U.S. RECOGNIZES ROLE OF GRID ENHANCING TECHNOLOGY AS PART OF MAJOR CLEAN ENERGY LEGISLATION

Smart Wires applauds the passage of the Inflation Reduction Act of 2022 in the United States, a historic effort by the federal government to reduce carbon emissions and invest in clean energy.

The legislation includes $369 billion in investments in clean energy and climate change programs with the goal to reduce carbon emissions by 40% by 2030. In doing so, the legislation aims to lower energy costs for American consumers and increase the production, availability and usage of renewable energy.

The Department of Energy will receive $100 million to study the development of interregional electric transmission infrastructure and the integration of offshore wind energy. This study will explicitly include Grid Enhancing Technologies (GETs) — such as power flow control and dynamic line rating — as solutions to alleviate constraints that result as more renewables are incorporated onto the grid. This investment builds on years of federal research and support for GETs. These technologies have long been recognized by government, private industry and academia as indispensable for optimizing the grid.

“Signing the Inflation Reduction Act into law is a significant step forward for the future of our planet; we commend and support this significant step,” said Smart Wires CEO Peter Wells. “While not a direct investment in the grid, and the infrastructure needed to support the energy transition, this unprecedented investment into the deployment of renewable generation and the electrification of demand is very positive. Ultimately, we also need to invest in and develop a digital edge-to-edge grid… a global energy network that creates a platform capable of connecting more renewable energy, faster, and enabling demand-side electrification. This platform would empower the consumer, connect the producer, and enable a new paradigm of flexible, adaptive grid operations. The backbone of the energy transition is a digital grid — it needs to be front-and-center as we build our net zero future.”

Smart Wires offers hardware, software and analytics services that advance the delivery of affordable, clean energy. SmartValve™, a modular power flow control device, intelligently controls the flow of power across the network. It pushes power off overloaded lines and pulls power onto underutilized lines, balancing power flows evenly across multiple circuits. SUMO™ is a state-of-the-art Dynamic Rating software that provides system-wide visibility of lines, transformers and other network equipment in real-time and for future forecasts.

CONTACTS

Julie Andrews, CFO

E-mail: julie.andrews@smartwires.com

Tel: +1 (901) 687-8314

Smart Wires’ Certified Adviser is Erik Penser Bank AB, Apelbergsgatan 27, Box 7405, SE-103 91 Stockholm, E-mail: certifiedadviser@penser.se, Tel: 08-463 83 00, www.penser.se.

About Smart Wires

Smart Wires is a global power technology company advancing the delivery of affordable, clean electricity around the world. With our innovative technology and advanced analytics, we maximize the grid’s capacity. This means more renewables, at a lower cost and with less disruption to communities and the environment. Headquartered in North Carolina, with European headquarters in Dublin, Ireland, and a global workforce of 150 professionals spread across four continents, we collaborate with our customers to achieve their strategic objectives and help them face an uncertain energy future with flexible, high-impact solutions.

Learn more about how we are reimagining the grid for a net zero world: www.smartwires.com