Energy software-as-a-service (SaaS) provider Innowatts is expanding its European presence, with a new office set to open in Cork, Ireland.
The Houston, Texas headquartered company uses artificial intelligence driven data and analysis to provide insights and services to European and global electricity markets. It currently works with energy retailers around the world including Shell and Iberdrola, and has over 43 million smart meters connected to its platform.
Opening a new EU headquarters in Cork will create more than 40 new energy transition jobs, including data architects, data scientists, full stack and dev-op engineers, as well as wholesale market traders and forecasters.
Tánaiste and minister for enterprise, trade and employment Leo Varadkar TD said he was pleased by the expansion, adding work of companies like Innowatts is "important to help ensure Ireland’s transition to a sustainable future" and that he wishes "the team every success with their new office".
The expansion is being supported by IDA Ireland – a government body designed to encourage foreign investment in the country.
David Boundy, chief product and technology officer and general manager Europe at the company added that Europe and the UK’s “journey to net zero is accelerating at rapid pace”, meaning that electricity suppliers and grid operators are finding themselves increasingly in need of data insights to allow them to make informed decisions.
"The goal for our expansion in Europe is to help electricity suppliers, grid operators and their customers make the most out of the transition to a smarter, greener energy system.
"By summer 2021, the UK alone is expected to have over 25 million smart meters producing billions of bits of data an hour. However, to date, much of this data has remained untapped. We’re here to change that."