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ABB invests in Edgecom, a new generative AI power management startup
Press Release | Toronto, Canada | 2025-01-06
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- ABB extends its partnership with Edgecom, winner of the 2024 Startup Challenge.
- ABB and Edgecom to collaborate on AI solutions for large industrial customers.
ABB invests in a strategic partnership with Edgecom Energy, a Toronto-based energy management start-up. The company's unique energy management platform uses artificial intelligence to help industrial and commercial users manage and reduce surges in electricity demand. The company is the first on the market to use a generative AI co-driver to optimize the user experience.
The partnership involves a minority investment by ABB Electrification Ventures, the venture capital division of ABB Electrification, in Edgecom. It is part of the ABB Group-wide ABB Ventures structure, which invests in transformative technology companies that advance ABB's vision of a more sustainable electrified and automated world. Edgecom was one of the winners of ABB's 2024 Startup Challenge.
The International Energy Agency has stated that we need to double the pace of progress in energy efficiency over the next decade if we are to meet carbon neutrality targets. The Agency also emphasizes the key role that digital energy management must play. ABB's Intelligent Energy innovation teams will collaborate with Edgecom to develop new AI-enabled solutions that can help North American customers save energy and reduce costs.
ABB Intelligent Energy Division President Massimiliano Cifalitti said, " Partnerships are key to ABB Electrification's AI power management strategy. Edgecom demonstrates how generative AI can create business value from complex data sets and an easy-to-use interface. The company also has the scalability and interoperability that ABB is looking for as we grow our AI ecosystem for energy management ."
Artificial intelligence can be a real asset to energy management. ABB's digital electrification solutions collect data from a site's power grid. Edgecom's AI-powered co-pilot can convert complex data sets into energy-saving opportunities. By adapting to customers' objectives, the AI-powered copilot suggests small adjustments to reduce bills, or ingenious ideas to limit the ecological footprint.
Edgecom CEO and co-founder Behdad Bahrami said: " ABB's commitment to our vision underscores the transformative impact we are bringing to energy management. Together, we are enabling energy-intensive users to significantly reduce their costs and emissions through innovative solutions that deliver real-world cost savings and emissions reductions. As the energy transition gathers pace, innovative partnerships like this one are essential to creating a more efficient and sustainable future for all industries worldwide.
Mehdi Parvizi, CTO and co-founder of Edgecom, added: " Generative AI is transforming energy management by enabling tailored strategies that unlock savings on energy-intensive assets and facilities. This technology optimizes asset performance, integrates operations with energy market programs and tariffs, improves energy efficiency and guides operator behavior towards more effective energy decisions. "
The investment in Edgecom brings ABB Electrification Ventures' total portfolio to 15 companies, with investments totaling €80 million since 2021. It is part of ABB Ventures, which has invested over $450 million in 70 startups in the electrification and automation sectors since 2010.
Edgecom Energy's unique energy management platform uses generative AI to help users reduce peak electricity demand.
ABB is a technology leader in electrification and automation, promoting a more sustainable and resource-efficient future. By combining its expertise in engineering and digitalization, ABB helps industries achieve high performance, while improving efficiency, productivity and sustainability to enable them to outperform. At ABB, this is what we mean when we say "When Engineering Outperforms". With over 140 years of history, the company employs more than 105,000 people worldwide. ABB shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com
ABB Electrification is a global technology leader that enables the efficient and reliable distribution of electricity from source to socket. With more than 50,000 employees in 100 countries, we work with our customers and partners to solve the world's biggest challenges in power distribution and energy management. As the energy transition accelerates and demand for electricity grows, we electrify the world safely, intelligently and sustainably. At ABB, we embody the principle of "When engineering goes above and beyond", and we're dedicated to helping our customers and partners do the same. go.abb/electrification