Bp has acquired Blueprint Power, a US-based technology company that transforms the energy usage of buildings and turns them into virtual power plants. Blueprint’s technology allows the creation of a power network that connects the buildings to energy markets through cloud-based software.
Firstly, Blueprint uses bespoke algorithms to optimize the energy efficiency of buildings and connect them to power markets. This allows commercial building owners to sell surplus energy stored in batteries or power generated on-site from equipment such as solar panels.
Consequently, Blueprint presents a technology that helps to decarbonize the real state; one of the most pollutant sectors of all. In fact, it contributes to an estimated 28 percent of global annual greenhouse gas emissions.
Moreover, the acquisition comes after Blueprint launched a government-supported demonstration project in New York. The company showed how its technology could generate electricity and expand electric vehicle charging capacity in the city. The project in fact will see the installation of 150 EV chargers on a residential building in Queens, by 2025.
Such a disruptive technology amazed bp and acquired it to accelerate its solutions through the bp Launchpad accelerator. About the matter, Sam Skerry, SVP bp Launchpad & Ventures, said. “This is exactly the type of company bp wants to scale and scale fast through our bp Launchpad accelerator.”
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Bp and Blueprint to explore further opportunities
He also remarked. “Decarbonizing dense urban areas is a key challenge as we work to play our part in realizing a net-zero world. Blueprint’s technology can help deliver this critical transformation. It can help secure access to renewable energy and, importantly, also create new business opportunities for many sectors.”
On the other hand, Robyn Beavers, Blueprint’s founder, and CEO added. “Joining bp will enable us to maximize our impact on rapidly progressing global energy systems, and I’m excited for our team to continue scaling quickly as we become a bp Launchpad portfolio company.”
He further commented on the huge untapped potential to improve energy in the real state sector. The executive also noted that joining bp Launchpad will give the company opportunities and partnerships to accelerate the decarbonization of this market. “The time to grow and affect real change is now,” he concluded.
Finally, after the acquisition bp and Blueprint will explore how the latter’s solutions can work within major US urban areas and power markets. Blueprint will also work with bp’s cities & solutions and trading & shipping businesses to work to lower the cost of renewable energy and support the decarbonization of carbon-intensive industries.