Planned compatibility promotes the Veritone GRID initiative to accelerate the adoption of clean energy through simplified device integration and improved grid optimization and resilience
DENVER, June 22, 2021 – (BUSINESS WIRE) – Veritone, Inc. (NASDAQ: VERI), developer of the world's first artificial intelligence operating system, aiWARE ™, today announced the development of a new device learning model for the market-leading SMA Sunny Central Solar inverters, part of the company's GRID (Grid Reliability in Device) initiative to accelerate the adoption of clean energy by developing a library of device learning models that enable predictive control of shared distributed energy resources (DERs), including solar and storage inverters, battery storage systems, chargers for Electric vehicles, wind turbines and hydropower plants. The company expects this initiative to simplify the integration of decentralized energy resources (DER), extend the life of the systems and increase the resilience of the networks.
Utilities, Independent Power Producers (IPPs) and microgrid developers face reliability challenges in integrating and managing green energy sources due to their variable nature. Fluctuations in the power provided by these sources can cause costly damage to grid systems and inefficient power distribution. In addition, extreme weather conditions can cause entire networks to fail without autonomously controlled microgrids. Without predictive AI modeling and control of grid systems, these reliability challenges will persist.
Veritone Energy Solutions are predictive, AI-powered solutions that balance and strengthen the grid to increase reliability, reduce operating costs, and improve resilience. Veritone expects a device learning model for Sunny Central solar inverters from SMA – the third largest PV inverter manufacturer according to Wood Mackenzie – will help utility companies, operators and developers with solar systems realize these benefits faster than ever before. This predictive, dynamic and continuously updated decision model reflects the current state of the SMA inverter and works in conjunction with other dynamic models that reflect the current state of the broader grid, optimizes energy distribution and informs the Veritone controllers on the inverter how they are most efficient work can manage energy through the device to meet grid demand at the lowest possible cost.
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“Our planned compatibility with SMA reflects our continued commitment to accelerate the clean energy transition using AI,” said Chad Steelberg, Veritone chairman and CEO. “Ready-made forecast models for SMA Sunny Central inverters help energy suppliers, operators and developers who use these inverters in their grids to use all the advantages of an AI-controlled grid faster than ever before.”
The patented Veritone CDI Edge Control Agent technology is used to model and control multiple SMA inverters and synchronize them to enable autonomous grid control and decision making throughout the network, resulting in optimal economic distribution during normal operation and the resilience of macro and micro grids during extreme weather events. The compatibility with SMA solar inverters also enables solar smoothing, which extends the service life of the system and reduces the risk of inverter burnout and the resulting environmental damage.
“SMA inverters for PV deliver the next generation of PV power,” says Wolf Kohn, Chief Scientist at Veritone and inventor of Veritone's patented CDI technology. “We expect our predictive AI models for SMA inverters to significantly increase the reliability and longevity of the inverters when they are integrated into new and older grids.”
Veritone is currently building a library of device learning models for the largest and most innovative clean energy device manufacturers, resulting in “plug and play” network compatibility with Veritone's aiWARE operating system and predictive energy solutions. Veritone expects this library of device models that reflect behavior characteristics and interactions with power devices will scale its AI-powered energy business faster and help achieve its goal of connected, on-demand, green, and autonomous power grids.
For more information on Veritone Energy Solutions, please visit: https://www.veritone.com/solutions/energy/
Veritone (Nasdaq: VERI) is a leading provider of artificial intelligence (AI) technologies and solutions. The company's proprietary operating system, aiWARE ™, supports a wide variety of AI applications and intelligent process automation solutions that are transforming both commercial and government organizations. aiWARE orchestrates a growing ecosystem of machine learning models to turn audio, video and other data sources into actionable information. The company's AI developer tools enable its customers and partners to easily develop and deploy custom applications that leverage the power of AI to dramatically improve operational efficiencies and unlock untapped opportunities. Veritone is headquartered in Denver, Colorado with offices in Costa Mesa, Denver, London, New York and San Diego. To learn more, visit www.veritone.com.
As the world's leading specialist in photovoltaic and storage system technology, the SMA Group is setting standards today for the decentralized and renewable energy supply of tomorrow. The SMA portfolio includes a wide range of efficient PV and battery inverters, holistic system solutions for PV and battery storage systems of all performance classes, intelligent energy management systems and complete solutions for PV diesel hybrid applications. Digital energy services as well as extensive services including operation and maintenance services for PV power plants round off the SMA offering. SMA inverters with a total output of more than 100 gigawatts are installed in over 190 countries worldwide. The multiple award-winning technology from SMA is protected by more than 1,600 patents and utility models. The Group's parent company, SMA Solar Technology AG, has been listed in the Prime Standard of the Frankfurt Stock Exchange (S92) since 2008 and is listed in the TecDAX.
Safe Harbor Statement
This press release contains forward-looking statements including, but not limited to, statements regarding Veritone's GRID initiative, the expected capabilities of Veritone's intelligent predictive controls and other energy solutions, and their expected customer benefits, the company's expectation that its GRID initiative will enable the company to scale its AI-powered energy business faster and help it achieve its goal of a connected, on-demand, green and autonomous power grid, and the company's belief that Veritone's energy solutions will become the standard for smart become autonomous network control. Without limiting the generality of the foregoing, words such as “may”, “will”, “expect”, “believe”, “foresee”, “intend”, “could”, “estimate” or “continue” or the negative other may have variations this or comparable terminology is intended to identify forward-looking statements. In addition, all statements that relate to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Make assumptions about the foregoing involve judgments and risks relating to various matters that are difficult or impossible to predict accurately, many of which are beyond Veritone's control. Some of these judgments and risks are discussed in Veritone's SEC filings. While Veritone believes that the assumptions underlying the forward-looking statements are reasonable, all assumptions may prove to be incorrect and no assurance can be given that the results anticipated in any forward-looking statements will be realized. Given the significant uncertainties inherent in the forward-looking information contained herein, inclusion of such information should not be taken as a representation by Veritone or any other person that its goals or plans will be achieved. Veritone assumes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date of this release or the occurrence of unforeseen events.
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