June 3 (Renewables Now) - French energy management and automation expert Schneider Electric SE (EPA:SU) has made an investment of an undisclosed amount in AutoGrid Systems Inc, a firm that develops flexibility management software for the energy industry.
Schneider Electric did not mention how much its venture capital arm poured into California-based AutoGrid, but noted that the investment makes it a major shareholder in the company.
The investor said in a statement that this move creates a co-innovation partnership between the two, focused on artificial intelligence (AI) and machine learning solutions for distributed energy resources (DERs). Also, it allows Schneider Electric to make use of AutoGrid's existing utility and prosumer capabilities.
The most immediate benefit will be that Schneider Electric will leverage the firm's Energy Internet and Flex platforms to add AI-driven solutions for the distributed energy projects of its customers.
At present, AutoGrid has over 5,000 MW of distributed energy resources under contract with energy companies such as Xcel Energy, National Grid, Total, CPS Energy and CLP Holdings, among others.