German energy company Innogy has today taken a major step further into the world of artificial intelligence.

innogy New Ventures, part of the Innogy Innovation Hub, has signed a deal with venture capital firm BootstrapLabs, which specializes in AI, to secure investments in the technology and also unlock access to entrepreneurs, and developers.

“As a venture capital firm focused on applied AI, we believe that the advances made from deep learning and machine learning algorithms will revolutionize both the demand and supply side of the energy economy,” said Nicolai Wadstrom, founder and managing partner of BootstrapLabs.

“With about 22 million customers and activities in 15 countries, innogy is the perfect partner to help us validate use cases quickly and scale our venture investments globally.”

As part of the collaboration, the innogy Innovation Hub’s Palo Alto outpost has invested an initial $5m in BootstrapLabs’ Applied AI Funds and will gain access to BootstrapLabs’ AI technology expertise and global community of 40,000 experts, entrepreneurs, and developers.

The two companies plan to work together on initiatives incorporating electric vehicles, cybersecurity, smart homes and smart cities.

Thomas Birr, chief executive of innogy Innovation Hub, said: “At the innogy Innovation Hub, we believe that AI will fundamentally change every industry – including energy. Our task is to seek out new business models, form promising partnerships and test new ideas that will shape the energy market of the future.”

Elke Temme, Senior Vice President eMobility at Innogy, will be speaking at European Utility Week next month in Vienna, where there is also a focus on artificial intelligence in the energy sector. Click here for details.