Southern Company, EPRI Program to Accelerate Emerging Technologies
Rhea-AI Summary
Southern Company (SO) and EPRI have announced a new Emerging Technologies Pilot Program (ETP) to accelerate the validation and deployment of innovative energy solutions. The collaboration combines Southern Company's energy distribution capabilities with EPRI's Incubatenergy Labs program expertise.
The program aims to streamline technology implementation processes and reduce the time to value for new energy solutions. Key benefits include:
- Accelerated pilot selection through EPRI's evaluation process
- Enhanced resource utilization leveraging EPRI's expertise
- Reduced risk through a 'sandbox' environment for technology demonstration
The initiative will focus on identifying critical strategic needs, with EPRI connecting suitable technology companies to meet Southern Company's business objectives. The program will prioritize the most promising concepts for potential future development.
Positive
- Strategic partnership with EPRI enhances technology evaluation capabilities
- Reduced implementation risks through sandbox environment
- Accelerated access to innovative energy solutions
- Streamlined technology validation process
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, SO declined 1.29%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The ETP program is designed to address many of the challenges major corporations often face when implementing new products or services and aims to shorten the amount of time it takes to gain value from novel technologies. Maximizing this "time to value" will provide access to smaller companies that can help the power industry to more rapidly assess, prepare and eventually integrate technologies that will shape the future of energy.
Under this program, Southern Company will identify critical strategic and operational needs, and EPRI will utilize its extensive network and technical expertise to connect with companies whose technologies meet those business objectives. Based on EPRI's research and insights, Southern Company will then prioritize and advance he most promising concepts for potential future development.
The ETP Program will streamline processes and take advantage of the collective expertise of Southern Company and EPRI, with the key benefits to:
- Accelerate pilot selection and advancement: EPRI's rigorous evaluation process will support efforts to identify compelling companies, streamlining the technology review and contracting process.
- Enhance resource utilization: Southern Company will utilize EPRI's expertise and resources to help address constraints often associated with integrating a startup company's technology into a large corporate enterprise.
- Reduce risk: The program's ability to leverage EPRI's expertise and resources will create a "sandbox" environment that will help mitigate risks associated with demonstrating new technologies.
"The energy landscape is rapidly evolving, and it is crucial that we embrace innovation to meet the growing demands of our customers," said Robin Lanier, New Ventures director for Southern Company. "The Emerging Technologies Pilot Program with EPRI will enable us to quickly identify and validate promising technologies, and help ensure that we remain at the forefront of energy innovation and continue to deliver clean, safe, reliable and affordable energy solutions."
"EPRI is committed to accelerating the development and deployment of advanced technologies that support affordable, reliable and resilient energy," said Dan Killoren, head of the Global Innovation Hub for EPRI. "We look forward to working with Southern Company and its subsidiaries in this collaboration as we further our goal of rapidly evaluating and integrating innovative solutions that can benefit the energy industry and society."
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy infrastructure company with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet customers' and communities' needs while advancing our goal of net-zero greenhouse gas emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into economic, environmental and social progress for tomorrow. Our corporate culture has been recognized by a variety of organizations, earning the company awards and recognitions that reflect Our Values and dedication to service. To learn more, visit southerncompany.com.
About EPRI
Founded in 1972, EPRI is the world's preeminent independent, non-profit energy research and development organization, with offices around the world. EPRI's trusted experts collaborate with more than 450 companies in 45 countries, driving innovation to ensure the public has clean, safe, reliable, affordable energy, and equitable access to electricity across the globe. Together…shaping the future of energy®.
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SOURCE Southern Company
FAQ
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