BP Ventures invests Rs 13 crore in online energy monitoring device from Voltaware

BP ventures and BP Alternative Energy, both affiliated to British Petroleum (BP), have invested £1.5 million (Rs 13 crore) in the development of an energy monitoring device from the London-based electricity data intelligence company, Voltaware.

The energy monitor from Voltaware offers businesses and residential users the ability to track their energy demand in detail, down to individual appliances, even EV chargers. Voltaware states that with the kind of data available, the user would be able to manage their electricity use. The real-time performance analysis can be monitored over an associated app and also allows to carry out preventative maintenance on appliances.

Dev Sanyal, chief executive of BP Alternative Energy, said, “Nearly two-thirds of the projected growth in global energy demand over coming decades is expected to come in the form of electricity, and BP is looking at innovative ways to meet customers’ power and storage needs. Enabled by digital technologies such as those provided by Voltaware, we can be more efficient in the generation of electricity and how that power can be monitored, moved, sold, traded and stored.”

David Gilmour, vice president, BP Ventures, said: “Governments, business and individuals must all play their part in advancing the energy transition. Voltaware’s product gives customers access to more information and enables better choices. BP Ventures believes Voltaware’s offer to businesses could lead to far more efficient operations.”

Sergey Ogorodnov, Founder and CEO of Voltaware, said: “By utilising the power of Voltaware’s electricity data intelligence, businesses can achieve a sustainable competitive edge for their customers. The £2.5 million (Rs 22 crore) invested by BP Ventures, First Imagine! Ventures and Contrarian Ventures will help us focus on our AI and data science capabilities and speed up our growth.”

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