KX Announces Increased Investment from Irish Smart Energy Firm
BELFAST, Northern Ireland, July 26, 2022 — The Electric Storage Company (TESC) has increased its investment in KX’s real-time analytics platform to continue to deliver cheaper, smarter, and greener electricity to customers.
KX provides the data management and analytics technology underpinning TESC’s Predictive Analytical Renewables Integration System (PARIS) platform. PARIS analyses data to accurately predict future energy usage within homes and businesses, specifically when energy is needed and if it can be generated by TESC customers. Together TESC and KX can help aging electricity grids, by avoiding peak times without denying customers the service they need, while maximizing commercial opportunities for renewable energy.
Eddie McGoldrick, Managing Director, TESC: “We’re seeing substantially greater demand from customers and businesses who are both concerned with rising energy prices but also keen to adopt greener practices, whether through personal choice or forced to do so by regulation and client procurement pre-requisites. By taking additional licenses and support from KX, we’ll not only be able to meet current demand but also bring additional innovative solutions to market.”
KX enables The Electric Storage Company (TESC) to capture, store and analyze all customer data anytime, anywhere – delivering the insight and context needed to make faster, better-informed decisions to enable customers to maximize the value of their energy on its PARIS platform.
PARIS then automatically makes an informed decision on whether to use renewable energy as it is generated, store it to use later, or help maintain network services to help maintain the grid thus generating new income streams from the customers’ own renewable energy.
PARIS also enables customers, to gain insight into their energy usage including real-time consumption and production data as well as their savings. All of which is delivered via the KX platform.
And the savings can be significant. Typically TESC customers can reduce energy costs by up to 70%, as well as CO2 emissions. This all ladders up to helping businesses remain compliant with an ever-growing burden of ESG reporting and regulation while also being able to better navigate the growing public and investor demand for businesses to comply with greener practices.
James Corcoran, SVP Customer Value at KX: “We are delighted that TESC has increased its investment in KX as it continues to deliver market-leading green energy solutions. The rapid analysis of data to automatically predict future energy consumption, and make commercial and operational decisions based on those insights, is an ideal use case for the real-time power and performance of KX. We look forward to working with TESC as it grows its business.”
KX is able to solve complex problems faster – and on a smaller infrastructure footprint – than any of its competitors — whether on-premise, in the cloud, or at the edge. Its advanced analytics and visualization tools, used widely across finance and industry, enable customers to define and perform queries, calculations, aggregations, machine learning, and AI on any streaming and historical data. Built-in machine learning and complex event processing allow for quick decision-making and proactive automated actions to be executed in fractions of a second.