CURRENT Group, a Leader in Providing Smart Grid Solutions to Utilities Worldwide, Has Been Selected As One of The World's Top Ten Smart Grid Innovators at GreenBeat 2009
By Current Group Llc, PRNEWednesday, November 18, 2009
CURRENT CEO Tom Casey Speaks on the Game Changing Power of Grid-based Demand Management Solutions through CURRENT's leading System Optimization Technologies for the Distribution Grid at GreenBeat 2009
SAN MATEO, California, November 19 - It was announced today that the CURRENT(R) System Optimization solution
suite has been named by VentureBeat as one of the Top 10 innovations driving
the future of the Smart Grid. The award recognizes technologies that help
achieve the primary goals of a Smart Grid:
- De-carbonize the grid - Facilitate data transmission and the monitoring of power use - Drive increased efficiency and conservation of power
The VentureBeat GreenBeat conference where the award is being presented
took place today with CURRENT Group's CEO Tom Casey presenting on the
powerful role Distribution System Optimization Solutions play in transforming
the energy business model. High profile speakers such as Al Gore also spoke
to investors at the conference who are examining game changing technologies
and solutions providers that will transform the utility Smart Grid landscape
and will emerge as winners in the years to come.
"With IDC's forecast of US$17.5 billion in Smart Grid technology spending
over the next five years in North America alone, it is no wonder that
investors are lining up to learn who the technology pioneers and early market
innovators are," said Rick Nicholson, Vice President of IDC Energy Insights.
"Distribution Smart Grid is a clear innovation zone where near-term return on
investment can be achieved in terms of energy efficiency, reliability and
optimization with material benefits delivering value back to both the utility
and their consumers."
"System Optimization will represent a paradigm shift in the way electric
utilities manage renewables, demand and deliver electricity," said Tom Casey.
"When we developed the technology, our initial target for savings of electric
load was in the 3 to 5% range and our early results exceed those levels. To
give you an idea of the impact, a 3% reduction in electric power demand
across the entire U.S. would save over US$10 billion a year and reduce carbon
emissions equivalent to removing 20 million of the cars in America off of the
road."
CURRENT's product suite is a self-optimizing system that dynamically
monitors and makes adjustments to the electric distribution grid to reduce
overall energy requirements. As such, it enables utility grid operators to
manage and balance the effects of distributed generation and renewables as
well as more actively manage demand. The CURRENT System Optimization solution
combines advanced sensing technology, two-way high-speed communications and
24/7 monitoring and analysis software to dynamically adjust the distribution
system to manage to the most efficient levels the power required to operate
the system while enabling the use of renewables.
The CURRENT System Optimization solution leverages its extensive Smart
Grid experience to reach the highest level of Smart Grid maturity, the
self-optimizing electric grid. Using user configurable settings and high
speed communications, the system automatically adjusts existing utility
devices to achieve the desired level of optimization. Such optimization will
lead to minimizing carbon, maximizing the use of renewables, reducing line
losses or a combination of goals depending on a particular utility's
requirements.
In addition, to improve the efficiency of the electric grid, CURRENT's
OpenGrid(TM) software also enables utilities to improve reliability. It has
been estimated that the cost of outages to the U.S. economy are as high as
US$0.50 for every US$1.00 spent on electricity. CURRENT has developed a
series of analytical software programs that detect problems with grid
equipment, often before they result in an outage, as opposed to the
traditional "run to failure" model that is blind to events even after they
happen.
About CURRENT Group
CURRENT Group, LLC delivers innovative and industry-leading intelligent
solutions that optimize the distribution system and offer utilities new ways
to monitor and manage the health of the grid. Through CURRENT's distributed
sensing, monitoring, and analytical technologies, utilities are better able
to understand, predict and respond to system disturbances and faults,
identify where inefficiencies are, and enable the smartest possible sourcing
and distribution of power.
CURRENT's state-of-the-art technologies are being implemented by
utilities around the globe and are being utilized in the largest and most
advanced demonstration projects in the world. CURRENT is engaged in European
Union-sponsored projects in partnership with Iberdrola, the world's 4th
largest electric utility, among others, to expand the use of Smart Grid
technology in the European Union. This year, CURRENT was also honored by the
World Economic Forum as a 2009 Technology Pioneer and selected by Dow Jones
as one of the Top 10 most Innovative Clean Technology companies in Europe.
CURRENT is a private company founded in 2000 that is backed by leading
investors including Liberty Associated Partners, EnerTech Capital, Google,
Inc., and Goldman Sachs & Co.
CURRENT is headquartered outside of Washington, D.C., with offices
throughout the United States and in Zurich, Switzerland and Singapore, and
has representation in Australia and Brazil. Additional information can be
found at www.currentgroup.com/.
Lori Reslock, Vice President Global Marketing of CURRENT Group, LLC, USA, +1-301-944-2824; or John Moore, Qorvis Communications LLC, USA, +1-202-683-3110, Cell: +1-202-657-8245, for CURRENT Group, LLC
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