VERBUND X Ventures invests in leading AI startup Ogre AI to optimise energy forecasts

“With our investment in Ogre AI, we are backing a pioneering technology that has the potential to further develop the energy sector. More precise forecasts of energy generation and consumption not only enable us to improve the integration of renewable energies, but also significantly increase the operating efficiency of our networks. This is another step in our strategy to promote innovative technologies that support the transition to a more sustainable energy system,” says Michael Strugl, CEO of VERBUND, about the recently made investment.

Ogre AI – Advanced energy forecasting for a stable future

Ogre AI is an innovative energy forecasting startup specialising in the development of cutting-edge, AI-based models for predicting energy production and demand. Its main product, the Ogre forecasting model, uses advanced algorithms to manage the unpredictability of renewable energies such as solar and wind power. This enables energy suppliers to optimise their operations, reduce financial risks and better manage the challenges of the energy transition.

An important milestone for Ogre AI is the cooperation with E.ON, which commenced with a pilot project. Following successful implementation, the partnership was extended to 31 photovoltaic systems. In addition, a demand forecasting solution will be introduced to improve data management and increase the accuracy of forecasts.

“Ogre AI offers an important contribution to solving a central problem of the energy industry – the prediction of volatile renewable energies and load-oriented demand. The combination of technical expertise and practical applicability makes this company a valuable partner for our future endeavours,” explains Franz Zöchbauer, Managing Director at VERBUND X Ventures.

In the current financing round, Ogre AI plans to further expand its technological capabilities and strengthen its market presence. Other investors include well-known partners such as Sofia Angels Ventures, Soulmates Ventures, MMC VC Fund and Early Game Ventures. Bistra Kirova, Managing Partner at Sofia Angels Ventures, also supports the investment and adds: “We see Ogre AI not only as an innovative company, but also as a key player for the future of the energy sector. Its advanced solutions are critical for the further development of intelligent energy systems and the efficient use of renewable energies.

The partnership between VERBUND and Ogre AI began as part of the VERBUND X Accelerator Programme 2023/24, in which Ogre AI impressed with its innovative strength. The collaboration between Ogre AI and VERBUND is initially aimed at optimising the predictions for energy demand at VERBUND’s EV charging stations. Ogre AI brings advanced data analytics tools and predictive modelling capabilities that lead to more accurate forecasting and increased operational efficiency. This partnership is particularly important for the energy transition because it helps to manage the challenges associated with the forecasting of fluctuating renewable energy and for improving the integration of renewable energy into the energy management system.

For VERBUND, this investment represents a strategic expansion of its activities in the field of intelligent energy solutions in order to make the best possible use of the challenges and opportunities posed by the energy transition.

More information on VERBUND X Ventures: https://www.verbundx.com/en-at/ventures

More information on Ogre AI: https://ogre.ai/