July 06, 2023

Multiverse Computing, Iberdrola partner to use quantum computing optimization to green up power grids


SAN SEBASTIAN, SPAIN, July 6, 2023 - Multiverse Computing, a global leader in value-based quantum computing solutions, today announced a joint project with multinational clean energy firm Iberdrola to modernize electrical grids and facilitate additional green energy sources.

Because electrical grids are integrating increasing amounts of renewable generation, electric vehicles and other distributed energy resources, supplemental batteries are playing a vital role. i-DE, Iberdrola’s distributor in Spain and a leader in smart grids, will work with Multiverse Computing to select the optimal number, type and locations of supplemental batteries for the electrical grid.

Many variables must be considered when determining battery placement within smart grids, such as connections with neighboring power systems, flexibility in existing generation sources, and the hourly, daily, and seasonal changes in power demands. Multiverse’s quantum algorithm experts will use quantum and quantum-inspired algorithms to solve these computationally complex problems, which classical computers cannot manage.

The two companies will work together for 10 months as part of the Gipuzkoa Quantum Program in the Basque Country of Spain, a quantum computing hub and smart grid innovation center.

In the U.S, Multiverse’s optimization solutions are primed to help solar and wind installations in cities and states make some of the same improvements. Grid batteries are especially helpful with green energy sources as batteries can store energy at peak generation times and store it for use during peak demand.

In addition to changes in the mix of energy sources, electric companies are facing new operating requirements. Connecticut, Illinois, North Carolina and Washington recently instituted performance-based regulation of utilities, and Hawaii already has this type of regulation in place. This new trend in regulation shifts the model away from profits driven by return on capital investments in favor of objectives based on delivering affordable, reliable and clean power.

“Our quantum optimization algorithms could help utilities meet new requirements aiming to align utility profit motives with environmental goals, including decarbonization and resilience,” said Enrique Lizaso Olmos, CEO of Multiverse Computing.

About Multiverse Computing

Multiverse Computing is a leading quantum software company that applies quantum and quantum-inspired solutions to tackle complex problems and achieve a more resilient and prosperous economy. The company's expertise in quantum algorithms and quantum-inspired algorithms enables maximum performance from today's quantum devices as well as classical high-performance computers. Singularity, its flagship product, enables professionals in all industries to leverage quantum computing with common software tools. The company serves companies in a variety of industries, including finance, mobility, energy, life sciences and advanced manufacturing.

With offices in Canada, France, Germany and the UK, Multiverse is headquartered in Donostia, in the Science and Technology Park of Gipuzkoa, Spain. Multiverse is supported by BIC Gipuzkoa, an organization dedicated to promoting innovative companies in the region and facilitating collaborations between technology companies.

About Iberdrola

Iberdrola, Europe’s largest electricity utility by market capitalization, and the second largest in the world, is a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others. 

The company has a workforce of over 40,600 and assets in excess of $167 billion. In 2022, Iberdrola posted revenues of nearly $59 billion, net profit of $4.7 billion, with more than $8 billion paid in tax contributions in the countries where it operates. The company helps to support more than 400,000 jobs in communities across its supply chain, and global supplier purchases topped $19 billion in 2022. A benchmark in the fight against climate change, Iberdrola has invested more than $141 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

Veronica Combs
HKA Marketing Communications
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