Top smart grid startups of 2024
As the world continues to find new solutions to deal with the climate crisis, innovators are developing more sophisticated technology to deal with specific subsets of climate issues. One such example is the emergence of the smart grid, sometimes known as the smart electricity grid. Aimed to make the power grid more sustainable, smart grids facilitate the exchange of information and electricity between customers and utility providers, leveraging the Internet of Things (IoT) to create a feedback loop of data.
What is a smart grid?
Smart grids, as defined by the International Energy Agency, is an electricity network that uses digital technologies, sensors and software to better match the supply and demand of electricity in real time while minimizing costs and maintaining the stability and reliability of the grid.
How does smart grid technology work?
In order to understand what smart grid technology does, it’s important to understand the traditional power grid.
The traditional electrical grid was designed for a one-way flow of electricity from power plants to consumers. Traditional grids lack real-time visibility into the status of the grid and individual components. This limited information makes it challenging to quickly identify and respond to faults, outages, or changes in demand. The one-way flow of electricity in traditional grids is also significantly less efficient. Power is generated at centralized locations and transmitted over long distances to reach consumers, resulting in energy losses during transmission and distribution.
That’s where smart grids come in. Smart grids enhance efficiency, reliability, and sustainability by enabling two-way communication between utilities and consumers, as well as providing real-time monitoring and control of the grid.
Here's a breakdown of how smart grid technology works:
Advanced Metering Infrastructure (AMI)
Smart grids utilize smart meters that replace traditional analog meters. These smart meters record energy consumption in real-time and communicate this data back to the utility company. This enables more accurate billing, helps in identifying and addressing power outages faster, and allows consumers to monitor and manage their energy usage.
Communication networks
Smart grids rely on robust communication networks to transmit data between various components of the grid. This includes communication between smart meters, sensors, and control systems. The communication infrastructure enables quick response to changes in demand, faults, or other grid disturbances.
Sensors & automation
The integration of sensors and automation technology is a key aspect of smart grids. Sensors are deployed across the grid to monitor the condition of equipment, detect faults, and gather real-time data on power flow. Automation allows for quick response to issues, such as rerouting power, isolating faults, and restoring service.
Distributed Energy Resources (DERs)
Smart grids integrate a variety of distributed energy resources, including renewable energy sources like solar panels and wind turbines. These resources are often decentralized and can be connected to the grid bidirectionally. Smart grid technology allows for better management and integration of these distributed energy sources.
Grid management & control systems
Advanced control systems are implemented to manage and control the flow of electricity within the grid. These systems use real-time data to optimize the grid's performance, balance supply and demand, and enhance overall reliability. Grid operators can remotely control and monitor different components of the grid.
Demand response programs
Smart grids enable demand response programs, where consumers can adjust their electricity usage based on signals from the grid. This helps in balancing the load during peak demand periods and encourages more efficient use of electricity.
Cybersecurity measures
With increased connectivity and digitization, smart grids require robust cybersecurity measures to protect against cyber threats and ensure the integrity and reliability of the grid.
By incorporating these elements, smart grid technology aims to create a more efficient, reliable, and sustainable electrical grid that can adapt to changing energy needs and integrate new technologies.
5 smart grid startups to watch in 2024
Unsurprisingly, as smart grid demand increases, innovative companies and startups are leading the charge for smart grid technology development. Several cleantech companies offer a range of products and services to help utilities and grid operators modernize their infrastructure, improve efficiency, and incorporate advanced technologies. Here, we break down five smart grid startups changing the power grid game.
Uplight
Boulder, Colorado
Founded 2019
Private company
Uplight, a certified B Corporation, helps energy providers create a more sustainable future by using raw data and derived insights to motivate actions in their customers. Uplight provides Software as a Service (SaaS) solutions to regulated utility companies representing 110 million residential, commercial and industrial end-users in North America, becoming ‘the operating system at the grid edge and the new energy ecosystem’.
At the end of 2023, Uplight announced it was acquiring AutoGrid, a Virtual Power Plant (VPP) and Distributed Energy Resource Management System (DERMS) provider, fundamentally expanding its partners, programs, and ability to create and manage flexible capacity for energy grids around the globe.
Octopus Energy
London, United Kingdom
Founded 2015
Private company
Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 7.7 million households globally. In the summer of 2023, Octopus Energy rolled out a new smart tariff to help households optimize their solar panels and batteries while helping to balance the grid.
The company now manages over 100MW of electric car charging power via its smart tariff ‘Intelligent Octopus’, surpassing the largest battery on the UK grid.
Itron
Liberty Lake, Washington
Founded 1977
Private company
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure services to communities in more than 100 countries. The company works to focus on making a smarter, more reliable electricity grid with an active, intelligent network using analytics at all points of the grid to prevent unsafe conditions, improve reliability and grid resiliency.
Itron’s 2023 industry insight report finds that half of utility executives cite grid modernization and infrastructure upgrades as the top barrier to the energy transition.
Kapacity.io
Helsinki, Finland
Founded 2020
Private company
Founded with the mission to enable a 100% decarbonized electricity grids, Kapacity.io created an electricity load-balancing service focused on buildings. The software uses AI-generated efficiency savings to encourage electrification of commercial real estate, moving buildings away from reliance on fossil fuels to power their heating and cooling needs.
WeaveGrid
WeaveGrid’s platform promised to solve some of the most critical electric vehicle (EV) grid integration challenges. They facilitate renewable energy integration on the grid, elevate the EV driver experience, and accelerate EV adoption. The software platform helps utilities properly automate and orchestrate EV loads in response to localized grid congestion or overall transmission system imbalances.
In December 2023, WeaveGrid announced a partnership with Wallbox, a provider of EV charging solutions, to expand access to utility managed charging programs for North American Wallbox owners.
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