IBM, Vermont Electric spawn intelligent energy software company

Start-up company Utopus Insights will offer renewable energy forecasting, electric grid asset health and network risk analysis

rtsezoy
Reuters

IBM today said it would partner with Vermont Electric Power to create Utopus Insights to research develop and product intelligent analytic software for the energy industry.

IBM said Utopus will bring to market a full-featured energy analytics platform, built for cloud (SaaS), on-premises and distributed Internet of Things (IoT) operation.

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The platform will be built with open APIs that allow integration of third party tools and will include applications that enable best-in-class renewable forecasting, grid asset health and network risk analysis, and Distributed Energy Resource management, according to IBM Fellow, Dr. Chandu Visweswariah, who will be President and CEO of Utopus.

"The energy industry is at the confluence of disruptive technological and economic trends like the growth of digitization, renewables, energy storage and electric vehicles,” Visweswariah said in a statement.

Under an agreement between VELCO and IBM Research, IBM Research’s Smarter Energy team, as well as related intellectual property and technology, will become part of Utopus Insights. VELCO, an electric transmission company owned by in-state electric distribution companies, will be an investor and strategic partner of Utopus.

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The company based in Valhalla, New York and Bengaluru, India bills itself as an "advantaged spin-out" from IBM Research and says it features:

  • 50 professionals (15 PhDs) with over 10 successful client engagements.
  • A strong patent portfolio; 15 years of research with leading utilities.
  • 2 strategic Joint Development Agreements (VELCO and Bonneville Power Administration), several commercial contracts and ongoing pilots.

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