San Jose, CA, July 2, 2020, Sonasoft Corp. (OTCQB: SSFT) is pleased to announce that their new AI solution with Delaware Electric Cooperative (DEC) went live at 3 pm on Monday, June 29. The project uses NuGene, Sonasoft’s AI Bot Engine, to predict peak electricity usage. This allows DEC to manage their demand more effectively, and help slash annual operating costs which translates into lower rates for their members.
As an electric cooperative, DEC purchases and produces electricity from a variety of sources. The price DEC is charged is based on a number of criteria relating to peak usage. Consequently, they try to control this using Load Control (LC) events and Beat-the-Peak notices. Above all, they want to avoid the risk of so-called Coincident Peak (CP) events, which are especially costly. The AI model ensures DEC never suffers a CP event while also minimizing the number of LC events. On the same day that it went live, the Sonasoft AI system had an immediate success, making a load control recommendation to DEC to send a Beat-the-Peak notification to its members to reduce electric energy usage thereby reducing the load. This aligned with DEC’s existing in-house manual system for predicting peak usage.
“We are pleased that the Sonasoft AI model is already showing its worth,” said Bill Andrew, President and CEO of DEC. “This new approach to predicting peak demand will allow us to cut costs and provide more affordable electricity to our members. I am a long-standing advocate of using AI to improve efficiency in electricity supply and distribution. This is clearly the future, and I am proud that DEC is leading the field here.”
The Sonasoft AI model is an advanced AI prediction system. “The model combines actual electricity load consumption and weather data to accurately forecast peak and non-peak days,” said Ankur Garg, Chief AI Officer at Sonasoft. “This model has been trained and optimized to accurately predict both the type of peak and the precise timing of the peak. Furthermore, it then makes a precise recommendation for when to trigger an LC event and send out a Beat-the-Peak notice. This ability to make intelligent recommendations sets NuGene apart from other AI platforms.”
The Sonasoft AI model has been designed to be easy and intuitive to use. DEC sees a clear dashboard, displaying charts and graphs showing monthly and daily comparisons of actual versus predicted load as well as an hourly 14-day load forecast. They also are presented with precise recommendations on what corrective action to take when it's needed.
Sonasoft’s AI solution helps DEC to reduce costs, increase customer satisfaction, and deliver reliable power to all its customers. Truly a win-win situation for everyone!
Mike Khanna, CEO
Phone: (408) 708-4000 X7104
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934. These outcomes may be materially impacted by various risks set forth in the Company’s filings, as well as: (i) trends affecting the Company’s financial condition, financings and capability to pursue and to use proceeds to pursue certain product opportunities; (ii) trends affecting various technological and financial sectors, including, without limitation, AI, data science, data intelligence and advanced analytics and related market results, customer and regulatory acceptance of such technology and results; (iii) the Company’s and its strategic partners’ abilities to successfully collaborate and optimize resources and focus toward successful AI, data, analytics and other technological implementations; and (iv) trends affecting the Company’s growth, operating, and technology strategy and focus. Investors are cautioned that any such forward-looking expectations are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control and that actual results may differ materially from those projected in the disclosure as a result of various factors g statements as a result of various factors.