eVolution Networks Joins Mitsui and GCL-Poly in JV to Offer AI for Power GridsMarch 06, 2019 by Scott McMahan
Mitsui & Co., Ltd., GCL-Poly Energy Holdings Limited, and eVolution Networks (now part of eVolution Innovation Group), announced the establishment of a joint venture company named Evolution Energy Limited ("eVolution Energy").
The new company intends to redefine AI technology for power grids infrastructure with the goal of reducing grid loss and increasing performance.
eVolution's AI algorithms collect massive amounts of data from grid elements to learn their patterns and predict real-time demand. These AI algorithms optimize equipment usage and reduce gird loss.
eVolution Energy expects that this advanced machine learning will reshape the way the grid operates and give power companies a massive reduction in both capital expenses and operating expenses.
"There's huge potential for AI technology to predict and optimize the grid performance. Utility companies will be able to transform from the long-standing manual managed to sophisticated, agile and green operation." said Roy Morad, CEO of eVolution Innovation Group.
"We are very excited to be joining hands with eVolution to expand the reach of Mitsui's innovative energy business. All partners contribute a globally recognized reputation in their respective areas to innovate next generation of grid infrastructure" said Daisetsu Sakai, General Manager of Infrastructure Projects Business Unit of Mitsui.
"As a strong believer of eVolution's AI solutions, we are very happy to jointly establish eVolution Energy. We are also very happy to bring our partner Mitsui, together with whom we will contribute to the growth of eVolution Energy as strategic investors by leveraging our resources and market access in China, Japan, and South East Asia", said Donglei Yan, Investment Managing Director of GCL-Poly.