Smart energy trader Open Energi acquired by bp

London-based based Open Energi has been acquired by bp. The company uses an artificial intelligence-powered platform to automate and optimise a network of distributed energy resources ranging from battery storage to hydrogen electrolysers and solar farms. With the acquisition, bp is aiming to rapidly scale the company via its Launchpad programme.

By joining the Launchpad portfolio, bp will explore how to apply Open Energi’s strategies and concepts on a global scale. Currently, Open Energi focuses primarily on the UK market, and bp’s goal to globalise the service will play an important part in its net-zero ambitions.

“For the growing renewable energy capacity the world needs to meet global carbon reduction targets, we will need efficient energy optimization. As such Open Energi is fantastically positioned to grow, and we could not be more excited to be partnering to deliver that growth with bp Launchpad. Its role within the business will allow us to maintain our independence, while bp’s net-zero ambition and its new strategy align perfectly with our ambition and vision,” commented Open Energi’s David Hill.

Launched in 2018, the bp Launchpad portfolio now includes companies Finite Carbon, STRYDE, LYTT, Onyx Insight, Fotech Solutions, and Open Energi.