Free Electrons: american electric power joins global energy startup accelerator
Company will be the first north american utility
The Governing Board of Free Electrons, the first global energy startup accelerator program that connects the world’s most promising energy startup companies with leading utility companies, is pleased to announce that American Electric Power (AEP) will become its first North American utility participant.
AEP, based in Columbus, Ohio, has an asset base of 65 billion USD. In 2017, AEP’s electricity sales were approximately 194 million megawatt hours with 15 billion USD in revenue. Between 2018 and 2020, AEP plans to invest nearly 18 billion USD through its regulated and competitive companies to modernize the power grid, expand renewable energy resources and deliver cost-effective, reliable energy to customers in the U.S. market.
“Joining the Free Electrons accelerator program gives us access to the world’s most innovative technology entrepreneurs in the energy space,” said Nicholas K. Akins, AEP chairman, president and chief executive officer. “Our long-term strategy includes building smarter energy infrastructure and delivering new technologies and custom products and services to our customers. We’re excited to help cultivate the cutting-edge energy solutions that are being developed around the globe.”
EDP is a co-founder of the accelerator, which now includes 9 electric utilities from around the world. The other Free Electrons utility members are Ausnet Services (Australia), DEWA (Dubai), ESB (Ireland), Innogy (Germany), Origin Energy (Australia), SP Group (Singapore) and Tokyo Electric Power (Japan), with the program being supported by Beta-i (Portugal).