Rapid technological advances are transforming the energy industry.
While new technologies can spur innovation and enhance service for customers, they also present challenges. There's a flood of near real-time data to manage. New technology needs to be integrated into existing platforms. Energy companies can't let digital changes compromise energy reliability, resilience or security.
Exelon has a process to navigate this transformation. It explores how we leverage best practices across our platforms, identify emerging technology that can shape our environment and figure out the strategy that allows us to participate in new ideas.
At its core is the TechEXChange, which investigates innovations that could form the basis of new businesses. It's a multi-tiered evaluation platform that brings together various experts throughout the company to examine new technologies and determine whether to incorporate them into our business.
TechEXChange unearths innovations that could drive the energy system of the future.
The process involves assembling 60-person custom project teams for every new idea it's evaluating. Team members are recruited from throughout the Exelon family of companies based on expertise. The team then looks for any gaps, and augments their knowledge with outside experts such as government and industry associations, national labs, top universities, technology companies, and venture capital and private equity firms.
After it has evaluated each technology, the group provides Exelon senior leadership a recommendation on whether and how to adopt the new technology.
We're discovering what's next.
TechEXChange is currently focused on five primary areas of development - battery storage, fuel cells, vehicles powered by alternative fuels, water and hydrogen. All are areas that could produce the next enabling technology that will upend energy markets and bring new and better ways to produce and deliver electricity to customers.
One example: Bloom Energy.
Through TechEXChange, Exelon has cultivated a culture of innovation that promotes early adoption of promising new technologies and processes. One example is Exelon's partnership with Bloom Energy to build fuel cell projects at commercial facilities. This will expand our distributed generation portfolio through a long-term, strategic partnership with another industry leader.
By always looking at what's next, we can reap increasing value and take advantage of new growth opportunities.