Krafthem hand-picked as a cutting-edge AI startup by Nvidia

Krafthem has in August been hand-picked to Nvidia Inception accelerator. The program is a virtual community of global startups all leveraging AI to revolutionize their respective industries. Nvidia offers these startups their expertise, training, network and more.

Krafthem is building technology to efficiently manage the electricity system. The industry is set to leverage data driven solutions and business models as even the smallest player in the industry is faced with billions of individual decisions yearly. Today these decisions are generalized and vastly simplified, or even ignored, resulting in dirtier electricity, missed opportunities, increased costs, and decreased system stability.

- Everything is getting more and more data driven and we’re excited to have Nvidia join us as the vanguard of this transformation within the electricity system here in the nordics, says David Evholt, Krafthem CTO.

There are several plans to drastically increase the amount of data collected, but few plans to harness their potential. Krafthem aims to bring insightful, individual, and automated decision making to planning, trading, balancing, and analyzing electricity. The company is set to launch its smart electricity contracts for EV owners in December. The smart contracts will learn individual behaviour of EV owners and adapt charging based on their and the system’s needs.

A smart electricity contract from Krafthem has a simple functionality with advanced algorithms supporting its decision making. Typically, EV owners arrive home during the hours when electricity is most expensive and the network is under the most stress. By pausing the charging and restarting it when prices are lower and the system has available capacity reduces cost and generates revenue. As prices can vary with more than 50 000 % in just a few hours, the savings for the EV owners are significant.

The consequences of smart electricity contracts go beyond savings for the individual EV owner. It reduces the total cost to manage the electricity network, enables more sustainable electricity as peak shaving with dirty solutions are phased out and improves the ROI of clean solutions, such as wind and solar. Krafthem aims to enable advanced decision making throughout the electricity system.