Name of the Company: Venios
Set up in: 2012
Funding received/major tie ups: Cash flow funded; major tie ups with Microsoft, GE and Telefonica
What it does: Offers a core IT-solution. Venios Energy Solution (VES), which is capable of analysing, live-monitoring and forecasting the electrical grid states in power distribution grids by taking into account all types of energy suppliers and consumers connected to the grid.
The focus of the software is to enable the electrical utilities to integrate renewable energy sources, such as solar roof tops, which are decentralised, into an existing traditional centralised grid.
On the one hand, the solution also allows detection of critical grid situations leading to instabilities and black outs. And on the other, it provides valuable information and insights for energy marketing and trading, supply and demand side management, grid control and grid planning purposes
How it does it: Through a self developed Venios IP software platform that provides great transparency through Geographical Information System based mapping.
In simulation mode, the software has a simple drag and drop option to connect a renewable energy source into the grid at the desired location.
This way, different scenarios (real time grid simulations) can be generated in a few minutes.
Based on these scenarios, future bottlenecks in the grid can be identified and can optimise the grid investment planning, incorporating regulatory, technical and economic parameters.
Big moment: Winning ‘Start-up of the Year’ at the European Utility Week in 2014
What’s in store: After dominating the European market in Grid Planning and Grid Control software, the plan is to start operations in India later this year.
Talks are on for pilot projects with both public and privately owned utilities.
Impact: The software helped European utilities cut down their capital and operational expenditure costs by 40 per cent and also helped in the integration of renewable energy sources into the grid.