Arundo Analytics is excited to launch an innovative solution reducing electricity costs based on forecasted electricity prices
[OSLO, March 7, 2024] - Arundo Analytics, a leading data-driven software company, is proud to announce the launch of a new, cutting-edge solution for INEOS Inovyn, one of the most renowned names in the chemical industry.
As the transition from fossil and nuclear fuels provokes higher and increasingly volatile energy prices in Europe, reducing energy costs and committing to Net Zero 2050 has become a top priority for industrial companies. To address this challenge, Arundo Analytics has successfully implemented a new application: Optimizing chlorine electrolysis energy usage to minimize carbon emissions and costs, based on spot-price forecast, while taking into account all operational constraints of the process. The energy optimization strategy is implemented through a web application for daily production planning, resulting in a large savings potential.
The chlorine electrolysis process represents approximately 1% of Europe's total electricity consumption, highlighting the significant impact of emissions and cost reductions in this sector. Beyond cost savings, the application reduces CO2 emissions by mitigating peak power loads. This stems from the fact that as electricity demand rises, the proportion of energy sourced from fossil fuels in the energy mix typically increases. Using the app, companies like INEOS Inovyn can respond dynamically to market volatility, e.g., increase production during sunny periods when solar and renewable energy is plentiful.
Martin Lundqvist, CEO at Arundo Analytics, adds, "While the optimization allows for potential savings of up to 15%, practical implementations with limited automation and forecast accuracy typically achieve savings in the 3-5% range, still providing a competitive advantage in industries with slim profit margins."
Arundo Analytics' solution is a testament to continuous innovation through advanced data analytics and enhances INEOS Inovyn's competitiveness in the global marketplace.
Read more about the solution on Arundo's website: www.arundo.com/energy-optimizer
About Arundo
Arundo Analytics, based in Oslo, Norway, and Houston, Texas, is a leading software company leveraging data science and Artificial intelligence (AI). We are committed to delivering sustainable and innovative solutions that empower industrial companies to achieve energy efficiency and cost reduction. Combining data science, AI, and cloud computing with industrial IoT, Arundo Analytics provides customizable and bespoke solutions that drive productivity, reliability, and sustainability for heavy asset enterprises. Arundo Analytics is a trusted partner for digitalization and process optimization, offering a range of ready-made and customizable products to improve operations and decision-making. With extensive industry experience, Arundo Analytics helps industrial companies identify crucial data patterns and unlock the full potential of their assets. For more details about Arundo, please visit www.arundo.com or reach out at contact@arundo.com
About INEOS Inovyn
INEOS Inovyn is Europe's leading producer of vinyls and in the top three worldwide. With an annual turnover of €5.1 billion, INEOS Inovyn has circa 4,300 employees and manufacturing, sales and marketing operations in 8 countries across Europe. INEOS Inovyn’s portfolio consists of an extensive range of class-leading products arranged across General Purpose Vinyls; Specialty Vinyls; Organic Chlorine Derivatives; Chlor Alkali; Hydrogen and Performance Chemicals. INEOS Inovyn's annual commercial production volume is circa 10 million tonnes. See www.inovyn.com and www.ineos.com for more details.
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Press contact: contact@arundo.com
