Smart Buildings

Why Big Oil is Investing in Clean Energy & Smart Buildings

The statistic that 40% of energy consumption comes from buildings is well-used when highlighting the much-needed work of energy optimization solutions. However, on the other side of that coin is the fact that buildings, especially inefficient buildings, are the energy industry’s biggest customer group. Consequently, the thought of “big oil” supporting the growing energy management industry, which strives to reduce energy consumption through better efficiency, is a little surprising. Recent investments from oil giant BP suggest that energy efficiency might have gained an unexpected supporter. In July 2018, BP’s venture capital branch BP Ventures invested £1.5 million in London-based electricity data intelligence company Voltware, which provides sensors and an AI-based electricity data intelligence platform specializing in energy disaggregation and energy-saving advice. Then, in October 2019, BP Ventures led a Series A funding round for Grid Edge, another developer of AI technology but one that focuses specifically on predicting, controlling and optimizing the energy profile of […]

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