AI-Enabled Power Marketer Gridmatic and AVANGRID Partner to Deliver Carbon-Free Energy to Texas Businesses

Rhea-AI Summary

Gridmatic, an AI-enabled power marketer, has entered a two-year partnership with AVANGRID (NYSE: AGR) to purchase 15 MW of zero-emission energy from AVANGRID's 120 MW Barton Chapel wind project in Jacksboro, Texas. This agreement, effective from January 1, 2023 to December 31, 2024, is aimed at supplying Gridmatic's retail customers with clean and affordable wind energy. The partnership aligns with Gridmatic's launch of its retail business, which offers advanced clean energy products to help businesses meet climate goals using AI-driven models.

Positive

• Partnership with AVANGRID enhances Gridmatic's market presence in ERCOT.
• Agreement to purchase 15 MW of clean energy supports retail customer growth.

Negative

• None.

The partnership will accelerate Gridmatic’s growth in the ERCOT market

CUPERTINO, Calif.--(BUSINESS WIRE)-- Gridmatic, the industry-leading AI-enabled power marketer, announced today a two-year partnership with AVANGRID, a leading sustainable energy company and the third largest wind energy generator in the United States. The agreement is to purchase 15 megawatts (MW) of zero-emission energy from AVANGRID’s 120 MW Barton Chapel wind project in Jacksboro, Texas. Gridmatic will use the offtake to supply its retail customers with clean and affordable wind energy. The agreement runs from January 1st, 2023 until December 31st, 2024.

Matt Wytock, CEO & Founder of Gridmatic (Photo: Business Wire)

“With the launch of our new retail business, Gridmatic Retail, we are delivering advanced clean energy products to support businesses with both complex needs and the desire to fulfill climate goals,” said Matt Wytock, CEO and Founder of Gridmatic. “Partnering with companies like AVANGRID enables us to support our customers’ load with clean, renewable generation while accelerating the transition to 24/7 Carbon-free Energy.”

Gridmatic launched its retail business in January to provide customers with standard and advanced energy products, including time-matched, 24/7 Carbon-free Energy, and load variability contracts. Leveraging industry-leading AI-driven models, Gridmatic matches unique consumption profiles to clean energy generation to help businesses meet carbon reduction targets and lower energy costs.

“We are thrilled to be partners with companies like Gridmatic who, like us at AVANGRID, are committed to taking the steps needed to advance towards a cleaner, more sustainable economy and boost the energy transition in the country,” said Brian Faist, VP of Renewable Origination at AVANGRID. “With this partnership, along with our six other wind farms in the state, we are delivering over 1,200 MW of clean energy to the power industry and businesses throughout Texas.”

About Gridmatic
Unlike traditional power marketers, Gridmatic uses AI to optimize renewable energy participation in wholesale markets by forecasting energy supply, demand and pricing. Leveraging market-proven algorithms, Gridmatic is able to provide stability, predictability and automation for energy buyers, sellers, and storage owners amid increasing volatility. With Gridmatic Retail, the company offers advanced solutions for businesses with complex energy needs to hit carbon reduction goals, including time matched, variable load and carbon-free energy products. With its industry-leading AI, Gridmatic is working to accelerate the transition to net zero and balance the renewable-powered grid. For more, visit https://www.gridmatic.com.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230216005153/en/

For Gridmatic:

Antonio Hicks

206-724-6789

gridmatic@antennagroup.com

Source: Gridmatic

FAQ

What is the significance of the partnership between Gridmatic and AVANGRID (NYSE: AGR)?

The partnership allows Gridmatic to purchase 15 MW of zero-emission energy, expanding its supply of clean energy for retail customers in the ERCOT market.

When does the agreement between Gridmatic and AVANGRID take effect?

The agreement runs from January 1, 2023, to December 31, 2024.

How does Gridmatic's partnership with AVANGRID benefit its customers?

The partnership enables Gridmatic to provide clean and affordable wind energy, supporting its customers in achieving their climate goals.

What technology does Gridmatic employ for its energy solutions?

Gridmatic utilizes AI-driven models to match consumption profiles to clean energy generation.

What is the expected impact of the partnership on Gridmatic's growth?

The partnership is expected to accelerate Gridmatic's growth in the ERCOT market by enhancing its clean energy offerings.