American Electric Power to launch IlluminationLAB
American Electric Power has joined forces with L Marks to launch IlluminationLAB, an initiative designed to identify innovative technology solutions for the energy industry.
IlluminationLAB — which will be based Columbus, Ohio – will focus on innovations in four areas: customer experience; grid optimization; efficiency, operations and maintenance; and electric mobility/electrification.
L Marks, an innovation advisor, will help AEP identify promising entrepreneurs and early and growth stage companies in the energy sector to participate in the IlluminationLAB program.
If selected, the companies will work directly with an AEP mentor and industry experts for 10 weeks to shape their idea. Those selected to participate will be given access to working space, potential funding and the chance to develop products, platforms and processes, Also, the startups will work with leading subject matter experts in the energy sector.
“AEP’s IlluminationLAB is designed to combine industry insight and learnings with the perspective and technologies of talented startups from around the world. We are particularly interested in products and solutions focused on renewable energy resources, smart connected devices, customer engagement, predictive analytics and virtual assessments. We want to lead the utility industry in building the future of energy for the benefit of our customers,” Chris Johnson, director of AEP Enterprise Innovation and Technology, said.
Those interested in applying for the IlluminationLAB can visit aepilluminationlab.com. Applications to participate in the IlluminationLAB will be accepted until March 24. The finalists will have the opportunity to pitch their ideas to AEP executives and stakeholders May 14. Those selected will start June 17.
“We are delighted to be partnering with AEP as we launch the IlluminationLAB,” Daniel Saunders, chief executive, L Marks, said. “Having worked with AEP over the past few months, we have witnessed their brilliant attitude to open innovation, and we are excited to uncover the most exciting early and growth stage companies who will be able to capitalize on this unprecedented opportunity to expand their businesses whilst creating game-changing solutions across the energy sector.”
