SAN MATEO, California, November 19 /PRNewswire/ -- It was announced today that the CURRENT(R) System Optimization solution suite has been named by VentureBeat as one of the Top 10 innovations driving the future of the Smart Grid. The award recognizes technologies that help achieve the primary goals of a Smart Grid:
- De-carbonize the grid - Facilitate data transmission and the monitoring of power use - Drive increased efficiency and conservation of power
The VentureBeat GreenBeat conference where the award is being presented took place today with CURRENT Group's CEO Tom Casey presenting on the powerful role Distribution System Optimization Solutions play in transforming the energy business model. High profile speakers such as Al Gore also spoke to investors at the conference who are examining game changing technologies and solutions providers that will transform the utility Smart Grid landscape and will emerge as winners in the years to come.
With IDC's forecast of US$17.5 billion in Smart Grid technology spending over the next five years in North America alone, it is no wonder that investors are lining up to learn who the technology pioneers and early market innovators are, said Rick Nicholson, Vice President of IDC Energy Insights. Distribution Smart Grid is a clear innovation zone where near-term return on investment can be achieved in terms of energy efficiency, reliability and optimization with material benefits delivering value back to both the utility and their consumers.
System Optimization will represent a paradigm shift in the way electric utilities manage renewables, demand and deliver electricity, said Tom Casey. When we developed the technology, our initial target for savings of electric load was in the 3 to 5% range and our early results exceed those levels. To give you an idea of the impact, a 3% reduction in electric power demand across the entire U.S. would save over US$10 billion a year and reduce carbon emissions equivalent to removing 20 million of the cars in America off of the road.
CURRENT's product suite is a self-optimizing system that dynamically monitors and makes adjustments to the electric distribution grid to reduce overall energy requirements. As such, it enables utility grid operators to manage and balance the effects of distributed generation and renewables as well as more actively manage demand. The CURRENT System Optimization solution combines advanced sensing technology, two-way high-speed communications and 24/7 monitoring and analysis software to dynamically adjust the distribution system to manage to the most efficient levels the power required to operate the system while enabling the use of renewables.
The CURRENT System Optimization solution leverages its extensive Smart Grid experience to reach the highest level of Smart Grid maturity, the self-optimizing electric grid. Using user configurable settings and high speed communications, the system automatically adjusts existing utility devices to achieve the desired level of optimization. Such optimization will lead to minimizing carbon, maximizing the use of renewables, reducing line losses or a combination of goals depending on a particular utility's requirements.
In addition, to improve the efficiency of the electric grid, CURRENT's OpenGrid(TM) software also enables utilities to improve reliability. It has been estimated that the cost of outages to the U.S. economy are as high as US$0.50 for every US$1.00 spent on electricity. CURRENT has developed a series of analytical software programs that detect problems with grid equipment, often before they result in an outage, as opposed to the traditional run to failure model that is blind to events even after they happen.
About CURRENT Group
CURRENT Group, LLC delivers innovative and industry-leading intelligent solutions that optimize the distribution system and offer utilities new ways to monitor and manage the health of the grid. Through CURRENT's distributed sensing, monitoring, and analytical technologies, utilities are better able to understand, predict and respond to system disturbances and faults, identify where inefficiencies are, and enable the smartest possible sourcing and distribution of power.
CURRENT's state-of-the-art technologies are being implemented by utilities around the globe and are being utilized in the largest and most advanced demonstration projects in the world. CURRENT is engaged in European Union-sponsored projects in partnership with Iberdrola, the world's 4th largest electric utility, among others, to expand the use of Smart Grid technology in the European Union. This year, CURRENT was also honored by the World Economic Forum as a 2009 Technology Pioneer and selected by Dow Jones as one of the Top 10 most Innovative Clean Technology companies in Europe.
CURRENT is a private company founded in 2000 that is backed by leading investors including Liberty Associated Partners, EnerTech Capital, Google, Inc., and Goldman Sachs Co.
CURRENT is headquartered outside of Washington, D.C., with offices throughout the United States and in Zurich, Switzerland and Singapore, and has representation in Australia and Brazil. Additional information can be found at http://www.currentgroup.com/.
SOURCE: CURRENT Group, LLC
CONTACT: Lori Reslock, Vice President Global Marketing of CURRENT Group,LLC, USA, +1-301-944-2824; or John Moore, Qorvis Communications LLC, USA,+1-202-683-3110, Cell: +1-202-657-8245, for CURRENT Group, LLC