Veritone’s new Grid Reliability in Device
(GRID) asset modeling and control initiative expected to make the
company’s technology the standard for intelligent autonomous grid
control, optimization and resilience
Veritone, Inc. (NASDAQ: VERI), the creator of the world’s first
operating system for artificial intelligence, aiWARE™, today
announced its new Grid Reliability in Device (GRID) initiative, an
aggressive plan to embed Veritone’s intelligent predictive
controllers into common renewable grid assets, including solar and
storage inverters, battery storage systems, EV chargers, wind
turbines and hydroelectric power systems. The Company expects this
initiative to simplify distributed energy resource (DER)
integration, prolong asset life and increase grid resilience.
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Veritone announces a new Grid Reliability
in Device (GRID) asset modeling and control initiative to make the
company’s technology the standard for intelligent autonomous grid
control, optimization and resilience. (Graphic: Business Wire)
Utilities, independent power producers (IPPs) and microgrid
developers are faced with reliability challenges in integrating and
managing green energy sources due to their variable nature.
Fluctuations in the power provided by these sources can cause
costly damage to grid assets, as well as inefficient energy
distribution. In addition, extreme weather can knock out entire
grids in the absence of autonomously controlled emergency
microgrids. Without predictive AI modeling and control of grid
assets, these reliability challenges will continue.
Veritone Energy Solutions are predictive, AI-powered solutions
that balance and strengthen the grid to increase reliability,
reduce operational costs and improve resilience. With Veritone’s
new GRID asset modeling and control initiative, predictive
controllers embedded into common grid assets can empower the
industry to achieve these benefits faster than ever before. These
controllers also complement the standard controllers bundled with
some devices, providing innovative predictive capabilities and
dynamic decisioning models reflecting the current grid state.
Renewable grid assets with Veritone controllers can enable
autonomous grid control and decision making across thousands of
supported grid devices, helping to ensure optimal economic dispatch
during normal operations and macro and microgrid resilience during
extreme weather events. “Out of the box” device compatibility also
simplifies grid integration of renewable energy devices, making the
transition to green energy easier and faster for developers and
operators. Embedded controllers also enable energy smoothing, which
prolongs asset life and reduces the risk of device burnout and any
resulting environmental damage.
“We believe that Veritone’s Energy solutions will become the
standard for intelligent autonomous grid control, optimization and
resilience, and our GRID initiative is a critical path forward
toward this goal,” said Chad Steelberg, chairman and CEO of
Veritone. “Our patented model optimization and control technology
can be built into every grid asset to make electrical grids
everywhere more green, cost-effective and reliable.”
Veritone’s GRID initiative will enable grid asset manufacturers
to deliver added value to their end-customers, giving them peace of
mind around device reliability and longevity. Utilities, IPPs and
developers will be able to use Veritone AI-embedded grid assets to
deliver optimal operation with both macro and microgrids.
“The need for reliable, clean, distributed power generation has
never been greater,” said Mark Ward, Managing Director at Amshore
Renewable Energy, which develops wind, solar, and battery storage
projects. “We expect that predictive control built into solar
inverters and solar battery systems will not only help us more
rapidly integrate these intelligent systems into utility grids, but
will also give us confidence that these systems will work reliably
with the grid to continuously perform optimal economic
dispatch.”
Veritone is currently creating, integrating and simulating AI
control models for the solar inverters and batteries of the largest
and most innovative clean energy device manufacturers, resulting in
“plug-and-play” grid compatibility with Veritone’s aiWARE operating
system and predictive energy solutions. Veritone expects the GRID
initiative to more rapidly scale its AI-powered energy business,
helping to reach its goal of an interconnected, on-demand, green
and autonomous electrical grid.
For more information on Veritone Energy Solutions, please visit:
https://www.veritone.com/solutions/energy/
About Veritone
Veritone (Nasdaq: VERI) is a leading provider of artificial
intelligence (AI) technology and solutions. The company’s
proprietary operating system, aiWARE™ powers a diverse set of AI
applications and intelligent process automation solutions that are
transforming both commercial and government organizations. aiWARE
orchestrates an expanding ecosystem of machine learning models to
transform audio, video, and other data sources into actionable
intelligence. The company’s AI developer tools enable its customers
and partners to easily develop and deploy custom applications that
leverage the power of AI to dramatically improve operational
efficiency and unlock untapped opportunities. Veritone is
headquartered in Denver, Colorado, and has offices in Costa Mesa,
Denver, London, New York and San Diego. To learn more, visit
www.veritone.com.
Safe Harbor Statement
This news release contains forward-looking statements, including
without limitation statements regarding Veritone’s GRID initiative,
the expected capabilities of Veritone’s intelligent predictive
controllers and other Energy solutions and the anticipated benefits
thereof to customers, the Company’s expectation that its GRID
initiative will enable the Company to more rapidly scale its
AI-powered energy business and help it reach its goal of an
interconnected, on-demand, green and autonomous electrical grid,
and the Company’s belief that Veritone’s Energy solutions will
become the standard for intelligent autonomous grid control.
Without limiting the generality of the foregoing, words such as
“may,” “will,” “expect,” “believe,” “anticipate,” “intend,”
“could,” “estimate” or “continue” or the negative other variations
thereof or comparable terminology are intended to identify
forward-looking statements. In addition, any statements that refer
to expectations, projections or other characterizations of future
events or circumstances are forward-looking statements. Assumptions
relating to the foregoing involve judgments and risks with respect
to various matters which are difficult or impossible to predict
accurately and many of which are beyond the control of Veritone.
Certain of such judgments and risks are discussed in Veritone’s SEC
filings. Although Veritone believes that the assumptions underlying
the forward-looking statements are reasonable, any of the
assumptions could prove inaccurate and, therefore, there can be no
assurance that the results contemplated in forward-looking
statements will be realized. In light of the significant
uncertainties inherent in the forward-looking information included
herein, the inclusion of such information should not be regarded as
a representation by Veritone or any other person that their
objectives or plans will be achieved. Veritone undertakes no
obligation to revise the forward-looking statements contained
herein to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20210427005143/en/
Allison Zullo Walker Sands, for Veritone
veritone@walkersands.com 330-554-5965
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