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Vector invests in IoT energy software

Vector invests in IoT energy software

‘It is the most comprehensive monitoring, analytical and control system available anywhere in the world,’ says Vector CEO Simon Mackenzie of the technology developed by Israel-based mPrest

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Vector says it has secured exclusive Australasian rights to world leading Internet of Energy (IoE) technology developed by Israel based mPrest.

The technology enables unprecedented options to integrate and develop new energy solutions for customers and the management of multiple technologies on the company’s networks.

mPrest is a global provider of monitoring, control and big data analytics software for the IoE.

“As the number of new energy technologies being made available to customers continues to grow, the addition of the mPrest system takes the development of customer solutions and network management to a completely new level,” says Vector CEO Simon Mackenzie, in a statement.

“Simply put, this mPrest software is revolutionary.

“It is the most comprehensive monitoring, analytical and control system available anywhere in the world. We have worked with mPrest to trial it and we are now moving to full implementation. In addition, we will jointly develop the system not only for our customers but others.

You can think of it as a system of systems. The software sits over customer, market, distributed energy resources and network systems managing performance in real-time.

Simon Mackenzie, Vector

“You can think of it as a system of systems. The software sits over customer, market, distributed energy resources and network systems managing performance in real-time.

“Through self-learning, it is able to assess and predict multiple factors including loads, market dynamics, storage, customer demand and capacity. This greatly enhances the resilience, security and efficiency of customer solutions and our network.”

'Internet of Energy'

According to Vector, the technology will provide, among others, Internet of Energy in homes. For example, a home energy system will know when power from a certain source is at a good price, shift to using that source, and smart appliances can turn on at the right time to make the most of affordable rate.

Vector says smart appliances with sensors and connectivity are already being sold by large appliance firms.

Read more: ‘Disrupt digital businesses before you get disrupted!’

mPrest CEO Natan Barak says the system aligns with Vector’s vision of ‘creating a new energy future’ for its customers.

“Vector customers will see innovative solutions whilst these are co-ordinated in a complex system. The company will be better able to assist customers capitalise on new energy technologies and optimize the energy use in their home or business,” says Barak.

“Our products create significant advantages and differentiators for our customers."

The project was initiated after a New Zealand Innovation Mission to Israel last year and follows Vector’s recent acquisition of ECo Products (HRV) and PowerSmart to help deliver its energy transformation strategy.

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Tags energysoftwareisraeldisruptionVectorIoTdigital transformationmPrest

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