Vector Limited has invested in an internet of energy technology developed by mPrest.According to a statement, by investing in the Internet of Energy technology, Vector Limited joins other investors including the Israel Electric Corporation, GE Ventures and OurCrowd.
The solution provider says its Internet of energy technology help energy providers to acquire and analyse data from distributed energy resources, demand response and grid system’s operational data to help utilities to better control their entire operations and integrate them with new business models.
Capabilities to manage grid networks using the company’s Internet of energy system are more advanced than when using traditional distributed energy resources management systems.
By investing in internet of energy technology, Vector Limited acquired commercial rights to re-sell the technology to other utilities in Australia, New Zealand and the Pacific islands.
In a previous deal, the utility – provider of gas, electric and telecommunication services to 1.2 million customers – partnered with mPrest to jointly develop the solution provider’s mDERMS application.
[quote] Natan Barak, CEO of Vector, commented: "Our partnership with Vector is what we strive for – a happy customer who gains confidence in our software and comes back not only wanting to invest in it, but also to help replicate its success for other customers.
Simon Mackenzie, Chief Executive Officer of Vector Limited. "With the transformation of the energy sector in mind, we've already been leading the development of new customer solutions using our existing expertise in running energy systems combined with advanced technology and international partners.
"This is a next big step. Using mPrest's comprehensive monitoring, analytics and control software allows us to manage complex energy systems in much more sophisticated ways, harnessing the power of artificial intelligence and rapid and cumulative decision making to unlock new energy solutions for consumers.
"It means that from Vector's control room, with one set of management software, our engineers can better predict and manage outages by optimizing DERs to enable a streamlined, efficient delivery of energy to and from the grid. That's never been a possibility, up until now. This helps 'democratise' energy, enabling customers to easily access low cost energy and control different network inputs to optimise their energy use and cost.”
The news comes after the New York Power Authority partnered with mPrest in using the Internet of Energy technology to monitor the operations of its assets.
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