Victoria-based Pani Energy (a previous Douglas 10 to Watch winner) has received a $2.8M investment from Sustainable Development Technology Canada (SDTC)to advance its AI technology for water/wastewater and desalination. This allows the business to continue tackling climate change via reduced energy consumption and emissions at industrial scale.
Pani uses cloud-based artificial intelligence (AI) to optimize desalination, water, and wastewater treatment plants worldwide, reducing power consumption, operating costs, and significantly improving overall efficiency. They say industrial water efficiency has been called an invisible solution to the climate emergency.
“The water industry is thirsty for innovation and Pani is filling this gap with its AI solution. We estimate a global deployment of our technology would reduce greenhouse gas emissions by 200 megatons annually, roughly the equivalent of taking 43 million cars off the road. We are laser focused on making this happen,” says Devesh Bharadwaj, CEO of Pani Energy.
“This investment will help us grow our team and place us in an excellent position to expand internationally. COVID-19 has put additional burden on water utilities, and there is no better time for us to support these utilities with advanced digital solutions.”
Leah Lawrence, President and CEO of SDTC, says “innovative and resilient entrepreneurs like the talented team at Pani Energy make me more hopeful about the future than ever before. Pani’s work on developing optimization tools for water treatment plans will allow plant owners to reduce their energy and chemical use. Their goals are ambitious and SDTC is here to help them meet and exceed them.”
The funding, announced on September 16, is part of a $24.8M total investment distributed across nine Canadian companies that each specialize in innovative clean technologies to facilitate Canada’s leadership in tackling climate change, fostering a low-carbon economy, and improving overall quality of life on a global scale.
The funding will accelerate Pani Energy’s development and deployment of its game-changing plant optimization technology, allowing plant owners and operators to be part of two solutions at once: save on operating costs while tackling climate change.
“Clean Tech companies like Pani Energy are changing the world with their innovative AI technology. With this investment our government is helping ensure that Canada is the most competitive market for clean technology companies,” noted Navdeep Bains, Canadian Minister of Innovation, Science and Economic Development.