Veritone, Inc. announced its iDERMS Designer was selected by Empower Energies, one of the leading turnkey providers of clean energy solutions in the United States, to provide an optimal distributed energy resource (DER) sizing solution for a multi-facility development project in Electric Reliability Council of Texas (ERCOT). Veritone's iDERMS Designer was used to determine the size of a battery energy storage system (BESS) needed to complement the existing solar canopy system at multiple facilities, to coordinate battery discharging and charging for optimal performance and savings and to maximize possible revenue streams. The iDERMS Designer used patented artificial intelligence (AI) driven algorithms to ingest years of price, load and solar generation data in order to optimize for a multi-sensitivity business case for ERCOT facilities. As a result, the implemented solution is expected to reduce monthly energy bills, particularly during periods of ERCOT scarcity pricing.
In addition, it is anticipated that an optimized BESS will generate revenue streams from energy arbitrage leveraging Veritone's ERCOT price forecaster. Further, participating in “value stacking” will uncover additional revenue streams, such as participating in a demand response program, acting as a spinning reserve resource in the ERCOT ancillary service market and providing backup power for critical end-user loads during periods of grid outage.