GridBeyond has announced its acquisition of Veritone Inc’s energy business.
The acquisition, which has no announced price as of writing, comes during a slow period for mergers and acquisition activity sector-wide, which fell 32 percent in the second quarter this year compared to same quarter last year as executives say they are focusing on organic growth and R&D opportunities. In the United States specifically, there was a 30% drop, and the number of deals exceeding $25 million fell almost 50 percent, according to reports.
However, there has been a slight uptick in ESG-oriented deals as more companies race to accomplish sustainability goals. GridBeyond, which specializes in grid-based energy management, will be able to to launch its new design platform with increased functionalities and more accurate forecasting technology with Veritone’s software.
“By combining the capabilities of both organizations, we offer customers a comprehensive suite of energy management and energy trading solutions that leverage the power of AI and machine learning,” said GridBeyond CEO Michael Phelan in a statement. “The acquisition will also enable GridBeyond to expand its reach in North America and strengthen its position as a global leader in optimisation and management of distributed energy assets,”
Veritone’s software made headlines last year when it was selected by Empower Energy as its AI based calculations to determine battery storage sizing at a facility in Texas. The technology, called iDERMS (intelligent distributed energy resource management) Designer, used AI-based algorithms to sift through years of data to find the optimal size for the battery energy storage system while complementing existing structures.
The company has also had partnerships with Positive Energy and Competitive Power Ventures using the platform to predict the useful life of recycled battery assets and provide services in accessing the PJM Interconnection market, respectively.
Veritone employees will be integrated into GridBeyond, doubling the size of the North America branch.