Vector invests in Israeli energy management software company

Israeli company mPrest, which describes itself as “a global provider of mission-critical 'Internet of Energy' software,” says it has received a “significant investment” from Vector. Vector is already an mPrest customer and will now act as an mPrest reselling partner in the Oceania region.

mPrest made the formal announcement on 30 October. In late May, mPrest cofounder and CEO, Natan Barak told Computerworld NZ that Vector had invested in his company and revealed mPrest was planning to open an office in New Zealand.

The latest announcement reveals more details of Vector’s plans with regards to mPrest’s energy management software.

mPrest said the investment follows its successful collaboration with Vector to develop the mDERMS application, described as a vendor agnostic ‘system of systems’ that “unifies and optimises network assets and enables new and emerging customer needs and generation sources to be integrated into the way a network operates.”

Vector announced in May 2017 that it had secured exclusive Australasian rights to mPrest’s energy network monitoring, control and data analytics software. Vector said the software was able to use self-learning techniques to assess and predict a range of network variables including loads, market dynamics, storage, customer demand and capacity.

mPrest said Vector would help it expand its reach by distributing mPrest software throughout Oceania. “The partnership is representative of a larger market trend as forward-thinking utilities like Vector embrace industrial Internet of Things (IIoT) solutions to meet the evolving and expanding demands of the energy landscape,” mPrest said.

Vector CEO, Simon Mackenzie, said: "With the transformation of the energy sector in mind, we've already been leading the development of new customer solutions using our existing expertise in running energy systems combined with advanced technology and international partners.

"This is a next big step. Using mPrest's comprehensive monitoring, analytics and control software allows us to manage complex energy systems in much more sophisticated ways, harnessing the power of artificial intelligence and rapid and cumulative decision making to unlock new energy solutions for consumers.

"It means that from Vector's control room, with one set of management software, our engineers can better predict and manage outages by optimising DERs [distributed energy resources] to enable a streamlined, efficient delivery of energy to and from the grid. That's never been a possibility up until now. This helps 'democratise' energy, enabling customers to easily access low cost energy and control different network inputs to optimise their energy use and cost.”

He added: "This 'Internet of Energy' platform capability that has been co-developed is world-leading and we think is the next big evolution in energy systems and platforms. As well as using it to add significant 'smarts' to our own networks to benefit customers, we look forward to delivering these solutions to our partners and to other energy companies across Australia and the South Pacific, and in the process sharing in mPrest's global success as an investor in the company."

Vector has just announced that its smart metering arm Vector Advanced Metering Services has secured a three year contract to provide metering services to Australian power generator EnergyAustralia. It said the contract would see it deploying advanced meters on behalf of at least four electricity retailers in 2018 across New South Wales, Queensland, South Australia and the ACT.

Copyright © 2017 IDG Communications, Inc.

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