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How Can AI Transform Energy Trading?
Interview with Jürgen Mayerhofer, CEO of enspired, on how they’re transforming the energy market.
Rahul Berry & Aryaman Banerjee
September 03, 2024
Jürgen Mayerhofer(Left), Wolfgang Eichberger (Right)
Startup Overview:
🔋 Description: enspired is an energy tech company offering automated trading and optimization services for flexible energy assets, with a focus on battery storage. Their AI-powered platform helps asset owners maximize revenue in volatile energy markets.
💻️ Website: https://www.enspired-trading.com
🙋 Founder: Jürgen Mayerhofer
🤑 Funding: €25.5Mn Series B closed in May 2024
🌎️ HQ Location: Vienna, Austria
What We Cover In This Edition:
🏃 How Did They Get Started?
Jürgen Mayerhofer’s journey with enspired began in his previous role at a small algorithmic power trading software vendor. Working with major European utilities gave Jurgen valuable insights into the maturity of trading technology, revealing a significant gap in the market.The team realised that the energy transition towards renewables would dramatically increase the demand for flexibility in power systems.
Traditional energy trading, focused on dispatching generation to match consumption, was becoming outdated. The future lay in optimizing flexible assets to balance an increasingly volatile grid. enspired was founded on a clear thesis: the trend towards net-zero emissions and higher renewable penetration would lead to a surge in demand for flexibility
We believed that higher renewable penetration leads to increased demand for flexibility. Five to ten years ago, most people didn't care too much about flexibility, but this would all change
The team's approach was radically different from traditional trading:
Full automation: No traders, no screens – just software.
Focus on flexibility: Optimizing assets like battery storage, combined heat and power plants, and demand-side use cases.
Technology first: Leveraging AI and machine learning models for prediction and optimization.
Real-time execution: Operating in milliseconds to capture market opportunities.
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