Morrow Signs Mou with AI Startup Optimeering
Norwegian cleantech companies Morrow Batteries ASA (Morrow) and Optimeering AS have joined forces to develop AI-driven automation software for short-term power market operations.
The production must at any time align with the consumption for the power system to be stable. Norway used to have a large surplus of flexible hydropower. The green energy transition will change this as society is increasingly electrified, and we increase our use of energy sources that are renewable but fluctuating.
New technology solutions are needed for large power producers and suppliers to balance the energy system by efficiently using the power markets.
“Batteries are an essential part of the transition toward green energy. Implementing the AI platform will automate market operations, which is vital for Morrow to operate effectively in the future power market”, says Christian Van Veen Aas, Head of Business Development in Optimeering.
Veen Aas compares their AI solution with an airplane’s autopilot. The «autopilot» will automate several decision processes for the batteries:
– Timing, pricing, and volumes when selling energy and capacity/system services to the markets.
– Timing, pricing, and volumes when buying power for storing in the batteries.
– Handling management from a connected power plant, either injecting it into the grid or storing it.
– Meeting corresponding demand – using stored energy or taking it from the grid.
These decisions will be made in real-time and advance, depending on the market. It is also continuously updated based on physical position changes – for example, higher-than-expected wind production of a connected wind park – and forecast market prices, liquidity, and related production and demand levels.
The two companies have signed a Memorandum of Understanding (MoU). Morrow Batteries will use AI technology to combine hardware and software to establish their battery factories.
“We plan to build Norway’s most extensive battery energy storage system (BESS) in Arendal. Incorporating Optimeering’s AI technology is another step towards our goal of delivering the most cost-effective and sustainable battery cells in the world”, says Amin El-Kouatli, Director of Strategic Partnerships at Morrow.
OPTIMEERING
Optimeering is a technology startup that makes prognosis and automation software for short-term power market operations. Its founders own the company, all with solid backgrounds within optimization, power company Lyse and energy technology company Cegal. optimeering.com
