Key trends to watch out for in 2019
The Future of Energy with Off-grid solutions and Data
Globally, the annual investment in the energy sector is valued at almost 2 trillion USD. This investment has been spent more or less the same way over the past century. We have been building multi-billion production facilities for oil, gas and coal and power generation assets. We have been building transmission grids, oil and gas pipelines and tankers to carry energy products in their many forms to the consumption centers across the world. And then, we have been building power distribution infrastructure and petrol stations to get the energy to its final consumers.
The following are top 5 trends for 2019 that Enrupt will be looking out for because they will reinforce the energy sector’s transition path:
5 technologies transforming the future of energy
Did you know that less than 20% of adults in India and Tanzania own a smartphone? A stark contrast from a startling ~ 70% users in Europe and US. These statistics show the technology gap between two different worlds of economic progress and availability of data. Data is critical for any sector of today’s economy. Energy sector is of no exception, and that includes energy access. This blog outlines how data is central to innovation in energy access.
Building the future of energy … With women
Over the last few years, we have witnessed a rapid transformation in the global energy landscape. With cutting edge technology and fast paced development, tech-startups are at the forefront of this change. These startups bring clean, decentralized and digital technologies to the sector, accelerating innovation in a traditional energy industry. Singapore, with its strong foundations in R & D and digitalization, is leading on this forefront of change and cultivating a rich ecosystem for energy startups to thrive.
Clean energy startups have to leverage corporate partnerships to grow
The energy sector is on the brink of a new era of innovation and inclusion of all the talent we have available is the only way forward. To be successful, energy companies need equal gender representation on their board, in senior management and advisory positions. Bringing female talent will ensure that companies have a different perspective towards business challenges, an expertise that will create value in the midst of an energy conundrum we will be facing in the next few decades.
Building open innovation arena for energy startups
Clean energy is in the spotlight. Investment numbers are up. BNEF has just concluded that 2017 annual clean energy investment will probably outpace the 2016 total of $287.5 billion. Renewables have already surpassed other energy sources in capacity additions and it continues to grow. Even oil and gas majors have noticed this trend and are investing in clean energy.
There is only one future of energy and it will be sustainable.
18 startups. 9 countries. 1 month of intensive mentoring. 15 minutes of pitching and a full house of audience. The EnRupt Energy Innovation Arena (EIA), held on 23-24 May 2018 in Manila at the largest energy event in the Philippines, the Power & Electricity World Philippines 2018 (PEWP), was a huge success in many ways.
Singapore’s liberalised electricity market: Cheat sheet from Europe.
We are now in an era where climate change has become mainstream in policy discussions propelling energy into the forefront of policy debates. Energy is responsible for up to 90% of CO2 emissions globally and unless we change the way we produce and use energy, we don’t stand a chance to alter the climate change pathway. The dilemma that the energy industry faces today is how to shift a sector with billions of dollars’ worth of assets invested in fossil fuel based technology into a new constellation which uses clean, decentralised and digital energy. This is the dilemma of big energy corporation and their innovation journey. It is a dilemma they need to solve because there is only one future for energy and it will be sustainable.
Coming back from the Eurelectric Power Summit 2018, where Enrupt supported an innovation programme for European utilities, the stakes for Singapore's electricity market liberalisation appear much higher. Singapore will be an experimenting ground amid a global electricity sector transformation where collaboration between startups and corporations will be a must.