Mitsui, GCL-Poly and eVolution Networks announce Joint Venture to redefine AI Technology for Power Grids

Mar 04, 2019 17:00 JST

HONG KONG, Mar 04, 2019 - (ACN Newswire) - Mitsui & Co., Ltd. ("Mitsui"), GCL-Poly Energy Holdings Limited ("GCL-Poly") and eVolution Networks (now part of eVolution Innovation Group,) today announced the establishment of a joint venture company named Evolution Energy Limited ("eVolution Energy") to redefine AI technology for Power Grids infrastructure with aim to improve the grid loss and performance.

eVolution's AI algorithms collects massive data from grid elements to learn their patterns and predict real-time demand, in order to optimize equipment usage and reduce gird loss. This advanced learning will reshape the way the grid operates and provide power companies a giant leap into the future with massive CAPEX and OPEX cost reduction.

"There's huge potential for AI technology to predict and optimize the grid performance. Utility companies will be able to transform from the long-standing manual managed to sophisticated, agile and green operation." said Roy Morad, CEO of eVolution Innovation Group.

"We are very excited to be joining hands with eVolution to expand the reach of Mitsui's innovative energy business. All partners contribute a globally recognized reputation in their respective areas to innovate next generation of grid infrastructure" said Daisetsu Sakai, General Manager of First Department, First Projects Development Division, Infrastructure Projects Business Unit of Mitsui.

"As a strong believer of eVolution's AI solutions, we are very happy to jointly establish eVolution Energy. We are also very happy to bring our partner Mitsui, together with whom we will contribute to the growth of eVolution Energy as strategic investors by leveraging our resources and market access in China, Japan, and South East Asia", said Donglei Yan, Investment Managing Director of GCL-Poly.

Sectors: Energy, Alternatives, Alternative Energy