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Last month marked one year since the Russian invasion of Ukraine, which since then has faced the loss of human lives alongside many challenges in running the country. Many came to the rescue worldwide, mostly on the voluntary side. But there are also business moves, one of them is the agreement signed between the Israeli software company FSIGHT and the Ukrainian electricity corporation DTEK, under which AI-based forecasting systems are provided to the electrical grid. The financial scope of the deal was not disclosed.
The company's technology - PREDICT+, allows the management of electrical grids efficiently through the collection, processing and use of information from meters, leading to analysis and prediction in short times. This is a significant tool during bombings, that affect electricity demand dramatically. For example, when a hospital or a factory is bombed, their electricity consumption drops to zero, and the grid has to provide a smaller amount of electricity immediately. Since it is a mechanism based on balance, the result is power outages. DTEK operates mainly in eastern and southern Ukraine - the most heavily bombed areas since the Russian offensive began.
FSIGHT was established in 2015 in Hod Hasharon by Eveline Steinberger and Amos Lasker (former CEO of the Israel Electric Company), and employs 20 people. The company provides services to dozens of energy companies in the US, Europe, South America and Israel (including Paz and Shikun & Binui Energy), and last December it was purchased by Tigo Energy, which provides intelligent solar and energy storage solutions, for an amount estimated at approximately $10 million.
"The Ukrainians were looking for tools to improve electricity consumption forecasting as well as additional AI solutions, and came to us during a visit organized by the Innovation Authority," Lasker says. "This is how we started the DTEK pilot, in which we competed against a foreign startup and against one of the corporation's departments that offered its own solution. In the following stage, the prediction results were compared to the actual electricity consumption, and our prediction was about 40% more accurate than the other two proposed solutions. This is actually how the agreement, which is a significant milestone for us, was signed. It reflects our significant capabilities in creating a reliable and efficient prediction in real time."
Additional notes (not included in the original article)
On December 15, 2022, Tigo announced the acquisition of FSIGHT, an energy data analytics software company based in Hod HaSharon, Israel. With FSIGHT, Tigo expands its ability to leverage energy consumption and production data for solar energy producers, adding a powerful prediction platform that provides rich and actionable system performance data, from the grid down to the module level. The transaction was signed on Tuesday, November 29, 2022. Read the full release here: https://www.tigoenergy.com/post/tigo-energy-advances-energy-data-analytics-prowess-with-fsight-acquisition
