News and Blog
Power Drive Efficiency joins Cognicity Challenge
We are delighted to announce that EcoMachines' portfolio company Power Drive Efficiency (PDE) has been accepted onto the Cognicity Challenge, established by the Canary Wharf Group to develop pioneering projects in the smart cities space. The Cognicity Challenge is an accelerator and the starting point for the Cognicity initiative, which aims to create one of the world’s leading smart city areas within Canary Wharf, London.
PDE develops motor controllers that use sophisticated algorithms to monitor motor performance. The controller then dynamically adjusts the driving parameters of the motor, resulting in increased efficiency. This enables the PDE drive to provide energy savings on variable load applications such as escalators, lifts and water pumping.
The company has been short-listed within the Cognicity Challenge’s Integrated Resource Management stream, which was launched today. The 6 short-listed companies will be put through a 12 week accelerator programme, with one company winning a £50,000 prize and the opportunity to pilot their technology within the Canary Wharf estate.
The challenge therefore benefits both the companies and Canary Wharf itself, which has first access to cutting edge technologies and the opportunity to set the global standard in smart city development. PDE staff members will be based at High Growth Space: 24 within Canary Wharf’s iconic One Canada Square for the duration of the programme, offering opportunities for collaboration with the other finalists and access to the Level39 tech community.
EcoMachines invested in PDE during 2014 and has supported the company by developing its executive team and securing a pilot of the PDE drive within the industrial sites of a major multinational company. We will continue to support the business during the 12 week programme.
PDE's CEO, Igor Turevsky, commented, ‘We at PDE are looking forward to partnering with Cognicity to work towards a pilot for our energy-saving technology within escalator applications. Through our innovation in the field of power electronics, we are confident of delivering tangible benefits to building operators, such as cutting the electricity bill for running escalators by a third. We are also excited by the opportunity to meet and collaborate with experts and other smart city startups as part of the Level39 community.’
We wish the PDE team the best of luck with this exciting new opportunity!
Details of the launch can be found on the Cognicity Ticker. For further information regarding PDE, please contact us.