Marubeni Corporation’s California Plant to Implement iDERMS Forecasting Solution by Veritone

Denver-based Veritone, the creator of AI platform aiWARE, announced that its intelligent distributed energy resource management solution (iDERMS) has been selected by Japanese investment conglomerate Marubeni Corporation for provision of price, demand, and generation forecasts at their pilot project in the California Independent System Operator (CAISO) SP-15 region.

Additional to day-ahead and real-time generation, demand, and price forecasts for a node in CAISO SP-15 region, Veritone will provide demand and generation forecasts for the overall CAISO system. 

Having extremely precise forecasts will help Marubeni confidently establish and maintain a competitive position in the wholesale electricity market, to enhance the flexibility and reliability of assets to aid the development of a resilient power grid.

This investment will provide Marubeni with additional capabilities to continue to improve the management of its power assets.

“At Veritone, our number one priority is to advance the mission of our customers and help them reach their business goals,” said Sean McEvoy, senior vice president of Energy at Veritone. “Veritone’s iDERMS solution is the best-in-class, and it will lay a strong foundation for Marubeni’s future power generation initiatives for both itself and the communities it works with. We are humbled by the trust Marubeni has given us, and we cannot wait to share the results of the project.”

The company’s iDERMS solution utilizes the power of AI to transform the energy ecosystems of today through proprietary, intelligent, real-time energy forecasting, optimization, and control—all of which help reach the full potential of the DERs while enhancing reliability.

The solution allows for tackling industry challenges at a pace best suited to meet each customer’s specific goals, timelines, or budget, while simultaneously addressing reliability and the commercial aspects of DERs.