Yokogawa Electric Corporation and Irish energy IT solutions provider GridBeyond announced that they have entered into a strategic cooperation agreement. In addition, Yokogawa also participated in GridBeyond’s Series C financing.

BSM90C-375UAX GridBeyond uses its unique artificial intelligence (AI) services, robotic trading, and other capabilities to provide efficient power aggregation services, looking for opportunities in the wholesale electricity market (selling actual generation), ancillary services market (selling future power supply capacity), and capacity market (selling short-term supply and demand balance capacity). The company has the expertise to help clients achieve profit optimization by considering market prices and other forecast data, facility constraints and market opportunities, determine the right trading plan for their facilities, and then automatically execute real-time bidding in all three markets. GridBeyond has more than 900 customer sites in Ireland, the United Kingdom, the United States and Australia and a proven track record of managing over 1.7 GW of load. It is based on the knowledge gained through these activities and the latest information on the state of the electricity market, ensuring that the trading strategy is always at its best.

Soaring electricity prices can have a significant impact on businesses, especially those with manufacturing facilities that require a lot of electricity. Through a demand response mechanism, electricity trading avoids the use of electricity when supply and demand are tight, enabling businesses to generate additional revenue while helping to fulfill their responsibility to society by stabilizing supply and demand for electricity.

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Based on this strategic cooperation agreement, Yokogawa Electric and GridBeyond will jointly provide consulting and operational services for the implementation of electricity transactions to help customers use electricity more efficiently. With GridBeyond’s unique expertise and results in providing virtual power plant solutions, and Yokogawa’s extensive experience in providing consulting services to manufacturers, the two companies will be able to propose and assist in the implementation of effective measures to help customers achieve profitability optimization.

BSM90C-375UAX Mark Davis, Chief Commercial Officer at GridBeyond, said: “We are excited to announce our partnership with Yokogawa Electric. This partnership will not only support our continued expansion in Japan by supporting Japanese companies in achieving their net zero emissions goals, but will also enable GridBeyond and Yokogawa to collaborate in other global markets. Yokogawa Electric is a leading company in Japan and internationally, and we look forward to the new collaboration.”

Koji Nakaoka, Senior Vice president and Head of the Energy and Sustainability Business Headquarters at Yokogawa Electric, said: “Yokogawa has earned the trust of its customers by leveraging its knowledge and innovative premium technologies to provide measurement, control and information solutions that promote stable operations and streamline operations at production sites. Going forward, we will combine Yokogawa’s expertise in operational improvement with the Energy management Solutions of group company PXiSE Energy Solutions and the globally recognized power trading services of GridBeyond to help our customers increase profits, implement ESG management, and improve their performance. A one-stop solution to simplify electricity use.”