Abu Dhabi-based AI solutions company AIQ and G42 company Inception announced a partnership this week focused on advancing AI models in the energy sector.
“Joining forces with Inception in this strategic partnership will see AIQ unlock new opportunities for growth and transformation in the Energy sector, pushing the boundaries of AI innovation and driving real, impactful change,” said Magzhan Kenesbai, Acting Managing Director at AIQ, in a statement.
The partnership, unveiled at the Dubai tech event GITEX Global 2024, will reportedly utilise near-real-time data processing, advanced multi-modal insights, and AI-assisted automation across the energy value chain with the aim of enhancing efficiency, improving sustainability and safety, and reducing costs.
Ashish Koshy, Chief Operating Officer of Inception, said the partnership marks a “defining moment” in how combining AI with domain expertise can “accelerate innovation” in the energy sector.
“By combining our expertise in large language and advanced AI models with AIQ’s industry expertise and proven track record in the Energy sector, we are confident that together we will deliver solutions that will set new standards for operational excellence, efficiency, and sustainability.
Both companies will also explore opportunities to enhance AI models and accelerate the deployment of AI solutions in the value chain, it was shared.
According to research from DNV, while only 12 per cent of survey companies in the energy industry have already implemented advanced AI, 73 per cent are either piloting or planning activities for the future.
However, the AI boom also means a rise in energy demand. Recent Goldman Sachs research sees data centre power demand growing 160 per cent by 2030. In Europe alone, the investment bank forecasts that over $1 trillion in investment will be required to prepare the power grid.