NovoGrid named UCD VentureLaunch winner
Start-up has developed an intelligent control system to improve energy efficiencies in wind farms
Pictured at the UCD O’Brien Centre for Science are Dr Andrew Keane, Paul Manning and Dr Peter Richardson, co-founders of NovoGrid, the overall winner of the 2014 University College Dublin VentureLaunch Accelerator Programme.
Engineering start-up NovoGrid, which has developed an intelligent control system to improve energy efficiencies on wind farms, has been named overall winner of the 2014 UCD VentureLaunch programme.
NovoGrid has developed a system for wind farm owners to reduce energy losses associated with the transfer of electricity to national grids, enabling them to improve energy efficiencies and increase revenues.
It is estimated that wind farm owners lose up to 10 per cent of their daily revenues due to energy losses associated with the delivery of their energy production to electricity grids. This equates to an estimated €2.3 billion in lost annual revenues for wind farm owners globally.
According to the founders, NovoGrid’s software-as-a-service solution can be used by wind farms to control operational set points, in real-time, within stations, as well as intelligently exploit existing wind farm capabilities to significantly reduce these energy losses, resulting in increased efficiencies and revenues.
“Following a planned field trial set for early next year,” said co-founder Paul Manning, “we expect to be operational in over 10 wind farms in Ireland and in the UK during 2015 and to be significantly increasing revenues for wind farm owners.”
Professor Orla Feely, vice- president for research, innovation and impact at University College Dublin, said the technology being developed by NovoGrid has significant global potential.
In addition to the UCD VentureLaunch award, NovoGrid was presented with a €25,000 prize.