Endre Tech predicts future electricity demand
2023-03-17
/// Press release | Endre Tech | New portfolio company at Chalmers Ventures ///
Electrification is seen as the key to transitioning many industries. This means that Sweden’s, Europe’s, and the world’s electricity distributors face record investments in new smart grids. Endre Tech facilitates more informed decisions for grid companies. Now, the company becomes one of Chalmers Ventures’ portfolio companies, and Chalmers Ventures sees great potential in the investment.
Chalmers Ventures has a clear strategy to invest in innovations based on advanced technology and research. To become interesting as a portfolio company, the innovation must have global growth potential while also contributing to solving a global problem.
”Endre Tech fits there. If we are to solve the climate issue, electrification of the transport sector and increased production of electricity from solar and wind are necessary. This, in turn, places completely different demands on the electricity grid of the future, and the industry faces gigantic needs. Then it is important to invest wisely and prioritize the right things, and here Endre Tech contributes,” says Sara Wallin, CEO, Chalmers Ventures.
Great benefit for electricity distributors
Using smart algorithms, AI, and innovative use of third-party data, Endre Tech predicts future electricity demand, not only when, but also where, and with a high level of detail in time and space. The tool is of great benefit when electricity distributors need to make investment decisions.
Endre’s vision is that the power grid should not be a limiting factor in the transition to a renewable energy system. Take the capacity for electrification of transport. Endre uses third-party data, looks at historical movement patterns, and analyzes what they mean in terms of charging needs.
”We can make very local forecasts. This allows us to identify expansion needs at all levels in the power grids. As a grid owner, one can streamline when making investments in the grids and make the right investment,” says Elias Hartvigsson, CEO.
Means well-founded investment decisions
The company’s platform also becomes smarter over time and as more data is collected.
”We predict the future. How will people use electricity? Then they can calculate what will happen if nothing is done. We do this using data they don’t have access to today. We provide insights into how people may use electricity in the future, which facilitates more informed investment decisions for grid companies.”
Already today, a handful of power grid companies use the platform. Elias Hartvigsson expects a full-scale version of the company’s platform to be available after the summer. There, electricity grid companies can log in and build different scenarios for their power grids. And the potential is enormous. In Europe, around €200 billion will be invested in power grids until 2030.
”It is important that this happens as efficiently as possible. We can help by structuring their analyses and reducing uncertainties in investments.”
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Founding team
Elias Hartvigsson, PhD
Elias Hartvigsson received his Ph.D. in electrical engineering from Chalmers University of Technology in 2018. Since then, he has worked as a researcher in large-scale power grid analysis. Elias has previously been a visiting researcher at the Berkeley Laboratory in California.
David Steen, PhD
David Steen received his PhD in Electrical Engineering from Chalmers University of Technology in 2014. Since then, he has held several positions at Chalmers and currently holds a specialist position where he conducts research on integrated energy systems, flexibility markets, and bidirectional electric vehicle charging. David has also conducted guest research at the Berkeley Laboratory in California on flexible electricity consumption.
Contact
Elias Hartvigsson, Endre Tech, +46 739 19 02 50
David Steen, Endre Tech, +46 739 16 95 96
Sara Wallin, CEO of Chalmers Ventures, +46 706 37 43 00