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GenCell Wows Austin Crowd of Energy Professionals with Hydrogen-Fueled Products that Will Revolutionize Grid Resilience and Disaster Response
From thought-provoking to life-saving, GenCell engaged a rapt audience with truly sustainable and resilient energy solutions
AUSTIN, Texas, May 24, 2024 /PRNewswire/ — On Tuesday May 21st, GenCell® hosted a first U.S. demonstration of the Company’s revolutionary hydrogen fuel products, GenCell EVOX® and GenCell REX™. GenCell Inc., the U.S.-based subsidiary of GenCell Ltd., (TASE: GNCL), a leading provider of Hydrogen2Power™ technologies, announced the U.S. rollout of the company’s EVOX multipurpose distributed energy resource (DER) power solution combining energy storage and hydrogen-fueled on-site power generation to supplement the grid day-to-day for EV charging and to in parallel provide backup power for facilities, critical EV fleets and reliable, long-duration portable power for emergencies.
The Hydrogen2Power event, held at the Palmer Center in Austin, TX, drew over one hundred attendees from organizations as diverse as The Texas Commission on Environmental Equality, GE Vernova, the University of Texas at Austin, and the City of Austin Fire Department. All were on hand to learn about the sustainability and resilience challenges facing the U.S. energy sector and to preview how the GenCell EVOX® and GenCell REX™ products contribute to resolving these issues.
The day – taking place only days after thunderstorms caused power outages affecting over a million customers in the Houston area – kicked off with a keynote address about the challenges for Texas to achieve resilience by Karl Popham, Chair of the Electric Vehicle Leadership Council and founder of Mobility+Energy Consulting LLC. Popham discussed meeting the key power challenge of reliability – which talks in seconds, minutes and hours – by describing his experience establishing a hybrid microgrid; next he suggested meeting the challenge of resiliency – which talks in hours, days and weeks – by adding a second phase to the microgrid incorporating new technologies such as hydrogen.
Next up was held a thought-provoking panel on energy and climate resilience moderated by Andrew Higgins, Chair of the Board at TxETRA, featuring Ken Snipes, Director of Austin’s Office of Homeland Security; Jay Joseph, VP, Sustainability & Business Development, American Honda; Brian Hoff, VP Product Management, GE Vernova; Teesee Murray, Turtle Chief Strategist and President, TurtleX, and Michael Lewis, Sr. Research Engineer/Scientist at the University of Texas. The panelists shared their insights on the constraints limiting grid resilience, the need for innovation and the potential of hydrogen to overcome the constraints.
“The potential of hydrogen is just starting to be realized. Hydrogen is a great enabler of renewables on our grid, for bottling the wind and solar, transporting, exporting and moving it around the world,” explained panelist Jay Joseph, American Honda Motor. “The energy density of hydrogen, its storability and transportability lends itself really well to solving that problem and that’s a big part of the future we envision. That’s why we are excited about the relationship with GenCell because it helps enable that vision of generating, storing, transporting, and then utilizing hydrogen when and where it’s needed.”
Added Teesee Murray from Turtle Inc., “Hydrogen offers the best resilience with the lowest environmental impact and when we talk about social justice and how we can improve the human condition for everybody, hydrogen is the answer – it’s green business, it’s good business.”
Following the panel GenCell CEO Rami Reshef presented to the delighted crowd how the EVOX and REX technologies can help bridge the power gap and deliver agile resilient power wherever first responders require it when disasters happen, keeping EV fleets and facilities operationally ready 24/7.”
“Our journey is driven by a bold vision: to realize a comprehensive, emission-free energy future. In the first phase we focused on Hydrogen2Power technology,” said Reshef. “We are powering commercial applications with long-lasting tested backup solutions, tailored for even the most remote or extreme conditions. The conversations and connections made here today are just the beginning.”
Continued Reshef, “GenCell harnesses the elements to generate power that is both Resilient and Sustainable – it doesn’t have to be a tradeoff – to deliver zero-emission, distributed energy wherever the grid is instable or insufficient, empowering the world for future generations.”
The event also showcased live demos of the REX auxiliary DC power solution for utility substations, the containerized EVOX hydrogen-fueled long-duration DER solution, including a demonstration of the EVOX charging a Ford Lightning truck and a demo of GenCell’s GEMS™ proprietary DERMS software that optimizes the performance and economics of operating GenCell solutions.
