New Zealand-based energy company Vector has successfully won the Australasian rights to an IoT energy platform which promises end-to-end connectivity and insight across all of its operations and energy offerings.
Developed by Israeli software company mPrest, the platform uses artificial intelligence in providing monitoring, analytics and control over all of Vector’s assets, from core energy infrastructure to customer-facing devices.
Vector was able to secure the rights to mPrest’s platform following a New Zealand innovation mission to Israel conducted last year.
The announcement comes after the company’s recent acquisition of ECo Products and PowerSmart, as part of its broader energy transformation strategy.
According to Vector, it sees five benefits for adopting the mPrest platform:
- Disrupted energy market: Technology will open up more energy market to everyday people and businesses making it easier for everyone to generate, create, share, store, and even sell power from a range of different sources
- Fewer power outages and faster resolution: Monitoring, predicting, diagnosing, and taking action through machine learning and sensors
- Cheaper energy costs: A more efficient network, less wastage and maintenance costs, and home energy management
- 'Internet of Energy' in homes: A smart home energy system will know when power from a certain source is at a good price, shift to using that source, and smart appliances can turn on at the right time to make the most of affordable rate
- More sustainable energy: The platform reduces energy use and integrates all the new, complex, and renewable energy forms into a smoother, coherent system
Vector and mPrest have been trialling the platform over the last few months, and are moving towards full implementation in the near future.
The two companies will also work together develop the system not just for their customers but others as well, according to Vector’s CEO, Simon Mackenzie.
“The software sits over customer, market, distributed energy resources and network systems managing performance in real time,” he said in a statement.
“Through self-learning, it is able to assess and predict multiple factors including loads, market dynamics, storage, customer demand and capacity.”
mPrest’s CEO Natan Barak added that Vector customers will “see innovative solutions whilst these are coordinated in a complex system.”
“The company will be better able to assist customers capitalise on new energy technologies and optimise the energy use in their home or business.”