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Technology & Digital Innovation



MASDAR AND PRESIGHT SIGN AGREEMENT TO DEVELOP AI ASSET MANAGEMENT TOOL

AI will provide analytics and insights from billions of data points across
Masdar renewable energy projects
SME News Service


Published on: 
15 Nov 2024, 7:03 pm

3 min read
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Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy
powerhouse, has signed an agreement with Presight, the region’s leading big data
analytics company powered by generative artificial intelligence (AI), to develop
an asset management tool for its renewable energy projects around the globe.

Masdar’s renewable projects generate billions of data points every day from the
equipment they use, such as solar panels, inverters and wind turbines. This vast
amount of data can be analyzed and evaluated to generate valuable insights and
enable data-driven decision making.

By developing an AI-based asset management tool, Masdar is seeking to digitize
its operations worldwide, moving from a reactive model to a predictive approach
where it can analyze data and operational patterns to anticipate issues in
advance, enhance efficiency, address failures before they occur, reduce
downtime, and ultimately boost energy production.

As the UAE’s clean energy pioneer, Masdar has been at the forefront of
innovation and development in the renewable energy sector. Through its agreement
with Presight, it is applying the same innovative approach through the inclusion
of AI technology to make its energy supply smarter.

AI is viewed as having a significant role to play in the energy sector, boosting
efficiency and operational patterns while applying predictive analytics to
optimize energy grids and increase resilience. It can help support the seamless
integration of renewable energy and other energy sources.

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said: "With our history
of developing projects using cutting-edge clean energy technologies, it was a
natural progression for Masdar to explore the potential for deploying AI across
energy systems to enhance efficiency and deliver data-driven decision-making.

"The integration between AI and energy is a game-changing economic opportunity
that will enable us to build a bridge to a low-carbon, high-growth future. We
are pleased to announce this agreement between two UAE-based pioneers that will
help to achieve this goal."

Thomas Pramotedham, CEO of Presight, said: "Clean energy has a number of
specific operational needs, from managing shifting supply throughout the day to
efficiently merging with other forms of energy in the grid. As a global clean
energy leader, Masdar generates billions of data points across its extensive
portfolio.

"This partnership therefore represents a unique opportunity to develop a bespoke
tool that consolidates all that information, uncovers hidden insights and takes
action to improve efficiency, predict maintenance needs, and ultimately increase
the supply of renewable energy.

"This will be transformational for the sector, and so I’m looking forward to
seeing this collaboration progress."

AI promises to have a far-reaching, transformational impact on the energy
transition and is projected to add US$7 trillion to global GDP over the next ten
years. It has the capability to change the pace of progress by maximizing energy
efficiency and minimizing emissions at scale.

A Change Makers Majlis, due to be hosted in Abu Dhabi in November by H.E. Dr
Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of
Masdar and COP28 President, will convene business leaders from the energy and
technology sectors, policymakers, investors, and civil society organizations to
reimagine the relationship between energy, AI, and inclusive economic growth.

Since its establishment in 2006, Masdar has been a key enabler of the UAE’s
vision as a global leader in sustainability and climate action.

The company has developed and partnered in projects in over 40 countries, with a
mandate to increase its renewable energy portfolio capacity to 100GW by 2030 and
to become a leading producer of green hydrogen by the same year.

Masdar
Presight
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