Parity AI named to 2021 Global Cleantech 100 list
Parity receives recognition for using AI to optimize building operations and save on energy and costs, with ramifications for the manufacturing industry.
Research & Development
Technology / IIoT
On December 15, 2020, Global Cleantech named 100 companies to their 2021 list to recognize significant strides in clean energy solutions and reducing greenhouse gas emissions. In total, 13 Canadians were named including Parity AI, a machine learning energy solutions company trying to save and reduce the greenhouse gas emissions of multi-residential buildings.
Parity uses artificial intelligence to mimic human behaviour, learning patterns around what times a building is running at its hottest, or when the lights or boilers are under the most pressure or at their busiest. Parity is able to then help building managers and facilities save money and reduce their emissions by powering a building’s energy sources only when it is needed, instead of having it running 24/7 as is the traditional case.
The two most common sources of energy in a building include electricity and gas; which are also common sources of energy in many manufacturing facilities, and Brad Pilgrim, CEO of Parity AI, feels there’s no reason to believe the technology could one day be applied to scale at the manufacturing level.
“Even though we’re currently only focused on multi-residential buildings we’re expanding at a rapid rate. There’s no reason to believe that this kind of technology can’t scale at a manufacturing level, especially if they’re using the same kind of energy,” Brad Pilgrim stated.
If a facility was able to run equipment and power only when needed, and facilities could measure the amount of people at work inside, manufacturers would be able to optimize their operations to save on costs and energy.
Parity AI continues its expansion in 2021, moving into buildings in Manhattan and Miami in their efforts to become the standard operating system in multi-residential buildings.
Brad noted that there were over $200,000 in savings just from HVAC adjustments in the buildings, and these kind of numbers helped translate into a favourable business case for Parity AI as its US clients try to meet their emissions targets.
“We’re really excited for the upcoming year. Previously, a lack of access to capital and consumer confidence were initial barriers in starting and expanding the business, but now that people see the cost savings, now that they see the technology scales and makes a difference, those things are no longer an issue anymore,” Brad said.
A number of energy savings organizations are taking advantage of breakthroughs in AI and machine learning to help save money and reduce emissions, and Parity’s recognition by Global Cleantech is not an isolated trend. Ecogrid Technologies is a lighting solutions company using Smart Lighting to help power warehouses and manufacturing facilities to save energy and money in their day to day operations and is poised for another significant year in 2021.
Green energy and technology are intersecting in a significant way in 2021, and will be interesting to monitor for manufacturers looking to reduce their climate footprint and save on costs.