Veritone announces GRID initiative to improve grid reliability in global transition to green energy
Tuesday April 27, 2021
DENVER -- Veritone, Inc. (NASDAQ: VERI) today announced its new Grid Reliability in Device (GRID) initiative, an aggressive plan to embed Veritone’s intelligent predictive controllers into common renewable grid assets, including solar and storage inverters, battery storage systems, EV chargers, wind turbines and hydroelectric power systems.
The company said it expects this initiative to simplify distributed energy resource (DER) integration, prolong asset life and increase grid resilience.
Utilities, independent power producers (IPPs) and microgrid developers are faced with reliability challenges in integrating and managing green energy sources due to their variable nature. Fluctuations in the power provided by these sources can cause costly damage to grid assets, as well as inefficient energy distribution.
In addition, extreme weather can knock out entire grids in the absence of autonomously controlled emergency microgrids. Without predictive AI modeling and control of grid assets, Veritone said these reliability challenges will continue.
Veritone Energy Solutions are predictive, AI-powered solutions that balance and strengthen the grid to increase reliability, reduce operational costs and improve resilience. With Veritone’s new GRID asset modeling and control initiative, predictive controllers embedded into common grid assets can empower the industry to achieve these benefits faster than ever before.
These controllers also complement the standard controllers bundled with some devices, providing innovative predictive capabilities and dynamic decisioning models reflecting the current grid state, the company said.
Renewable grid assets with Veritone controllers can enable autonomous grid control and decision making across thousands of supported grid devices, helping to ensure optimal economic dispatch during normal operations and macro and microgrid resilience during extreme weather events.
“Out of the box” device compatibility also simplifies grid integration of renewable energy devices, making the transition to green energy easier and faster for developers and operators. Embedded controllers also enable energy smoothing, which prolongs asset life and reduces the risk of device burnout and any resulting environmental damage.
“We believe that Veritone’s Energy solutions will become the standard for intelligent autonomous grid control, optimization and resilience, and our GRID initiative is a critical path forward toward this goal,” said Chad Steelberg, Veritone’s chair and CEO.
“Our patented model optimization and control technology can be built into every grid asset to make electrical grids everywhere more green, cost-effective and reliable.”
Veritone said its GRID initiative will enable grid asset manufacturers to deliver added value to their end-customers, giving them peace of mind around device reliability and longevity. Utilities, IPPs and developers will be able to use Veritone AI-embedded grid assets to deliver optimal operation with both macro and microgrids.
“The need for reliable, clean, distributed power generation has never been greater,” said Mark Ward, managing director at Amshore Renewable Energy, which develops wind, solar, and battery storage projects.
“We expect that predictive control built into solar inverters and solar battery systems will not only help us more rapidly integrate these intelligent systems into utility grids, but will also give us confidence that these systems will work reliably with the grid to continuously perform optimal economic dispatch.”