KX PARTNERS WITH EIPGRID TO DELIVER ENHANCED RESOURCE MANAGEMENT AND GREATER PROFITABILITY FOR ENERGY PROVIDERS
Wednesday, August 30, 2023
SEOUL, South Korea and NEW YORK, Aug. 22, 2023 /PRNewswire/ -- KX, a global pioneer in vector native, real time and high-volume time series data analytics and maker of the KDB.AI vector database, and EIPGRID, a distributed energy resource management expert leading the Virtual Power Plant and Demand Response sector, announce they have partnered on an AI-powered energy-management platform that enables greater efficiency in the management and delivery of electricity while improving profitability for participants in the sector.
The global energy market faces considerable challenges. Rising prices coupled with threats to grid security and stability are forcing governments and energy providers to look again at how they balance calls for a greener, more renewable future with the needs of today's consumers. Additionally, surging demand for electric vehicles and the rise of community-based energy groups are requiring a re-think on how electricity is delivered to the market.
By combining KX's market-leading kdb time series database and analytics engine with EIPGRID's AI-powered interoperable platform, utility companies and load aggregators can build powerful dynamic demand response and virtual power plant applications to allocate resources where they are most needed, in real time. Ultimately the partnership significantly enhances the ability to manage energy provision, reducing costs while providing additional revenue streams.
The integration offers several key benefits:
-- Real-Time Optimization of Distributed Energy Resources (DERs): Efficient
utilization of solar, energy storage, EVs, and other DERs, maximizing
their value and contribution to the grid.
-- Advanced Demand Response Technology: Rapid response to demand
fluctuations. Real-time insights into energy consumption patterns,
demand fluctuations, and equipment performance enabling more effective
demand response strategies, reducing energy waste during peak load
periods.
-- High-Speed Data Processing: In the energy sector, where data from
sensors, meters, and other sources collected in real-time, the
integrated solution efficiently stores, manages, and processes this data
at high speeds.
-- Predictive Maintenance and Anomaly Detection: Timely maintenance of
power generation, distribution, and other infrastructure can prevent
costly downtime and improve operational efficiency.
Tony Lee, CEO of EIPGRID: "By integrating KX capabilities into our AI-powered interoperable platform, we are empowering our customers to unlock the full potential of their energy resources while navigating this highly profitable, but quite complex market. This collaboration is a testament to our shared vision of helping businesses thrive in the ever-evolving energy sector."
Ashok Reddy, CEO, KX: "The energy market is characterized by a complex ecosystem involving multiple stakeholders. This complexity, coupled with uncertain energy demands and consumption patterns, poses challenges in managing and optimizing energy generation, distribution, and grid stability. Our technology is renowned for its high-speed data processing and real-time analytics capabilities, making it a valuable addition to EIPGRID's platform. We're excited to be partnering with EIPGRID on optimizing energy management, improving profitability, and addressing the challenges faced by market participants."
The focus of the partnership covers energy providers in South Korea and multiple projects across South East Asia, Japan, and the US. For more information, visit: https://www.eipgrid.com/eip-platform
About KX
Our mission is to accelerate the speed of data and AI-driven business innovation enabling customers to transform into real-time, intelligent enterprises. Built for the most demanding data environments, our Data Timehouse(TM) platform is trusted by the world's top investment banks and hedge funds, and leading companies in the life and health sciences, semiconductor, telecommunications, and manufacturing industries.
At the heart of our technology is the kdb+ time series and vector database, independently benchmarked as the fastest on the market. It can process and analyze time series, historical and vector data at unmatched speed and scale, empowering developers, data scientists, and data engineers to build high-performance data-driven applications and turbo-charge their favorite analytics tools in the cloud, on-premise, or at the edge.
Ultimately, our technology enables the discovery of richer, actionable insights for faster decision making which drives competitive advantage and transformative growth for our customers. KX operates from more than 15 offices across North America, Europe and Asia Pacific.
For more information visit www.kx.com or contact: pr@kx.com
About EIPGRID
EIPGRID Inc. is a community energy services and solutions provider with more than a decade of experience in the energy domain and operations across the globe. Headquartered in Seoul, South Korea, the company offers a product line designed to support all energy market players, from community managers and end-users with energy resources, to power aggregators and utilities in charge of the grid. Through EIPGRID's cutting-edge technology powered by AI, all market participants get to maximize their profits through the most optimal power management while diving into various business applications, including Demand Response, Solar, Energy Storage, EV, Micro-Grid, and simultaneously exploring numerous benefits of the RE100 business model and CO2 trading.
For more information and updates, visit EIPGRID's official website, LinkedIn and Twitter.
MEDIA CONTACT:
Ena Elek
jelena@eipgrid.com
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SOURCE EIPGRID
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