AUSTIN, Texas, May 19, 2021 /PRNewswire/ -- SparkCognition, a leading artificial intelligence (AI) company, is pleased to announce it has acquired Ensemble Energy, a leading provider of software products and services for the renewable energy industry. Through this acquisition, SparkCognition is offering the world's first AI-enabled asset management platform for clean energy, supporting the industry in its transition towards renewables by reducing costs and increasing energy production.
SparkCognition has long focused on improving sustainability for the energy sector by using AI technology to improve operational and productional efficiency, along with reducing downtime and unexpected failures. Ensemble Energy combines deep renewable energy domain expertise with the latest in cloud computing and data analytics. By leveraging Ensemble Energy's technology and domain expertise in conjunction with SparkCognition's AI platform, SparkCognition now offers a solution to help energy companies reduce environmental impact.
"SparkCognition was founded with the vision of building scalable AI solutions to solve the problems that matter most, and in our estimation, there is no bigger problem than building a more sustainable future," said Amir Husain, founder and CEO of SparkCognition. "Major energy companies have already been making great strides to adopt more renewable practices and technologies – and through the acquisition of Ensemble Energy, we look forward to continuing collaboration with energy organizations to help them reduce environmental impact, ultimately creating a better, smarter, and more sustainable world."
"Our mission at Ensemble Energy has always been to accelerate the clean energy revolution and we recognized this as a shared mission with SparkCognition," said Dr. Sandeep Gupta, CEO of Ensemble Energy. "We're excited to join the SparkCognition team, where we can continue to build upon our existing platform and SparkCognition's unmatched AI technology – offering the energy industry valuable AI solutions and ultimately accelerating the adoption of renewable energy."
Enabling sustainability through the production, storage, and utilization of renewable energy has become the key to solving the existential challenge of climate change in every facet of our society. According to BloombergNEF, businesses and governments across the world have invested over $2 trillion in renewable energy capacity development over the past decade, resulting in the addition of over 1,200 GW of capacity. Over 90% of that capacity was attributed to solar and wind energy. Over the coming decades, as evidenced by the national commitments recently made at the U.S. led Leaders Summit for Climate, massive additional investments will be needed to achieve a net zero carbon global energy portfolio. The global renewable energy market is expected to surpass $1.5 trillion by 2025, registering a CAGR of over 6% from 2018 to 2025, according to Allied Market Research.
"Addressing global climate change requires the world to deploy engineering solutions at scale, in order to make them cheaper and more effective," said Lord John Browne of Madingley, SparkCognition board member and former CEO of bp. "SparkCognition's acquisition of Ensemble Energy will enable us to do just that, helping customers to transform their businesses faster and more cost effectively than before by applying cutting edge AI technology."
SparkCognition's acquisition of Ensemble Energy will accelerate the adoption of AI within the energy industry by offering differentiated domain expertise and an asset management platform utilizing both data- and physics-based proprietary algorithms. As optimization of operations and maintenance costs becomes an increasingly important component of maximizing project bankability, SparkCognition's renewable energy asset management solutions will help producers increase revenue and minimize avoidable cost. This solution can be used by operators of all sizes and at all stages of digital transformation. The company will initially focus on serving wind and solar energy producers and rapidly expand into energy storage, hydro, and green hydrogen.
To learn more about SparkCognition's work in renewable energy, click here.
About SparkCognition SparkCognition catalyzes sustainable growth for their clients throughout the world with proven artificial intelligence (AI) systems, award-winning machine learning technology, and a multinational team of AI thought leaders. Our clients partner with SparkCognition to understand their industry's most pressing challenges, analyze complex data, empower decision-making, and transform human and industrial productivity. Our vision is to build scalable AI solutions to solve the problems that matter most. We collaborate with organizations to help them reduce environmental impact creating a better, smarter, and more sustainable world. To learn more about how SparkCognition's AI applications can unlock the power in your data, visit www.sparkcognition.com.
SparkCognition Contact Info Michelle Saab VP, Marketing Communications [email protected] 512-956-5491