Energy demand has plummeted around the world. Oil prices are plummeting. Everywhere in the energy world, things look pretty grim; however, maintaining the lights on and electrons shifting remains vital to keeping even the hobbled economies of the world buzzing.
That’s why startups like Amperon, which use data evaluation to offer predictive tools for energy retailers and grid operators, are still relevant and raising money.
The corporate raised $2 million in a round that closed in February before the pandemic hit U.S. shores. And the service, based on co-founder Abe Stanway, is still vital.
The value proposition was clear to investors like Blackhorn Ventures, which led the round, and different backers, along with Garuda Ventures, Intelis Capital, Powerhouse Ventures, SK Ventures, and V1.VC.
Amperon is working alongside four major geographies, including Australia’s two main grid regions and the ERCOT regional transmission group responsible for Texas, and PJM, which manages the mid-Atlantic’s electricity grid.
Stanway stated the new cash would be used to broaden the corporate’s attain throughout more grid operators in the U.S.
While Amperon’s technology is extremely useful for utilities and grid operators throughout times of crisis, it can assist in saving money in normal times too.
Long-term utility planners sometimes over-budget their energy needs by 1% yearly, which provides as much as billions of dollars spent on unnecessary extra generation capability. Amperon notes.