Schneider Electric acquires AI-powered energy management company AutoGrid
AutoGrid has announced that it has signed a definitive agreement to be acquired by Schneider Electric. The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the third quarter of 2022. The acquisition will give AutoGrid the resources and global reach to accelerate the growth and pace of product innovation.
“Schneider Electric and AutoGrid have a shared vision for a more sustainable world through electrification, digitalization and decarbonization. With AutoGrid, we can deliver significant value to energy companies by delivering advanced technologies to drive smart grid adoption and reduce carbon emissions,” said Nadège Petit, Chief Innovation Officer at Schneider Electric. “We are excited to create maximum impact with our customers by accelerating the reach and scale of AutoGrid.”
Schneider Electric and AutoGrid have been working as partners since 2015, and two years ago announced a fully integrated Advanced Distribution Management System (ADMS) and Distributed Energy Resources Management System (DERMS).
“Joining forces with AutoGrid provides customers with the most advanced platform to integrate and orchestrate distributed energy resources for the benefit of all stakeholders in the grid,” said Luis D’Acosta, executive VP of digital energy at Schneider Electric. “These new capabilities will accelerate prosumer engagement for a more sustainable and efficient network.”
AutoGrid’s AI-powered Virtual Power Plant (VPP) and Distributed Energy Resources Management (DERMS) Platform provides a sustainable alternative to dirty and expensive fossil fuel-dependent backup plants by managing and deploying additional unused capacity from batteries, electric vehicles and flexible load. AutoGrid has transformed the age-old one-way architecture of the power grid into a two-way flow of electrons that gives consumers the freedom and economic incentive to fight climate change with their energy decisions
“We started AutoGrid with the unique mission of accelerating the world’s access to renewable energy,” said Amit Narayan, Founder and CEO of AutoGrid. “I am grateful for the help we have received from Schneider Electric as a staunch supporter on this journey. I can say with confidence that we could not have found a better partner who is more aligned in our values and commitment to the mission to decarbonise our planet. I now look forward to the next chapter in scaling our technology even faster to solve this urgent climate crisis we face.”
News item from AutoGrid