Marubeni to Implement Veritone’s AI-powered iDERMS Forecasting Solution

Source: www.gulfoilandgas.com 4/28/2022, Location: North America

Veritone, Inc., creator of aiWARE™, a hyper-expansive enterprise AI platform, announced its intelligent distributed energy resource management solution (iDERMS) has been selected by Marubeni Corporation, one of the largest Japanese integrated trading and investment business conglomerates, to provide price, demand and generation forecasts at their pilot project in the California Independent System Operator (CAISO) SP-15 region.

In addition to day-ahead and real-time generation, demand, and price forecasts for a node in CAISO SP-15 region, Veritone will provide demand and generation forecasts for the overall CAISO system. Having highly accurate forecasts will allow Marubeni to confidently create and maintain a competitive position in the wholesale electricity market, to maximize the flexibility and reliability of assets to best support the development of a resilient power grid. This investment will provide Marubeni with additional capabilities to continue to improve management of its power assets.

“At Veritone, our number one priority is to advance the mission of our customers and help them reach their business goals,” said Sean McEvoy, senior vice president of Energy at Veritone. “Veritone’s iDERMS solution is the best-in-class, and it will lay a strong foundation for Marubeni’s future power generation initiatives for both itself and the communities it works with. We are humbled by the trust Marubeni has given us, and we cannot wait to share the results of the project.”

Veritone’s iDERMS solution harnesses the power of AI to revolutionize today’s energy ecosystems through proprietary, intelligent, real-time energy forecasting, optimization and control—all of which unlock the full potential of DERs while enhancing reliability. The solution allows for tackling industry challenges at a pace best suited to meet each customer’s specific goals, timelines, or budget, while simultaneously addressing reliability and the commercial aspects of DERs.


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