Leading Electricity Utility Iberdrola Launches Startup Challenge
Iberdrola is a leading energy company & pioneer in digitalizing and automating the electric network. With assets worth €113bn, Iberdrola is one of the largest electric utilities in the world, providing energy to more than 100 million people globally. In 2008, Iberdrola’s Startup Program was established with €70 million available to invest in innovative technologies.
STORM RESILIENCE addresses the challenge of assets frequently being tested by severe weather and unforeseen events that can threaten or damage the electrical system. Downed trees and downed lines are two of the biggest problems when trying to get the power back on. To keep their service operating and to restore it promptly when damaged is a key priority.
Looking For Solutions To Improve Prevention, Storm Recovery & Insurance Risk Coverage
For that reason, Iberdrola is looking for proposals to improve predictive analysis, prevention and recovery tasks of weather event effects which can affect their costumers’ service. Additionally to solutions to minimize the impact in Iberdrola’s electric facilities, insurance risk coverage solutions are interesting as well due to a current limitation in insurance markets. In total, Iberdrola is looking for startups in three main areas:
- Prevention: Improving operations, maintenance & engineering work, including but not limited to big data & analytics and drones to assess and monitor electric facilities before the storm happens.
- Storm Recovery: Improving operations, including but not limited to big data & analytics and drones to assess and plan activities after the storm happens.
- Insurance Risk Coverage: Besides the operational and service impact, weather events have an economic impact associated. Iberdrola is interested in solutions that can help to reduce the economic impact.
Pilot Project & Chance For Investment
For this Startup Challenge, Iberdrola has parted up with its Corporate Venture Capital arm, Perseo. “Iberdrola continues its commitment to improving customers’ quality of service by using vanguard technologies. In that way, Iberdrola, in collaboration with Perseo, has launched STORM RESILIENCE for companies in the sector of Artificial Intelligence and Big Data”, said Óscar Cantalejo Sánchez, Investment Manager at Perseo.
The winning company will have the possibility to perform a pilot within the group’s ecosystem – combining the startup’s capabilities with the resources & market reach of Iberdrola. If the pilot succeeds, Iberdrola will add the solution to their current portfolio of providers to minimize the impact of extreme weather events. On top of this, the startup will be evaluated by Perseo for a potential investment.
Apply by 30 June via the STORM RESILIENCE website.
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Source: Startus Magazine
Author: StartUs Insights