The partnership will see both companies work together to deliver new and innovative technological solutions for forecasting and market insights. As well as that, Volue will now use Jua's weather prediction for fundamental analysis of the energy markets, providing highly accurate production, demand and price forecasts. Volue’s customers can now also access Jua's weather forecast within the Volue Insight platform.
Jua provides technology-driven decision making and modeling. By leveraging proprietary, fundamentally new technology and tens of millions of primary data points, it operates the first artificial intelligence (AI) ‘Large Physics Model’, capable of predicting weather with extremely high accuracy, precision, and speed.
Insight by Volue provides all participants in the energy markets with the necessary decision-making support they need in terms of fundamental and price forecasts.
Up until now, numerical weather prediction models have been the gold standard for the energy market. Jua’s global foundational AI model learns and understands the underlying atmospheric physics. This allows Jua to predict the weather faster and with higher accuracy than established standards.
On the partnership, Arnt Sollie, SVP, Insight by Volue, said: “The importance of understanding our global weather system has never been greater. Now more than ever, we recognise that an increased number of participants in the renewable energy ecosystem depend heavily on forecasting, with good forecasting ensuring high stability of the grid, low imbalance costs, efficient power production, and increased trading profits.
“By combining forces with Jua, we are set to create what will be world-leading weather predictions for the energy markets. By merging Volue’s extensive knowledge and technology with Jua’s highly accurate and precise weather information, we will deliver market insight that until now was thought of as impossible.”
Andreas Brenner, Co-Founder & CEO, Jua, said: “Volue is one of the most trusted and most innovative companies in the energy technology space. They are poised to greatly contribute towards accelerating the energy transition. We believe that our vision for the future and our understanding of quality are completely aligned.
“This partnership puts both companies on a trajectory to deliver more innovative products faster to a large audience than they could alone. I am excited by this potential and look forward to doing our part in accelerating the energy transition.”
