San Francisco, June 25, 2024 (GLOBE NEWSWIRE) -- Power Factors, the leading software solutions provider for the renewable energy sector, is proud to announce its selection as a finalist for the R&D Achievement award in the Projects of Impact category by Reuters Events for its Global Energy Transition Awards 2024. This recognition highlights the company’s innovation and leadership in AI-driven software solutions.
"Being named a finalist for this award highlights our unwavering dedication to pioneering advancements in AI and renewable energy management," said Julieann Esper Rainville, chief executive officer of Power Factors. "Our commitment to innovation in the renewable energy sector is demonstrated through our world-class solutions that boost operational efficiency and performance across renewable energy assets."
In particular, the Reuters Energy Transition Award highlights Power Factors’ Degraded Classifier, an AI-powered expert system integrated into Power Factors’ Asset Performance Management (APM) solutions. Power Factors' family of APM and AI applications, which can be tailored to meet diverse customer needs, optimize asset availability and yield at scale with sophisticated monitoring, analysis, and intuitive workflows. These solutions harness AI-powered analytics to provide diagnostic, preventative, and predictive capabilities, delivering trusted insights with minimal latency.
The Degraded Classifier empowers solar photovoltaic (PV) operators with granular insights into Degraded Performance events, addressing a prevalent cause of solar performance losses. Using advanced AI models, the Degraded Classifier provides detailed insights into loss drivers, enabling smarter and more targeted O&M responses and resulting in improved performance and fewer losses due to unknown causes.
So far, the Degraded Classifier has been applied to 4,360 solar PV plants globally, encompassing 22 GW. Commonly, these PV sites can experience an average annual energy loss of 20%. The Degraded Classifier mitigates loss by identifying the root causes of 94% of these losses using AI and machine learning, which helps teams understand the reasons for the energy losses and take corrective and preventative actions.
Power Factors continues to expand its AI capabilities and increase adoption of its Degraded Classifier across additional gigawatts, dramatically increasing its impact and contribution to the renewable energy industry.
The Global Energy Transition Awards ceremony takes place on June 25, 2024, in New York, NY. Power Factors is honored to be recognized among the leaders in renewable energy innovation and remains committed to advancing sustainable solutions for a cleaner future.
About Power Factors
Power Factors is a SaaS provider whose renewable energy software platform is one of the most extensive and widely deployed solutions in the market. With over 300 GW of wind, solar, hydro, and energy storage assets managed worldwide across more than 600 customers and 18,000 sites, Power Factors manages 25% of the world’s renewable energy data.*
Power Factors’ Unity is the next-generation renewable energy SaaS platform that supports the entire energy value chain, from monitoring and controls to market participation. The company’s suite of open, data-driven applications empowers renewable energy stakeholders to collaborate, automate critical workflows, and make more informed decisions to maximize asset returns. Energy stakeholders receive end-to-end support, including solutions for SCADA & PPC, centralized monitoring, performance management, commercial asset management, and field service management.
With deep domain expertise, AI-powered insights are delivered at scale so businesses can optimize assets, unlock growth, and make smarter decisions as the world rapidly transitions to clean energy. Power Factors fights climate change with code.
Learn more at powerfactors.com.
*Note: Outside China and India
