Energy & Natural Resources | Promising | SDG12 | SDG13 | SDG7 | United States

Expert forecasting for energy companies

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1. General

Category

SDG 7: Affordable and Clean Energy

SDG 12: Responsible Consumption and Production

SDG 13: Climate Action

Category

Energy & Natural Resources

2. Project Details

Company or Institution

Myst AI

Project

Expert forecasting for energy companies

General description of the AI solution

At Myst AI, we’re building a machine learning platform that enables data scientists to create highly accurate time series forecasts at massive scale. Our vision is to create a world in which demand and supply are in continuous balance, so resources are used efficiently and sustainably for a better planet. Our current focus is to help energy companies better predict the future – to increase renewable energy adoption and reduce carbon emissions. We provide energy companies with short-term forecasting for load, renewables production, and market prices.

Website

https://www.myst.ai/

Organisation

Myst AI

3. Aspects

Excellence and Scientific Quality: Please detail the improvements made by the nominee or the nominees’ team or yourself if your applying for the award, and why they have been a success.

The Myst Platform is a tool that allows data scientists to easily, flexibly, and scalably compose and share time series (think Google Docs for time series). It enables data scientists to turn observed time series data into forecasts in minutes. The innovation lies in the standardization of time series data across three time axes (natural time, forecasted time, and as of time) as well as the automatic selection of models, features, and hyperparameters. We have several U.S. patents pending for our innovations.

Our lead investor is Google’s AI fund, Gradient Ventures. They led our $1.7M seed round in 2018 and co-led our $6M Series A round in 2020.

The technology is in use by a variety of commercial alpha customers. Technology is protected by patents.

Scaling of impact to SDGs: Please detail how many citizens/communities and/or researchers/businesses this has had or can have a positive impact on, including particular groups where applicable and to what extent.

Our vision is to create a world in which demand and supply are in continuous balance, so resources are used efficiently and sustainably for a better planet.

Our current focus is on supporting leading clean energy companies in creating a cleaner grid. We are currently serving the world’s three largest power companies. Our current customer base owns and operates 6% of global renewables (50 GW). Our goal is to serve the world’s ten largest power companies (among other customers) and significantly grow the portion of the world’s renewables that we serve.

If we assume an average emission reduction of 500g CO2 per kWh of electricity shifted from thermal sources to renewables, every additional 100 MW of solar or wind installed reduces lifetime emissions by 3,000 to 6,000 tons of CO2. Our goal is to foster the installation of at least 1 GW of new renewables in the next 3 years, leading to an emission reduction of 30–60M tons of CO2.

We are beginning to explore options for expanding our solution beyond the electricity sector. There are many sectors where improved forecasting can have huge value. Our leading priorities for vertical expansion are 1) reducing food waste through better supply planning (supports SDGs 2 and 3) and 2) reducing carbon intensity of goods transportation by optimizing freight movement (supports SDG 11).

Scaling of AI solution: Please detail what proof of concept or implementations can you show now in terms of its efficacy and how the solution can be scaled to provide a global impact ad how realistic that scaling is.

We serve the world’s three largest power companies by revenue, among others. Our current customer base owns and operates 6% of global renewables (50 GW) and we hope to grow that significantly. We believe there is an enormous addressable market for the Platform — greater than $100 billion (USD).

By supporting teams of data scientists, we’re helping to give data scientists around the world “superpowers” by streamlining their workflow, which frees up their time to work on increasingly complex challenges, thus supporting the development of data science more broadly. We’re supporting the use of AI in new user communities by enabling users with less data science and software engineering experience to access powerful AI tools by providing them with an easy-to-use platform.

Ethical aspect: Please detail the way the solution addresses any of the main ethical aspects, including trustworthiness, bias, gender issues, etc.

Myst AI is one of the original signatories of World Economic Forum’s 9 principles of ethical AI development for AI solutions that benefit the clean energy transition (SDGs 7 and 13).

Our solution is intended to empower data science teams, putting data scientists with varying backgrounds and experience levels on a more even playing field. The Myst Platform allows companies/organizations that don’t have the resources to build a larger data science team to supercharge their AI capabilities.

CONTACT

International Research Centre in Artificial Intelligence
under the auspices of UNESCO (IRCAI)

Jožef Stefan Institute
Jamova cesta 39
SI-1000 Ljubljana

info@ircai.org

ircai.org

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