenue officer at Innowatts.
“The future of energy depends on using vast amounts of data gleaned from dispersed sources to generate actionable intelligence at scale – and that’s exactly what Innowatts is now working to deliver.”
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