Inion Software recorded significant growth in the first half of 2024, with the number of ongoing projects increasing by dozens

The Lithuanian start-up Inion Software, a company offering innovative renewable energy monitoring solutions, which had its most successful year in 2023, continues to experience steady and noticeable growth. The number of projects implemented by the company in European Union countries, offering AI-based monitoring and management solutions for solar and wind power plants and energy storage smart battery systems, has significantly exceeded last year’s figures in the first half of this year, increasing by dozens.

The company estimates that in the first half of 2023, it had 80 solar projects with innovative monitoring and control solutions, compared to just over 100 in the first half of this year.

In 2023, the company did have one project related to wind power plants, whereas this year, it has already signed five contracts for such projects.

The number of energy storage battery projects for which Inion Software’s AI-based monitoring and control solution has been applied has also increased significantly. Last year, the company had five such projects; in the first half of this year, that number increased to slightly more than twenty.

In addition, Inion Software also works on projects in Lithuania, Spain, Italy, and Sweden.

As Dr Šarūnas Stanaitis, the CEO of Inion Software, notes, although there is a saturation point with solar power plants in some areas, such as Lithuania, the prospects for the flourishing of renewable energy in European countries remain vast.

Šarūnas Stanaitis reflects on these trends: “Looking to the future, solar power projects should continue as new buildings are regularly constructed for which renewable energy will be essential. Based on current trends, there is significant potential for growth in mid-segment solar power plants in countries like Spain and Italy. Meanwhile, In Lithuania, where there is some saturation of solar power plants, many wind energy projects are expected to be launched next year, with numerous wind farms set to be constructed. However, energy storage batteries are relatively new topics in many places. In most European countries, the initial steps are being taken to integrate and use them. Therefore, the demand for energy storage batteries will remain high almost everywhere next year”.

He also adds that regular changes in the electricity market can significantly impact household finances and business spending. Therefore, it is natural that more and more people are looking to generate their electricity and maximise its use.

Dr Šarūnas Stanaitis continues: “This is why the number of projects utilising Inion Software’s artificial intelligence is increasing. Our AI can provide high-quality forecasts on how wind or power plants will perform in a few days and how much energy they will accumulate. It can also recommend the optimal times to purchase the cheapest electricity from the grid for storage and sell it at higher prices”.

The Head of the company adds that cybersecurity in managing storage, solar and wind power plants is a critical topic across the EU. Cybersecurity studies have shown that EU unfriendly countries can easily control existing power plants. Consequently, various EU countries are preparing legislation that mandates equipment replacement from hostile countries or restricts its ability to connect with such countries.

Inion Software has developed a solution to restrict access to monitor or control solar and wind power plants. Inion Software has been developing monitoring and analysis tools for solar and wind power plants for over five years, and demand for these tools increases yearly. The company also develops and adapts smart battery management systems that use AI algorithms to predict and select the most efficient scenario for the power generation process.