A France- and Singapore-based company is using smart technology to improve electricity consumption efficiency
Large commercial buildings and factories require huge amounts of electricity to run operations on a daily basis. Whether it is through heating or cooling systems, pumps or compressors, the monthly electric bill can easily skyrocket to thousands of dollars per month. With smart technology, though, innovators say it is possible to rein in that expenditure without sacrificing needs or comfort.
BeeBryte, founded in 2015, is using advanced technologies such as artificial intelligence (AI) and the Internet of Things (IOT) to allow large energy consumers to reduce their costs in a smarter and more efficient way. With a cloud-based Software-as-a-Service (SaaS), the company is able to minimise costs by controlling the output of certain appliances, capping the amount of energy a building uses, providing energy at wholesale cost and supplying stored off-grid energy during peak grid hours.
A company that adopts all these measures can save up to 40% on its utility bills said BeeBryte.
“[This technology] enables customers and communities to gain access to cheaper, cleaner and smarter energy by reinventing the electricity future,” said BeeBryte founder and CEO Frédéric Crampé. “What we’re doing is we are extracting value from somewhere and giving back in terms of energy cost savings. I like to call it value pools because it’s not magic.”
One way BeeBryte extracts value is through energy-efficiency gains. The company installs an IOT gateway, essentially a small box that can connect to and control the output of appliances such as air conditioning units, heaters and pumps in a building. This can be done within constraints set by the customer to avoid any discomfort. A customer can program an air conditioner so that it never drops below 20°C or rises above 26°C, for example. Then, in the cloud, complex equations are carried out in real time to predict variables such as weather changes, activity inside and outside the building, or employees’ personal habits in order to maximise the efficiency of appliances.
Earlier this year, BeeBryte raised $2.9m in a round of funding and announced that French renewable energy producer Compagnie Nationale du Rhône (CNR) would come on board as a shareholder. The two companies are launching their Hive Supply offer on the French market, which combines an electricity contract with intelligent energy management.
“It’s a really interesting partner for us because we have aligned values and we are, together with them, trying to combine our technology with a new disruptive electricity retail offer, where we provide cheaper and greener electricity,” Crampé said of the partnership.
BeeBryte currently has operations in France, Singapore and Germany, and is in discussions to begin projects in Italy, Luxembourg and Malaysia. Phase two of the project could look at emerging countries in Southeast Asia.
Crampé believes the electricity market is on the brink of change, and that technologies such as those employed by BeeBryte will be at the forefront of that transformation: “We believe our economy is poised to undergo a technology-enabled energy transition to a clean and sustainable energy future and replace the ill-suited century-old electric utility business model.”