Positive Energy Selects Veritone for Predicting the Remaining Useful Life of Electric Vehicle Batteries
Veritone, Inc. (NASDAQ: VERI), the creator of the intelligent Distributed Energy Resource Management System (iDERMS) platform, has made a significant announcement today. Positive Energy, a key player in the renewable energy sector, has chosen Veritone’s iDERMS Forecaster for a crucial role. Specifically, the Forecaster will be used to predict the remaining useful life of Positive Energy’s battery storage assets. This strategic move is expected to optimise the lifespan and usability of their renewable energy storage systems, thereby enhancing operational efficiency and sustainability.
Focused on repurposing electric vehicle (EV) batteries for second-life application and providing energy as a service (EaaS), Positive Energy will employ Veritone’s iDERMS Forecaster in its operations. This technology enables accurate predictions of battery longevity, taking into account the final State of Health (SoH), the Remaining Useful Life (RUL), and updated SoH and RUL forecasts after each charge or discharge cycle.
The iDERMS Forecaster’s capabilities extend beyond individual battery analysis, offering an elevated situational awareness at a fleet level. This unique feature allows Positive Energy to single out individual sites and assets for an in-depth examination of specific operational parameters. Hence, it provides a more comprehensive and detailed view of their renewable energy storage systems, ensuring optimal usability and efficiency.
“With severe droughts and temperatures on the rise globally, it is imperative that we take into account the rights and needs of future generations, and do our part in tackling the climate change crisis,” says Sam Ibrahim, CEO at Positive Energy. “Part of this is in addressing the current ongoing electrification of transportation, which creates an important environmental opportunity to develop solutions to extend the life of EV batteries. AI will be key to drive this. We are excited to find a long-term partner in Veritone, which will allow us to leverage the power of AI to help us address the end-of-life challenges of EV batteries, maximize our storage capacity for future reuse in a circular economy, and ultimately reduce waste and extend the grid capacity.”
The process of battery degradation is a complex one, subject to a myriad of factors such as temperature fluctuations, charge and discharge rates. Veritone’s advanced AI capabilities confront this complexity head-on, recognizing intricate data patterns from historical system data. This deep analytical approach enables asset owners to accurately and reliably predict both maintenance cycles and the remaining useful life of their batteries.
By leveraging this technology, companies like Positive Energy are empowered to strategically plan their operational cycles and maintenance schedules, thereby extending the service life of their batteries and enhancing their overall efficiency. This predictive capability of Veritone’s iDERMS Forecaster serves as a key differentiator, cementing its position as a pioneering solution in the renewable energy sector.
“As we continue to face climate change challenges, including more inclement weather events, we are focused on providing more economical and reliable access to clean renewable energy to create a sustainable future,” says Sean McEvoy, General Manager of Energy at Veritone. “Positive Energy understands the challenges of green solutions, such as EVs, and how advanced technologies like Veritone’s iDERMS become part of the solutions needed to move forward. With the depth of Veritone’s offerings and the versatility of its iDERMS solution, we are confident Positive Energy will get closer to achieving its mission and vision.”
Veritone’s iDERMS solution is redefining today’s energy ecosystems by harnessing the power of AI. Through its proprietary, intelligent, day-ahead and real-time energy forecasting, design, optimization, and control methods, it unlocks the full potential of energy resources, seeking to enhance overall reliability significantly. The iDERMS solution is structured around four primary modules: Forecaster, Designer, Optimizer, and Controller. Each is equipped to confront industry challenges at a pace that aligns with the specific objectives, timelines, or financial goals of each customer.
The iDERMS solution doesn’t stop at operational improvement. It takes a holistic approach, addressing both reliability and the commercial aspects of distributed energy resources (DERs). In doing so, it assures that the energy resources are not just efficient and reliable but also beneficial from a commercial perspective. This unique combination of capabilities positions Veritone’s iDERMS as a trailblazer in the renewable energy sector.
