With 2020 now in full swing, we pause to celebrate the accelerated adoption of the Drive platform by many of the leading providers of renewable energy. Together, we are paving the way for a cleaner, renewable future. Thank you!
"The digital transformation of clean energy is upon us!"
The drive toward renewable energy continues unabated, giving those of us in the renewable energy business every reason to be optimistic. Each year, more municipalities, states, and countries commit to clean energy as the economic and environmental benefits increasingly favor them. According to the Sierra Club, over 90 US cities, more than ten counties, and two states adopted 100% clean energy goals as of 2018. Data published by CDP found the number of US cities that sourced at least 70% of their electricity from renewable energy more than doubled from 2015 to 2017. Finally, recent research suggests more than 139 GW of active solar projects in about half of the US operators alone, with 15 GW now in development, and 90GW of incremental wind and 64G W of incremental solar capacity anticipated by 2021. The energy industry is in the middle of a major disruption.
Furthermore, at the same time of this transition to renewables, we are also experiencing the digitalization of the industry. Renewable power plants produce tremendous amounts of data that, when properly curated and analyzed, dramatically move the needle on Levelized Cost of Energy (LCOE) while maximizing energy delivery. Here are just a few examples of how Power Factors’ advanced digital technology contributes to the renewables transition:
- The new Drive 2.0 platform offers “Event Genealogy,” a capability that automatically infers relationships between events and hides “sympathetic” events triggered by earlier, primary events. This results in massive reductions — on the order of 90% — in the number of events that need to be addressed by data scientists and asset managers, freeing up their time and productivity to focus on what really matters.
- Developed by wind and solar data science experts, Power Factors’ Advanced Analytics uses sophisticated algorithms and machine learning models to consistently identify millions in cost savings that would have otherwise gone undetected.
- Drive-FSM, Power Factors’ CMMS module, tightly integrates with the Drive 2.0 platform, lowering the risk of non-compliance with embedded entitlements management and accelerating root cause identification of repeated asset failure modes (such as solar inverters).
Power Factors is expanding rapidly to meet the needs of our industry. We are now well over 100 subject matter experts, working together to offer an advanced system of engagement for renewable energy power plants that is built for scale; based on industry-standard platforms like the OSIsoft PI System, Microsoft Azure, and Salesforce; and is SOC1 Type 1 and Type 2 compliant. In 2020, we will be SOC2 compliant as well. Our experts monitor our high-reliability cloud-based platform 24/7.
This year, as always, we remain focused on delivering outcomes and enabling our customers’ success through advanced software solutions and expert services. Come by and visit us — we’re speaking and exhibiting at fifteen global conferences in 2020. The digital transformation of clean energy is upon us!
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