Waterloo based technology company, EnPowered, has announced its full-scale launch. The energy management company has grown significantly since its initial startup days in Velocity, an incubator at the University of Waterloo. After running a successful pilot last year, helping its customers garner $40 million in energy savings, the company readily welcomes 2019 as it officially launches its services across all of Ontario.
Using artificial intelligence computing and machine learning technologies, EnPowered helps businesses in Ontario control their energy costs and generate significant savings by predicting energy markets. Usage varies significantly across the province due to, for example, companies manufacturing during business hours or homeowners returning home and turning up their heat or ac units. These fluctuations influence electricity prices, and during hours of peak usage prices can become very high. As these peak hours constrain the electricity grid, the market has created demand response programs to incentivize businesses to scale back usage during such times. For industrial businesses in Ontario, electricity prices become extremely expensive roughly 5 times per year. The problem businesses face is knowing in advance which peak hour will cause these expensive electricity rates. Last year, in attempts to identify these 5 periods, the public operator sent 33 alerts for 33 different days. EnPowered narrowed this down considerably, sending only 10 alerts and accurately predicting each of the 5 peak usage hours. As a result, its customers were able to significantly reduce usage during these hours and save millions of dollars.
EnPowered’s technology enables it to forecast electricity usage. It then leverages its predictions to help businesses manage their demand response programs. By accurately predicting peak usage, EnPowered helps its customers to respond to high usage periods and capture maximum incentives available. Its accuracy has propelled its forecasts to the top of the industry. Last year, while others in the industry called for more than 30 peak usages times, EnPowered called for just 10. With fewer calls, businesses look to EnPowered to eliminate stress, reduce oversight, and avoid unnecessary shutdowns. The company’s precision is also why its pilot customers, like Con Cast Pipe of Guelph, could amass such considerable savings without impacting production. Mark Wetselaar, Con Cast’s CFO, says “With EnPowered’s assistance we were able to join the [demand response program]. Working with [them] helped us discover hidden savings.”
Founder and CEO, Tomas van Stee, states, “We are excited to launch across Ontario and help more businesses save, like Con Cast Pipe. The energy market can be extremely complicated. In particular, managing demand response programs can be very intricate. At EnPowered, we make things easy and remove the guess-work. Our clients need to focus on running their businesses, so we provide clear and explicit forecasts. This enables every customer to capture significant savings, in all aspects; resources, time, and money. Every EnPowered customer increases savings and reduces global adjustment costs, with minimal downtime.”
Committed to its customers, the company is looking forward to its expansion across the Province of Ontario and helping additional industrial businesses manage their energy usage and maximize their participation in demand response and associated programs.
Communitech is a partner of Startup HERE Toronto. This article originally appeared on their site.