Encored

About Encored

Encored, established in 2013 by founder and CEO John Choe, operates as an energy IT company with its origins in Silicon Valley. The firm specializes in providing AI-based optimization and IT solutions for the renewable energy sector, focusing on energy data collection, management, and AI-driven analysis. With a significant portion of its workforce dedicated to research and development, Encored leverages IoT, cloud, and AI to analyze and optimize energy data.

The company's core business revolves around its iDERMS (Integrated Distributed Energy Resource Management System) platform, a suite of solutions for Virtual Power Plant (VPP) operators. This platform facilitates everything from on-site monitoring and power generation forecasting to market bidding and settlement. Encored has developed its own hardware, including edge devices and modems, for remote management and secure data acquisition from renewable energy sources. A key component of their service is an AI-powered forecasting system that predicts solar and wind energy generation, which is utilized by a significant portion of participants in the Korea Power Exchange's renewable forecasting service. The company also offers consulting and an operational platform to help corporations achieve RE100 targets by analyzing electricity usage and optimizing their renewable energy portfolio.

Encored serves a range of clients, including renewable energy suppliers and corporations like SK Telecom, Pumpkin, and Ascendo Ventures, providing them with tools for power usage analysis and optimal contract capacity. The company's solutions manage a substantial portfolio, with monitoring and control for 3.5GW of renewable energy sources and its iDERMS solution handling forecasting and bidding for over 1,300 power plants totaling 2.2GW. Recently, Encored partnered with a U.S. AI data center investment firm to manage the energy systems for a large-scale data center, planning to implement a hybrid energy system and a VPP to sell surplus electricity. The company generates revenue through its comprehensive solutions for VPP sellers and consulting services. Having raised a total of $16.3M in funding over two rounds, with investors including Formation 8 and SoftBank, Encored has established a global presence with offices in Silicon Valley, Seoul, and a joint venture in Tokyo with SoftBank.