PALO ALTO, Calif., June 13, 2019 (GLOBE NEWSWIRE) -- Seven electric industry startup companies have been selected from a field of 112 applicants to work with the Electric Power Research Institute (EPRI), American Electric Power (AEP), and other utilities to test their concepts for deployment readiness.
Ario Technologies, eIQ Mobility, LiveEO, FreeWire Technologies, Hyperion, PickMySolar and Sterblue were selected May 14 as part of the expanded IlluminationLAB, an energy summit and 10-week proof of concept program and demonstration project to help accelerate electric sector startups. Between June and September, these startup companies will work with EPRI, AEP and IlluminationLAB member utilities to identify and test technologies in customer experience, electric grid optimization, operations, and maintenance efficiency, data analytics, and electric mobility.
The companies and representatives of IlluminationLAB members -- including Ameren, Consolidated Edison (ConEd), Nebraska Public Power District (NPPD), New York Power Authority (NYPA), Salt River Project (SRP), Tokyo Electric Power Company (TEPCO) and Tennessee Valley Authority (TVA) – will reconvene in Columbus, Ohio Sept. 12 to review project results.
“As the pace of change quickens and the portfolio of electric sector technologies expands to include digital, communications, and transportation, we’re looking for new ways to identify and deploy innovation at scale and we have found the startup incubation process to be promising,” said Arshad Mansoor, senior vice president, research and development at EPRI. “Through EPRI’s established Incubatenergy® network and new industry collaboration such as IlluminationLAB, we foster the next generation of technologies that aim to solve some of the sector’s most pressing issues.”
“Joining with EPRI and its member utilities in this effort makes perfect sense, given the fast-changing landscape of new energy opportunities,” said Ram Sastry, vice president, Innovation and Technology at AEP. “Through the collective expertise and reach of EPRI and its members, we can expand opportunity and lower risks for demonstrating and scaling up energy innovations,”
“Expanding the IlluminationLAB recognizes that innovation can enhance startups’ prospects for piloting and launching their technologies --and capitalizing on more growth opportunities through this work with participating utilities,” said Daniel Saunders, chief executive, L Marks, a London-based company that specializes in applied corporate innovation and an early stage investor.
For more information, visit www.aepilluminationlab.com.
About EPRI:
The Electric Power Research Institute, Inc. (EPRI, www.epri.com) conducts research and development relating to the generation, delivery and use of electricity for the benefit of the public. An independent, nonprofit organization, EPRI brings together its scientists and engineers as well as experts from academia and industry to help address challenges in electricity, including reliability, efficiency, affordability, health, safety and the environment. EPRI members represent 90% of the electricity generated and delivered in the United States with international participation extending to 40 countries. EPRI’s principal offices and laboratories are located in Palo Alto, Calif.; Charlotte, N.C.; Knoxville, Tenn.; Dallas, Texas; Lenox, Mass.; and Washington, D.C.
About AEP
American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP’s approximately 18,000 employees operate and maintain the nation’s largest electricity transmission system and more than 219,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation’s largest electricity producers with approximately 32,000 megawatts of diverse generating capacity, including 4,300 megawatts of renewable energy. AEP’s family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.
About L Marks
L Marks is a leading advisor in applied innovation and experienced investor in early-stage technologies. Led by Stuart Marks and Daniel Saunders, L Marks has created the UK’s largest network of corporate accelerators and launched over fifty innovation programs across Europe, Israel, Japan and the US. Their unique approach and methodology is building bridges between large organisations seeking to innovate and young companies looking to scale.
They work with some of the world’s best-known brands, including BMW, Lloyd's of London, Arsenal FC, and British Airways to identify business challenges and transform them into opportunities for growth. The L Marks collaborative, results-driven programs provide insight and access to startups whilst embedding their pioneering technologies into corporates to enhance operations, improve customer experience, and cultivate an entrepreneurial ethos across the business.
Through creating these relationships and experiences, L Marks is achieving rapid digital transformation across industry sectors and accelerating the businesses of the future.