The #AIEYE: #AI and #Automation as an Answer to Energy
Consumption and Environmental Sustainability (NYSE: $ABB) (TSXV: $MCLD.V)
(NASDAQ: $MRVL) (NASDAQ: $RAVN)
Point Roberts WA, Vancouver BC – April 10,
2019 – Investorideas.com,
a global investor news source covering Artificial Intelligence issues a special
edition of The
AI Eye, looking at how AI will play a
significant role in energy consumption and environmental sustainability.
Read
this in full at https://www.investorideas.com/news/2019/artificial-intelligence/04101AIEye-ABB-MCLD-MRVL-RAVN.asp
As global population increases and the rate
of industrialization across the developing world accelerates, the problems of
energy efficiency and climate change loom ominously. One thing that may be able
to keep externalities caused by urbanization in check, are emerging
technologies like artificial intelligence. A recent report from Technavio for instance,
projects that global AI in the energy market will grow by $6.06 billion USD
from 2019-2023. An analysis from Frost & Sullivan
highlights some of the benefits of this trend. In the analysis, Swagath Navin
Manohar, Research Analyst, Energy & Environment, outlines how AI can reduce
energy waste in electricity and other sectors by providing better consumption
data:
"In addition to making the
electricity system intelligent and flexible, AI algorithms help utilities and
energy companies understand and optimize consumer behavior and manage energy
consumption across different sectors. Meanwhile, complex machine learning
algorithms combined with real-time weather data from satellites, ground-based
observation, and climate models can be used to forecast the electricity
generated by RES like wind, solar, and ocean."
Multinational automation company ABB Ltd. (NYSE:ABB) is already putting
some of these ideas into practice with their Industrial AI Accelerator program,
aimed at supporting startups using AI to solve industrial challenges. The
co-founder of one of those startups (Greenlytics), Sebastian Haglund El Gaidi, explained how working with ABB makes it possible
to leverage AI in the service of a more efficient power grid:
“The
conversations with ABB helped us realize the different areas where we can
combine our capabilities and create technological synergies. Collaborating with
ABB will help further develop our vision of tomorrow’s increasingly renewable,
distributed and smarter grid. We already learned a lot about not only the
technology but also the potential market and customer needs – and that is
really important for a startup, especially in a B2B context.”
An article on The Next Web emphasizes the
role AI has in identifying patterns in energy consumption data that can be used
to better regulate how scarce resources like electricity can be distributed.
The piece quotes Henrik Brink, the founder of Ento Labs, a company fighting
climate change with artificial intelligence:
“Energy
efficiency is the only really direct way of lowering emissions. And according
to our initial research, there’s a huge opportunity for lowering emissions.
There’s so many low hanging fruits of companies and industries that can be
optimized a lot.”
A company applying this insight in a big
way is Universal mCloud Corp. (OTC:MCLDF)
(TSXV:MCLD), whose AssetCare
platform combines AI with IoT and cloud computing technology and has found
application in various markets. A key recent development has been the
announcement that AssetCare connectivity has been established for the Heiwado
Shopping Center in Changsha, Hunan Province, China. Done in collaboration with
mCloud partner SCN Ltd., this will see management of the mall’s stores’ HVAC
systems using AI and analytics, which will deliver ongoing energy savings,
curbing the costly 41 percent of energy currently used by Heiwado for heating
and cooling.
Furthermore, mCloud collaborates with
Britwind, an affiliate of UK’s Ecotricity, to apply AssetCare analytics to
improve wind turbine availability and extend the health of wind turbines in
Europe and China, and mcloud is also collaborating with Fulcrum Automation
Technologies on a plan to target at least 200 oil and gas assets as part of a
greater strategy to access thousands of field assets in North America and the
Middle East.
Semiconductor manufacturer Marvell
Technology Group Ltd. (NasdaqGS:MRVL) last year demonstrated its AI
SSD Controller powered by Deep Learning Accelerator technology from NVIDIA. The
related press release
stresses the cost-saving features of the tech via “improving efficiency,
reducing power consumption, maximizing scalability and optimizing distribution
of resources,” Noam Mizrahi,
VP of Technology and Architecture at Marvell, said:
“Our
advanced AI SSD controller proof of concept solution sets a new paradigm in
utilizing available system resources more efficiently, resulting in the scalable,
cost-effective data storage expected for all kinds of machine learning
tasks."
Raven Industries, Inc. (NasdaqGS:RAVN) reduces operating costs and
improves yields using precision agriculture technology. Last year, the company partnered with Dot
Technology Corp., an autonomous agriculture platform leader, to “power the autonomous farming
solutions of the future”. The Raven tech-based DOT Power Platform
“completes tasks autonomously and enables farmers to spend more of their time
focusing on the overall operation of their farms.”
So though greater industrialization across
the globe creates challenges to energy consumption and environmental
sustainability, it also seems to be yielding the very technologies, such as AI
and automation that are required to assuage them.
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