Barcelona tech start-up uses AI to redefine energy market

Barcelona-based tech start-up Bamboo Energy has launched an artificial intelligence-based software platform aimed at new agents in the energy market – demand aggregators – to manage consumption in an aggregated and coordinated way.

The Bamboo Energy platform will coordinate electricity distributors and consumers to define new roles in an environment where energy flows are no longer unidirectional (from the power station to the consumer), to become bi-directional.

Bamboo Energy is a spin-off the Institute for Energy Research of Catalonia (IREC) created in Barcelona in 2020 and supported by EIT InnoEnergy.

This solution to manage aggregation follows seven years of research at IREC and enables companies to operate optimally in new energy markets, generating income while being flexible in consumption and more efficient. It will coordinate distributors and consumers to define their new roles where electricity flows cease to be unidirectional (from the generation plant to the consumer), to become bidirectional (the consumer can be at the same time a producer – prosumer – and choose the moment to sell and buy energy).

According to Cristina Corchero, creator of the platform, founder of Bamboo Energy and director of the IREC Energy Systems Analysis research group, “achieving a 100 per cent renewable energy system is not possible without the flexibility of demand. In this sense, Bamboo Energy is an enabling agent for the transformation of the energy sector”.

Via its algorithms, the platform’s functionality spans forecasting the demand for electricity consumption, predicting customer flexibility, the possibility of making optimal joint offers in real-time, the management of all flexible assets (such as electrical equipment, air conditioning, electric vehicles, batteries or cold machines) in response to the request of the network operator, or the issuance of alerts in case the power rises excessively. It connects the electricity market to these services via a control centre.

After participating in the beginning in the Collider acceleration programme as one of the most promising Spanish technology spin-offs, Bamboo Energy became an institutional partner of the European energy sector innovation organisation, EIT Innoenergy.

Additionally, the company has received a direct aid of €75,000 from the Start-up Capital line of ACCIÓ (the agency for business competitiveness of the Department of Labour of the Generalitat de Catalunya), intended for tech start-ups in their initial phase.

This will help finance the investment in technological products and talent of a value of €250,000 that the company will carry out this year.

 

Source: Smart Cities World