Intelligent energy software platform Power Transition has announced a new investment round to further enhance its technology and develop new projects.

The software platform is designed to map every kWh of electricity generated, distributed and consumed.

The company claims that its new technology integrates distributed ledger technology (DLT), structured data reporting and machine learning.

This combination allows traceability in real-time and provides for auditable and secure data on every unit of electricity from generation to consumption.

Power Transition CEO Anthony Morgan said: “By designing a software architecture specifically for mapping energy, we have transformed how it can be transacted, used, managed and traded, by networks, utilities, businesses and individuals in real-time and at any scale – from micro-grids to national grids.

“This means homes are able to buy and sell energy autonomously to get the best price, businesses are able to unlock revenue from on-site renewable power, and network operators are able to optimise capacity on the grid, making energy more reliable, affordable and sustainable for everyone.”

This technology could result in approximately £8bn in savings annually for customers by 2030 and also support the UK to achieve its 2050 carbon targets.

In addition, Power Transition has signed a memorandum of understanding (MoU) with Bank Energi.

The agreement is to facilitate a local energy marketplace between commercial and public sector organisations in Central London.

Bank Energi CEO Rajvant NIjjhar said: “The transition to net-zero enables us to think differently about how we produce, trade and use energy.

“We see a future where local renewables, buildings and electric vehicles are integrated using smart technology to create local energy marketplaces, optimising clean energy, improving air quality and cutting costs. Power Transition’s platform provides the speed, security and scalability we need to make this a reality.”

Siemens Gamesa Renewable Energy (SGRE) has won a contract to supply its SG 14-222 direct drive offshore wind turbine for the 2,640MW Coast Virginia Offshore Wind (CVOW) commercial project.

Developed by Dominion Energy, the offshore wind farm will be built in the US state of Virginia and will provide enough energy to power 650,000 homes, offsetting 3.7 million tonnes of CO₂.

The financial terms of the deal have not been disclosed.

UK asset management company Greencoat Capital is set to purchase a solar portfolio from BlackRock Real Assets and Lightsource bp.

Greencoat Solar II LP has invested in the acquisition on behalf of several UK’s pension funds.

Financial details of the deal have not been divulged by the companies. The portfolio has a capacity of 156MW.

Sweden-based company Bravida has acquired a stake in Finnish solar energy company Savon Aurinkoenergia.

As per the terms of the agreement, Bravida has acquired a 65% stake in the Finnish firm to become the major stakeholder in the company.

Financial details of the acquisition have not been divulged by both companies.

GE Renewable Energy has signed a contract with Turkish renewable energy company Fina Enerji to supply 52 of its 3MW wind turbines to four of Fina Enerji’s windfarms in Turkey.

The total order capacity amounts to 193MW, which will produce enough energy to power 200,000 homes while offsetting 650,000 tonnes of CO₂.

The deal’s financial terms have not yet been disclosed.

Several energy companies have announced they will assist and invest in a scheme to develop smaller companies assisting in Spain’s Covid-19 recovery.

The Positive Energy+ investment scheme has taken 396 proposals over 13 days. The promoters of the programme have chosen 12 businesses they believe will have a large impact on the country’s decarbonisation, digitalisation, and mobility, while also considering their social impact.