The traditional, long-standing energy industry is not used to fast changes. However, suddenly, a lot of new developments take place: the data sources, the scale of the data, the optimization and stabilization needs, and the regulatory questions. Turning these challenges into opportunities requires new technologies and ideas. Our startup of the week thinks so, too. FSIGHT provides artificial intelligence for the energy industry. It is used to optimize processes and solve problems. in this interview, Business Developer Armin Greinöcker explains how this works exactly.
Hello Armin! Thank you for taking the time today. Let’s start directly with the first question. How would you pitch FSIGHT in just one sentence?
FSIGHT has developed an energy management platform that uses artificial intelligence to predict and optimize energy flows. This enables every end customer to benefit directly from the energy revolution.
How does this platform work?
Our Energy-AI platform analyzes the consumption behavior, energy production of photovoltaic and wind power plants and energy market prices and makes optimal decisions when energy should be consumed, stored or traded. We have developed our own trading model for energy communities with which households and commercial and industrial companies can trade the electricity they generate themselves. This enables savings of 20% for end users and stabilises the local power grids.
Artificial intelligence in the energy sector is not really new anymore. What can you do better than others?
For years we have specialized in artificial intelligence models especially for the energy market and have combined more than 40 machine learning models in our Energy-AI platform. By combining forecasting, optimization and trading of electricity and acting at household, community and grid level, we can generate significant benefits for end users, utilities and grid operators.
Do you offer your platform as a Software-as-a-Service model?
Right. FSIGHT’s energy AI platform consists of three core modules: Forecasting, Trading, Optimization. In general, we offer a SAAS, which is remunerated on the basis of one-time setup fees and other regular payments. Depending on the type of customer and application, the pricing model will of course vary.
Earlier you mentioned a few industries that could benefit from your platform. But who exactly belongs to your target group?
We work directly with established energy companies and network operators to develop new service offerings and to seize the opportunities in a rapidly changing energy market. In particular, we see a strong increase in renewable energy and battery storage and the introduction of energy communities with local peer-to-peer trading. Our software is also used by commercial, industrial and household customers to save costs directly for the end customer and to make optimal use of PV systems and batteries. Our customers are international, for example in Israel, Austria, Germany, Hungary, USA, New Zealand.
Unfortunately, this brings us to the last question: What stage are you in right now?
We work with renowned international companies such as Uniper, Verbund, Andritz Hydro, Wien Energie and Vector. Our products are market-ready and we are currently in a scaling phase. One of our most recent successes is a pilot project with the Swiss Federal Railways SBB, which involves the electrification of locomotives and optimization of battery storage. We are also currently launching the largest renewable energy community in Hungary. We still have a lot of plans for 2020.