Amperon, an AI-based electricity demand forecasting platform has announced a successful Series B funding round, raising $20 million, led by Energize Capital, and featuring participation from notable investors such as the D. E. Shaw group, Veriten, and existing investor HSBC Asset Management. Additionally, two long-standing Amperon customers, Ørsted and another strategic utility partner, have also joined this round, bringing Amperon’s total funding to $30 million
In the current landscape, power markets require advanced data analytics software more than ever to ensure grid stability and provide reliable, sustainable, and affordable power during the energy transition. When Amperon was launched in 2018, the founders observed the strain on the grid caused by extreme weather events and the impact of emerging technologies on energy supply and demand. Five years later, energy markets have become even more volatile, with instances like ERCOT’s tipping point, the Southeast’s power outage during Christmas in 2022, CAISO’s rolling blackouts in 2022, and ERCOT’s grid failure due to Winter Storm Uri in February 2021.
This funding will facilitate Amperon’s transformation from an electricity demand forecasting platform into a comprehensive data analytics solution. The energy landscape has grown more complex, with flexible load and electrification on the demand side and higher penetration of variable resources on the supply side. Amperon has already invested in a robust and scalable data ingestion and management platform that analyzes time-series electricity data from various grids and sources. This platform will be integral as Amperon expands its data analytics offerings, including carbon analytics.
Amperon works with customers to provide hourly, marginal emissions data and location-based Scope 2 calculations. The funding will accelerate these efforts and enable the development of multiple use cases that assist companies in measuring the carbon footprint of their hourly electricity usage, optimizing load, and integrating carbon into their business models.
The rise of technologies like batteries, backup generation, on-site solar, virtual power plants, and VPPs demands better electricity data. Improved granularity ensures optimal asset performance, increased energy yields, and reduced downtime. Amperon’s investment will lead to the creation of better tools for these technologies.
With enhanced site-level asset forecasts, organizations can make informed decisions about when to produce, sell, or store energy. Accurate forecasts not only maximize asset performance but also help alleviate grid stress. For instance, generators can identify the most lucrative market times to run their assets using Amperon’s short-term forecasts. Independent Power Producers (IPPs) can manage risk more effectively by using load forecasts to determine when to buy or sell excess generation, acting as a natural hedge.
Amperon has successfully assisted various clients, including top retailers, public power entities, traders, and commercial and industrial clients, in mitigating risks and improving operations through accurate forecasts. The funding will expedite Amperon’s expansion into new markets facing similar volatility to the United States and facilitate the development of products beneficial both domestically and internationally.