#AI will Play a Significant Role in #Renewableenergy Sector: (TSXV: $MCLD.V) (OTC: $MCDLF) (NYSE: $ACN) (NYSE: $DE) (NASDAQ: $SWIR)
Point Roberts, WA and Vancouver, BC - March 13, 2019 (Investorideas.com Newswire) Investorideas.com, a global investor news source covering Artificial Intelligence issues a sector snapshot for AI; looking at how AI will play a significant role in clean energy and energy efficiency.
The subjects of energy efficiency and renewability are perhaps more pertinent than ever with the rising spectre of long term environmental degradation in the form of climate change, as well as excess costs incurred by waste. But while top-down approaches like the "Green New Deal" fail to find consensus, technological solutions through artificial intelligence are addressing the problem head-on, in a multitude of innovative applications.
"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," he said. "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."
Exemplifying Manohar's claim is Google, whose US wind farms have been boosted "roughly 20 percent" by DeepMind's AI system, according to Forbes. According to the piece, DeepMind's AI system utilizes "a neural network trained on widely available weather forecasts and historical turbine data - can predict wind power output 36 hours ahead of an actual generation with a reasonable degree of accuracy."
Universal mCloud Corp. (TSXV:MCLD) (OTC:MCLDF), through its AssetCare platform, aims to optimize energy consumption by as much as 20 percent in commercial buildings using a blend of AI, IoT and cloud computing. In an interview with Investorideas.com, company CEO, Russ McMeekin, explained how implementing IoT in a building's thermostat system allows for less energy waste.
"You replace ... thermostats with smart or IoT thermostats, and those are connectable through either 4G, 5G, LTE or WiFi directly to the cloud," he said. "In real time, buildings get optimized to use less energy."
McMeekin also indicated that mCloud's tech enables buildings to detect problems ahead of time and fix them before they cause a disruption.
"It drives preventative maintenance," he said. "The data shows that behavior is about to change in the assets, so before failure occurs maintenance can begin."
Listen to Interview:
The #AI EYE: CEO of Universal mCloud (TSX-V: MCLD) (OTCQB: MCLDF) talks about AI and Energy
Elsewhere, communications company Sierra Wireless (NasdaqGS:SWIR) (TSX:SW) provides Swedish power company Vattenfall with smart meter IoT technology that collects "accurate and timely electricity meter readings" giving the latter "full control of data availability". In addition to the savings afforded to the company with more efficient data collection, Vattenfall Business Area Manager Erik Nordgren explains how it improves the consumer's experience:
"Vattenfall is dependent on collecting meter information from close to 1,000,000 customers all over Sweden. Flexibility, when it comes to the service provider is crucial for us in order to guarantee our customers the best services at all time."
An article from CIOL describes how Accenture (NYSE:ACN) Applied Intelligence makes use of AI and machine learning in a ventilation system for Metro de Madrid. The system has reduced the Madrid transit system's "energy costs for ventilation by 25 percent and cut CO2 emissions by 1,800 tons annually." Isaac Centellas, Head of The Engineering and Maintenance Division at Metro de Madrid, commented:
"With help from Accenture, the innovative ventilation system has enabled us to achieve the dual benefits of lower energy costs and a reduced environmental impact. Ensuring the comfort of our passengers while being highly energy-efficient and environmentally friendly is a true win-win outcome."
John Deere (NYSE:DE) demonstrated its commitment to energy efficiency last summer with the publication of sustainability goals it's aiming to fulfill by fiscal 2022. Listed among the goals is: "Reduce GHG emissions by 15 percent through 50 percent renewable electricity supply and excellence in energy efficiency." A way in which the company is tackling this is their implementation of AI technology in farm equipment, which among other things, allows robots to more efficiently use pesticides that have an adverse effect on the environment and human health.
There are many angles from which the ongoing problem of energy consumption and its attendant risks, are being addressed, but artificial Intelligence and related tech solutions are already well on their way to being implemented and are making palpable differences in terms of waste reduction and cost savings.
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