BP has acquired Open Energi, with ambitions of scaling up globally and continuing to build on its commercial growth.
Open Energi is to join the BP Launchpad portfolio, with BP to explore how the UK-focused company can work internationally across its trading & shipping business and low-carbon portfolio.
The BP Launchpad provides multi-year funding with the aim of accelerating start-up growth by offering founders and teams business building and scaling capabilities.
Open Energi’s digital platform uses real-time data to optimise the performance of energy assets, with the ability to generate savings and maximise revenues for customers by connecting to power markets and providing flexibility at times of low renewable generation and during price peaks.
It also accumulates data and learns how best to further optimize the energy use of different assets over time. Its Dynamic Demand 2.0 platform applies artificial intelligence to minimise electricity costs by analysing and optimising assets.
When asked by Current± whether BP has plans for Open Energi to interact with Lightsource Labs – the digital innovation arm of solar developer Lightsource BP – a spokespersons said: “Open Energi’s technology is unique in that it can cover any low carbon asset, including solar farms.
“BP aims to explore how Open Energi can work internationally across its low-carbon portfolio, of which Lightsource BP is an important part, in support of its net zero ambition.”
Open Energi’s products and services are currently used to optimise the performance of a network of energy assets with a total capacity of over 80MW.
In 2020, it signed a deal with Zenobe and Erova Energy for the optimisation of Zenobe’s 10MW battery at the Hill Farm site, with Dynamic Demand 2.0 algorithmically taking positions and rebalancing state of charge by making continuous calculations over different timeframes as market opportunities evolve. The deal also saw Zenobe’s battery gain access to Balancing Mechanism revenues for the first time.
This followed Open Energi signing a deal with Erova earlier that year for the optimisation of up to 500MW of assets.
Sam Skerry, senior vice president, BP Launchpad and ventures, said: “The acquisition will help BP develop digitally-driven integrated energy systems and deliver innovative, efficient and flexible energy solutions for customers.”
It comes after similar moves to bring asset optimisation capabilities into their portfolios from fellow energy majors Shell and Engie in recent years, with Shell acquiring Limejump in 2019 and Engie taking a majority stake in Kiwi in 2018.