Event attendees came away with not just a better understanding of how GenCell hydrogen fuel technology works, but how attainable a truly sustainable and resilient energy system can be.
“Capturing solar and wind in a bottle, this demonstration showed a lot of promise,” said Amy Atchley, EV Equity Development Manager for Austin Energy. “The conversations featured an emphasis on powering critical locations, decarbonizing transportation, providing renewable energy access to vulnerable communities and more. Experiencing the show and tell of the life-size very quiet, clean generator that was charging-up an EV on-site made it feel real and was inspiring! Exciting stuff! It will take much collaboration between multiple stakeholders and entities for infrastructure deployment and affordability.”
For more information, you can watch a recording of the event here. Photos with credits are below.
About GenCell:
GenCell Ltd. (TASE: GNCL) develops GreenFSG power solutions based on reliable, zero-emission alkaline fuel cells, Hydrogen2Power™, Ammonia2Power™ and Water2Power® technologies that deliver uninterrupted power to help the world #SayNoToDiesel and transition to clean energy. The ability to produce not only clean power from GenCell’s fuel cells, but also the green fuel on which the fuel cells run, sets GenCell in a far superior position as a well-to-wheel total green energy solution provider. GenCell delivers resilient, robust and weather-resistant backup power for utilities, telecom, EV charging and other mission-critical applications which have been deployed in 23 countries. GenCell numbers some 130 employees, including veterans of space and submarine projects. With GenCell Inc. based in Los Angeles, CA, the company operates a worldwide distribution and support network and retains unique intellectual property that includes patents, trade secrets and know-how.
CONTACTS:
Shelli Zargary
GenCell Ltd.
[email protected]
www.gencellenergy.com
Tel: +972.54.561.7161
Bethany Ruhe
[email protected]
Tel: 412.443.7969
Photo: https://mma.prnewswire.com/media/2420873/GenCell_Energy_1.jpg
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ISTANBUL, June 26, 2024 /PRNewswire/ — VeriPark and FICO have launched a partnership to revolutionize the financial services sector through AI-driven decision making and digital transformation.
The collaboration between VeriPark, a global provider of innovative digital solutions, and FICO, a renowned analytics software company, will enhance decision-making and promote financial inclusion across Turkey, the Middle East, Africa, Asia and CIS regions.
Combining FICO’s decision automation, optimization and omnichannel communications capabilities with VeriPark’s customer engagement, omni-channel delivery, branch automation and loan origination solutions, the partnership aims to improve customer experience and accelerate digital transformation.
“We are excited to bring FICO’s cutting-edge technology to our region. This collaboration will enhance customer experiences and operational efficiency across the financial services sector. Integrating FICO’s technology with our solutions represents a significant leap forward, ensuring we stay ahead in a rapidly changing environment. We look forward to showcasing our joint success stories soon,” said Ozkan Erener, CEO of VeriPark.
“The combination of FICO and VeriPark’s strengths brings a unique blend of innovation to the market. Our goal is to help build a better society by bringing more people into the banking system, and our partnership with VeriPark is a critical step towards achieving that. FICO has been working with AI since 1992, and we are eager to introduce this long-standing expertise to businesses in this region through our collaboration with VeriPark.” said Alexandre Graff, Vice President of Global Partners & Alliances, FICO.
About VeriPark (https://www.veripark.com)
VeriPark is a global solutions provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With offices located in United Kingdom, Europe, the United States & Canada, Asia, Africa and the Middle East, VeriPark is helping businesses to enhance their customer acquisition, retention and cross-sell capabilities by providing proven, secure and scalable Customer Relationship Management, Omni-Channel Delivery, Branch Automation, and Loan Origination solutions.
About FICO (https://www.fico.com/)
FICO powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries.
Video – https://mma.prnewswire.com/media/2447894/VeriPark.mp4
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View original content:https://www.prnewswire.co.uk/news-releases/veripark-and-fico-announce-strategic-partnership-to-transform-financial-services-302182122.html
CUBE, a leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), has released a report detailing significant compliance challenges faced by global financial services firms today. The report serves as a strategic resource for compliance departments, incorporating insights from esteemed compliance professionals and regulatory experts within the industry.
Dr. Yin Lü, CUBE’s Global Head of Product for Artificial Intelligence, describes the recent environment in financial services as tumultuous, driven by rapid technological advancements, stringent regulatory scrutiny, and intense consumer demand for new products and services, all within a compressed timeline.
