Energyworx Announces Investment from ENGIE
HOUTEN, The Netherlands, July 20, 2020 /PRNewswire/ -- Energyworx, a market leader in cloud-based Energy Data Management solutions announces a strategic investment by ENGIE, through its venture capital arm ENGIE New Ventures. Based in the United States and the Netherlands, Energyworx enables top US and European energy companies to unlock valuable insights in their massive granular supply, demand and contextual energy data sets.
With this investment, ENGIE expands its existing partnership and leads a new round of funding for Energyworx, joined by EDP - a global player in renewable energy - through its venture capital arm EDP Ventures, and SET Ventures - a leading investor in smart energy solutions.
Digital platform for the energy transition.
Massive growth in volumes of data, insufficient quality of data and expanding data silos are emerging obstacles utilities face as the world transitions to decentralized low-carbon energy. Energyworx has achieved strong growth in recent years with its Software-as-a-Service (SaaS) Energy Data Management platform and its proven ability to transform traditional solutions within the energy and utilities market. The platform includes a solid data foundation and several solutions, like Cloud Meter Data Management and Energy Deal Analytics.
The collaboration with Energyworx enables even greater value and capabilities from ENGIE's suite of digital platforms for ENGIE customers. With intelligent consumption pattern analytics enabled by Energyworx, ENGIE delivers smarter supply, bid, and pricing decisions, resulting in lower energy prices and maximized use of renewable energy for ENGIE's customers.
As a Retail Electric Provider, ENGIE North America partnered with Energyworx to optimize competitive bid preparation process for commercial and industrial customers. Energyworx' scalable and flexible platform gave ENGIE a foundation for building sophisticated anomaly detection algorithms and proprietary analytics to respond quickly to changing customer behaviors, and market conditions while maintaining a high level of competitiveness. Utilizing Energyworx, ENGIE has decreased bid processing times threefold and increased its bid win rate.
Responding to the COVID-19 challenge.
A recent example: Energyworx' rules-based platform enabled ENGIE North America to adapt to abrupt and significant changes in energy consumption due to the COVID-19 pandemic. While closures of restaurants, hotels, schools, airports and businesses caused big drops in energy consumption, consumption rose for healthcare and certain manufacturing customers. ENGIE was able to rapidly adapt its algorithms and pricing analytics to adjust for the consumption anomalies to continue to accurately predict and price energy supply without interruption.
Another example how Energy Data Management can contribute to more sustainability: by providing businesses and households with better insight regarding consumption, Energyworx helps to create more efficiency. Supporting flexibility trading and demand response management with more precise data management, means that renewable energy can be balanced much easier within existing networks.
A foundation for the sustainability journey.
"Analysis of customer load shape and renewable supply intermittency is fundamental to guiding our customers in their sustainability journey to carbon neutrality and best pair them with clean renewable energy tailored to their needs," says Scott Pinizzoto, Senior Investment Director at ENGIE New Ventures. "The Energyworx platform enables business units across ENGIE to build the sophisticated analytics they need to create offerings that scale the deployment and adoption of renewable energy."
"Everything we do is designed to accelerate the world's transition to clean energy. We're proud that Energyworx can support a leader like ENGIE to solve data issues in an increasing number of their core processes," underlines Marcel E. Smit, CEO of Energyworx. "ENGIE's knowledge and international network will be a boost for Energyworx' global ambition that through technology innovation, we will support utilities all over the world to accelerate the energy transition."
About ENGIE
Our group is a global reference in low-carbon energy and services. Our purpose ("raison d'être") is to act to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions, reconciling economic performance with a positive impact on people and the planet. We rely on our key businesses (gas, renewable energy, services) to offer competitive solutions to our customers. With our 170,000 employees, our customers, partners and stakeholders, we are a community of Imaginative Builders, committed every day to more harmonious progress.
Turnover in 2019: 60.1 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris - World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).
About Energyworx
The global transition is causing massive change for utilities. Excessive growth in data volumes, increasing complexity of processes and other key data challenges that utilities face, are putting a break on the energy transition. Energyworx is a market leader in cloud-based Energy Data Management solutions. Energyworx helps utility companies in monetizing their rapidly growing volumes of diverse data that come with the roll-out of the smart meter. The Energyworx platform powers a variety of cloud-based, utility specific applications to better understand and predict customer consumption patterns. For three years in a row, Energyworx has been the only visionary vendor in Gartner's Magic Quadrant for Meter Data Management.
Privately held and backed by SET Ventures, EDP Ventures, ENGIE New Ventures and HenQ Ventures Energyworx is based in Houten, The Netherlands and Houston, Texas, USA. Learn more at www.energyworx.com.
About ENGIE New Ventures
ENGIE New Ventures (ENV) is the Corporate Venture Capital arm of ENGIE, a global leader in energy and services. ENV is a EUR180 million investment fund focused on making minority investments in disruptive startups. ENV has deployed since 2014 EUR125 million of capital across 26 direct investments, in innovative startups leading the energy transition, and active in energy efficiency, renewable energy, energy storage and demand response management, mobility and IoT. ENV's activities are represented in Paris, San Francisco, Singapore, Santiago and Tel Aviv. Please visit for more information: www.engieventures.com.
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