Yokogawa Electric Corporation Acquired Outstanding Shares of PXiSE Energy Solutions
Yokogawa Electric Corporation announces it has acquired all of the outstanding shares of PXiSE Energy Solutions LLC., a San Diego-based developer of software that enables utilities and other grid operators to deliver reliable and stable power by managing renewables and distributed energy resources (DERs) in real time.
December 06, 2021. By News Bureau
Through this acquisition, Yokogawa will build on its capabilities in the monitoring and control of power generation facilities and assist customers in the power transmission and distribution sectors to meet their clean energy goals.
Renewable energy sources such as wind and solar PV are crucial for reducing greenhouse gas emissions, however the power generated is unpredictable as they are affected by the weather conditions.
It also requires a much larger number of units distributed over a wider area to generate the same amount of power as a conventional power station. In addition, energy consumers themselves are becoming energy resources as they install solar power and battery storage systems.
These factors are altering the very nature of the grid that utilities manage.
PXiSE was started in 2016 based on the idea that real-time data from the grid combined with artificial intelligence could be leveraged to help utilities manage the rapidly increasing number of distributed energy resources that are coming online every year.
Since proving this concept, the company has delivered more than one gigawatt of projects in the US, Asia, and Oceania, helping clients achieve both their grid management and emission goals.
Prior to the acquisition, the company was a subsidiary of Sempra, a US-based energy infrastructure company, and was partially owned by a subsidiary of Mitsui & Co., Ltd.
“We’re thrilled to be joining Yokogawa Electric Corporation, whose deep expertise in power plant and industrial control systems is a natural complement to our innovative grid controls technology. Combined, Yokogawa and PXiSE expertise provides tremendous value creation for customers, the energy industry, and society,” said Patrick Lee, CEO and cofounder of PXiSE Energy Solutions.
“Yokogawa believes that the decarbonization trend in the energy sector is one of the biggest challenges society has ever faced,” said Koji Nakaoka, vice president and head of the Energy & Sustainability Business Headquarters and the Global Sales Headquarters at Yokogawa Electric.
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