The report categorizes the primary compliance issues into five key areas: the rapid pace of regulatory changes, proactive risk management, the complexities of Environmental, Social, and Governance (ESG) criteria, data privacy concerns, and the challenges of operating within tighter budgets and rising costs.
One significant point of concern is the expanding scope of regulations, exemplified by the constant updates to the UK’s payment frameworks post-Brexit and the U.S. regulatory bodies’ efforts to regulate cryptocurrencies, digital wallet services, and shadow banking. Since the 2008 financial crisis, CUBE’s regulatory inventory has tracked over 40 million regulatory documents affecting the banking sector, highlighting the complex landscape compliance professionals must navigate.
Dr. Lü emphasizes the importance of staying ahead of risks to mitigate increasing penalties for non-compliance. She notes that recent enforcement actions have focused on lapses in recordkeeping, cryptocurrency fraud, and weaknesses in corporate governance, with fines related to unmonitored phone usage topping $2 billion since 2022.
The report also discusses the growing ESG divide, noting the difficulty compliance officers face due to conflicting demands and evolving standards across various jurisdictions. With over 600 active ESG standards and frameworks, achieving compliance is increasingly challenging.
Data privacy remains a critical concern, with privacy laws expanding significantly since 2023 under heightened regulatory demands to protect consumer data. AI and machine learning are invaluable in helping compliance teams manage complex international frameworks through horizon scanning and data mapping.
Furthermore, Dr. Lü highlights the pressure on compliance functions to do more with less, suggesting that integrating AI into compliance processes is crucial for managing costs and enhancing efficiency. She advocates for transitioning to machine-driven and human-validated compliance workflows to maintain alignment with the latest regulations and reimagines the potential of compliance teams to enhance financial stability and protect businesses and consumers alike.
Source: ibsintelligence.com
The post Can AI & ML revolutionise compliance in financial services amid regulatory challenges? appeared first on HIPTHER Alerts.
BlueFlame AI, a generative AI platform designed specifically for alternative investment managers, has successfully completed its Series A funding round, raising $5 million.
The round was 25% oversubscribed, reflecting strong investor confidence, and led to a new company valuation of $50 million. The funding sources included BlueFlame’s extensive industry network, strategic partners, and a notable contribution from the management team.
Established by experts in cybersecurity, FinTech, and governance, risk management, and compliance (GRC), BlueFlame AI is a leader in incorporating artificial intelligence into the alternative investment management arena. The company leverages cutting-edge AI and machine learning to create innovative solutions that transform the operations of investment managers, with a focus on enhancing security, privacy, and compliance.
The newly acquired funds will fuel BlueFlame’s accelerated growth plans. The company intends to broaden its services, improve its generative AI platform, and hire additional high-caliber staff, including client success managers, engineers, product managers, and operations personnel.
This expansion is part of BlueFlame’s strategy to continuously improve its client support and develop new AI technologies that streamline data integration and enhance operational efficiency.
Since its launch in October 2023, BlueFlame has rapidly expanded, now employing over 20 professionals and serving global clients who manage hundreds of billions of dollars in assets. Its clientele includes private equity managers, hedge funds, and wealth managers who benefit from BlueFlame’s integrations with over 20 system providers and its more than 50 pre-built workflows that boost operational capabilities.
Raj Bakhru, the CEO of BlueFlame AI, highlighted the critical role of AI in contemporary investment strategies, stating, “AI has become an essential tool that alternative investment managers recognize as crucial for streamlining operations, enhancing efficiencies, and supporting advanced strategies. The value of AI is evident, and our investors are keenly aware of the challenges and opportunities in harmonizing structured and unstructured data using AI, while also adhering to compliance, security, and regulatory demands. This funding is a strong endorsement of our business model, our technology’s robustness, and the value we add to the industry. With this capital, we are poised to focus on our primary objectives of product innovation and delivering exceptional value to our customers, as we continue to explore new ways for our clients to use AI to minimize time on routine tasks and focus more on achieving results for their investors.”
Before this funding round, BlueFlame had not reported any prior investment rounds, indicating that this Series A represents a significant initial step in their journey to advance FinTech solutions within the investment management sector.
Source: fintech.global
The post Investment tech innovator BlueFlame raises $5m to advance AI capabilities appeared first on HIPTHER Alerts.
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