OptiGrid has recently closed a seed capital raise led by IP Group, with participation from the Clean Energy Finance Corporation (whose investment is managed by Virescent Ventures), University of Adelaide, Impact Ventures, University of New South Wales, and Hostplus. This investment supports the launch of OptiGrid’s two innovative artificial intelligence and machine learning-driven energy management tools, which promise to transform the way power markets operate.
The two tools—OptiForecaster and OptiBidder—are designed to enhance efficiency and profitability in the energy sector. OptiForecaster delivers more accurate forecasts of wholesale electricity prices, while OptiBidder intelligently manages battery operation and market bidding, promising to increase revenue by over 25 percent. These solutions are tailored for utility-scale and distributed battery operators, energy retailers, and virtual power plants.
The launch follows publication of a peer-reviewed paper, co-authored by our co-founder and CEO Sahand Karimi, that shows batteries in the National Energy Market (NEM) miss out on 50 percent of their potential energy market revenue. This needs to change if batteries are to fulfil their role in stabilising a renewable power grid.
OptiGrid is a spin-out from University of Adelaide and its products have been developed in South Australia – a region with famously volatile electricity supply-demand, making it one of the most complex environments for trading in the wholesale electricity market.
Mr Karimi said improving battery revenue is critical to encouraging further investment in grid-connected batteries and accelerating the transition to a renewable power grid.
“Improved battery operation doesn’t just increase the financial returns of battery projects; its broader impact on the grid and the energy transition is equally important.
“When operated efficiently, batteries stabilise the grid, facilitate more renewables, and defer costly, often contentious infrastructure investments. They are, however, expensive investments, so these benefits only become a reality with sophisticated technologies that maximise batteries’ potential.”
Investment Manager at IP Group, Shane Meaney, said his company led the capital raise because of OptiGrid’s potential to maximise the performance of energy assets.
“Operators around the globe are trying to maximise the value of their energy trading and storage assets,” Mr Meaney said.
“Improving the efficiency of grids will bring prices down for consumers and accelerating the deployment of large-scale storage will move the grid to 100 percent renewables faster. We’re excited to be a major investor.”
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