PXiSE Energy Solutions and Toshiba Sign Agreement to Develop Renewable Energy and Microgrid Projects
Leading power systems technology companies, with backing from Mitsui & Co., aim to develop broader portfolio of microgrid projects in Japan and globally
San Diego, Calif. - September 22, 2020 - PXiSE Energy Solutions (PXiSE) and Toshiba Energy Systems & Solutions (Toshiba) have signed a Memorandum of Understanding (MOU) that provides a framework for collaboration on developing new project opportunities for microgrids, initially in Japan and, ultimately, worldwide. Mitsui & Co., a PXiSE investor, will also participate in the venture.
PXiSE and Toshiba intend to pursue joint marketing and project development activities incorporating PXiSE's software-based microgrid control platform. PXiSE's microgrid controller can remotely and locally coordinate and manage a group of interconnected Distributed Energy Resources (DERs) and loads that make up a unified controllable entity within an electrical grid. The controller acts intelligently in real time, in grid-connected or island modes, and is designed to balance power flow and efficiently dispatch the resources for resilience, power quality, and economic benefit.
"The transformation from one-way power flow to decentralized power grids worldwide presents a tremendous opportunity for companies to seamlessly integrate and manage thousands of distributed energy resources, as our control solutions are designed to do," stated Patrick Lee, CEO of PXiSE. "By joining forces with Toshiba, one of the world's leading technology companies, and with the continued backing of our investors, Sempra Energy and Mitsui & Co., we aim to leverage our collective marketing, service, and project development resources to capitalize on the growing global need for more flexible and resilient energy systems."
According to Guidehouse (formerly Navigant Research), the global microgrid market is expected to reach $40 billion by 2028 - a five-fold increase from the current $8.1 billion market. Total microgrid capacity is expected to increase from 3.5 GW to 20 GW over the next decade. The Asia-Pacific region remains the largest overall market for microgrids, with remote regions and islands making up the majority opportunity.
Japan presents a growing market for local distributed energy systems and microgrids, given the country's high dependence on imported energy sources. With Japan's energy self-sufficiency under 10% in the past few years, energy imports are vulnerable to disruptive natural events, such as earthquakes and typhoons. In the past decade, distributed renewable generation and microgrids have been deployed in increasing numbers around the country to help Japan meet its energy needs and build resilience.
"Japan is pioneering very sophisticated energy generation, distribution, and management solutions. We are excited to be at the forefront of this innovation through our planned partnership with a notable company like Toshiba," concludes Lee.
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About PXiSE Energy Solutions
PXiSE (pronounced ‘pice') offers next-generation grid management technology. PXiSE microgrid and DERMS solutions unlock the potential of distributed generation to improve reliability and increase renewable energy output while helping ensure system balance and power quality. PXiSE brings decades of utility management, field engineering, and software development skills together to develop and implement its industry-leading grid controls operating system. For more information, visit www.pxise.com
About Toshiba Energy Systems & Solutions
Toshiba Energy Systems & Solutions, established in 2017 as a spinoff from Toshiba group, is a leading supplier of integrated energy solutions. With long experience and expertise in a wide range of power generating and transmission systems and energy management technology, Toshiba Energy Systems & Solutions delivers innovative, reliable and efficient energy solutions across the globe. The company offers next-generation energy services with advanced IoT and AI technologies, utilizing deep knowledge and know-how in energy systems development and manufacturing. For more information, visit www.toshiba-energy.com.
About Mitsui & Co.
Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 135 offices in 66 countries/regions as of Nov. 1, 2019. Utilizing our global operating locations, network and information resources, we are multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure. To learn more, please visit www.mitsui.com.