BP reported last week that it has acquired Blueprint Power, a U.S. firm that has developed technology designed to help commercial buildings become “virtual power plants."
Formed after Hurricane Sandy in 2012 spurred a widespread power outage in the New York Metropolitan Area, Blueprint uses algorithms that optimize buildings’ energy efficiency and links them to power markets, BP stated. The acquiring firm added the algorithms enable commercial building owners to sell surplus energy stored in batteries or power generated on-site from equipment such as solar panels.
“Decarbonizing dense urban areas is a key challenge as we work to play our part in realizing a net zero world,” remarked Sam Skerry, senior vice president of BP Launchpad & Ventures. “Blueprint’s technology can help deliver this critical transformation. It can help secure access to renewable energy and, importantly, also create new business opportunities for many sectors.”
According to BP, Blueprint currently works with five of New York City’s largest commercial real estate owners that hold more than 100 million square feet of property and generate 13 megawatts (MW) of renewable power. BP and Blueprint aim to grow the figure to 36 MW by the end of 2022 and plan to roll out the technology across several major U.S. urban power markets.
Blueprint Founder and CEO Robyn Beavers commented that joining BP will enable her company to maximize its impact on global energy systems and continue scaling up quickly.
“Buildings hold huge untapped potential to improve energy resilience in an increasingly unpredictable world and to decarbonize our built environment,” Beavers said.
The BP acquisition follows a government-sponsored demonstration by Blueprint to show how the technology could generate electricity and expand electric vehicle (EV) charging capacity. BP noted the project will see 150 EV chargers installed on-site at a residential building in Queens by 2025.
