ABB is advancing its commitment to energy innovation by forming a strategic partnership with Toronto-based energy management startup Edgecom Energy.
The collaboration includes a minority investment by ABB Electrification Ventures, the venture capital arm of ABB Electrification.
The partnership aims to revolutionize how industrial and commercial users manage energy by leveraging Edgecom’s AI-driven platform, which optimizes power demand and reduces peaks.
Generative AI: A Game-Changer in Energy Management
Edgecom Energy’s cutting-edge platform stands out for its use of a generative AI copilot, the first of its kind in the market.
The technology enhances user experience by transforming complex energy datasets into actionable insights.
By tailoring recommendations to customer goals, the AI Energy Copilot identifies opportunities for cost savings and emissions reduction, offering solutions ranging from minor adjustments to comprehensive energy strategies.
ABB and Edgecom Join Forces for Sustainability
ABB Electrification Ventures has invested in Edgecom. This investment is part of the broader ABB Ventures framework. The framework supports transformative technologies aligned with ABB’s vision of a sustainable and electrified future.
Edgecom was also recognized as a winner in ABB’s 2024 Startup Challenge.
Massimiliano Cifalitti, President of ABB’s Smart Power division stated, “Edgecom shows how generative AI can create business value from complex datasets with an easy-to-use interface. The company also offers the scalability and interoperability ABB needs to expand our AI ecosystem for energy management”.
Driving Energy Efficiency to Meet Net-Zero Goals
The International Energy Agency (IEA) has emphasized the need to double the pace of energy efficiency improvements over the next decade. This is crucial for meeting net-zero targets. ABB’s collaboration with Edgecom directly supports this mission.
Innovation teams from ABB’s Smart Power division will collaborate with Edgecom. They will develop new AI-enabled solutions for North American customers. The goal is to reduce energy consumption and costs.
Unlocking Real-World Benefits with AI
Edgecom’s CEO Behdad Bahrami highlighted, “ABB’s commitment to our vision underscores the transformative impact we’re bringing to energy management. Together, we empower large energy users to achieve significant cost savings and emissions reductions”.
CTO and Co-Founder Mehdi Parvizi added, “Generative AI is transforming energy management by enabling tailored strategies that unlock savings across energy-intensive assets and facilities. This technology optimizes asset performance, integrates with energy market programs, and guides operators toward more effective energy decisions”.
Expanding ABB’s AI Ecosystem
The investment in Edgecom expands ABB Electrification Ventures’ portfolio to 15 companies, with a total investment of €80 million since 2021.
Overall, ABB Ventures has invested over $450 million in 70 startups across electrification and automation sectors since its inception in 2010.
As per the press release, ABB and Edgecom Energy have formed a partnership. Their goal is to lead the charge in the energy transition. They aim to deliver innovative solutions for a more sustainable and efficient future.
