University of Strathclyde spinout Smarter Grid Solutions acquired by industrial giant Mitsubishi
Glasgow-based Smarter Grid Solutions, which was spun out of the University of Strathclyde, is being bought by industrial giant Mitsubishi Electric for an undisclosed sum.
The energy-focused software company uses artificial intelligence (AI) technology to improve the forecasting of demand and generation on the electricity network.
The acquisition is expected to close in the next few weeks. Upon completion of the deal, Smarter Grid Solutions (SGS) will maintain operations in Glasgow and will report to Mitsubishi Electric Corporation’s subsidiary, Mitsubishi Electric Power Products.
Brent Marshall, chief executive of SGS, said: “We are thrilled to join Mitsubishi Electric and expand the reach of our energy management enterprise software to DER [distributed energy resources] customers around the globe and – in turn – assist those customers to better manage DER assets as they strive to decarbonise their operations.”
Brian Heery, president and chief executive of Mitsubishi Electric Power Products, said: “We are very excited to bring SGS into Mitsubishi Electric.
“They are committed to the mission of decarbonising electric power production and have spent the last decade developing world-class products and processes.
“We look forward to marrying their products with our suite of grid control products to help our customers respond to changes and still get the best performance from their electric grids.”
Noriyuki Takazawa, president of energy and industrial systems group at Mitsubishi Electric Corporation, added: “SGS offers innovative solutions that have helped power utilities in Europe and North America install, manage and optimise renewable energy resources, and we look forward to bringing that DER management core competency to new markets around the globe.”
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