If 2020 was the year that changed everything, 2021 was the year of implementing change. Here’s a quick look back at an unforgettable year in the utility sector, with a peek at what’s in store for 2022.
“In the coming year, we will continue to deliver on our commitment to clients while keeping our employees safe and happy during Covid. We will expand our product offering from an advanced digital as-builting solution to a complete Digital Construction Management hub, doubling our investment in R&D and increasing our staff to 300 by the end of the year. As we grow and evolve, we will continue to put customers first by expanding our Customer Success team and supporting lean and flexible deployments to maximize their ROI.”
Extreme Weather Highlights the Need for Grid Modernization
Extreme weather incidents affected millions around the world, causing lengthy power outages, unsafe drinking water, costly infrastructure damage, and significant loss of life.
In Texas, the February winter storm crippled the state’s electrical infrastructure and cost over $80 billion in damages, while Hurricane Ida hit Louisiana in the summer, causing severe flooding and high winds and, at more than $90 billion in damage, could be the costliest US hurricane in the last 20 years. In November, Storm Arwen brought widespread destruction across England, Scotland, Wales, and Northern Ireland with damages estimated at £250 million.
Storm damage has continued to highlight the need for grid hardening, undergrounding, and the deployment of alternative energy sources such as Distributed Energy Resources (DERs) during periods of power instability.
Utility leaders are looking to technology companies to provide solutions for maintaining stable power as well as for improving the speed of emergency repair work. By incorporating a high-fidelity Digital Twin, they can ensure that crews have the proper equipment and materials and can pinpoint the precise locations of assets quickly and efficiently.
“Our roadmap and business outlines are the strongest they’ve ever been, combined with the most talented and experienced team we've ever had. It's all about scaling to the next level, from product development to supporting the clients we serve, whose use of our technology has grown exponentially to 3x the amount than last year, with more asset data collected and more miles mapped than ever before.”
New Government Initiatives Make a Big Impact
2021 saw significant changes being made at the government level to modernize critical infrastructure and develop sophisticated tools to meet rising energy demands. As world populations grow and demand for reliable power and connectivity continues to increase, government leaders understand that their aging infrastructures can no longer support current and future needs.
The United States’ $1.2 Trillion Infrastructure Investment and Jobs Act was signed into law, signifying rapid change for US transit, water systems, energy networks, and broadband connectivity.
To reduce £2.4 billion in utility damages and improve construction efficiencies, the UK government began the Build Phase of its NUAR digital map project. The project aims to help utility leaders accelerate critical infrastructure projects across the region while increasing safety measures for workers.
The Indian government launched the “One Nation, One Gas Grid” initiative, aiming to increase the natural gas in India’s energy basket from 6% to 15%. Roughly $74 billion has been allocated towards developing new infrastructure to help meet the rapidly growing demand for new construction projects.
With more infrastructure construction projects in development, the need to apply sophisticated technology to support them is more critical than ever. At the same time, utilities are facing a serious workforce shortage. As Locusview’s Co-Founder and President Alicia Farag noted in T&D World, “Attracting younger workers, decreasing labor intensive and repetitive tasks, and building knowledge into workflow driven applications can be accomplished through the implementation of digital construction technologies”.
What We Achieved in 2021
At Locusview, our teams worked tirelessly to meet customer needs by developing new features and functionalities. We worked closely with our partners to enhance our products and services and bring even greater value to our customers worldwide.
When asked about the company’s biggest achievements, Co-founder & CEO Shahar Levi replied, “Our roadmap and business outlines are the strongest they’ve ever been, combined with the most talented and experienced team we've ever had. It's all about scaling to the next level, from product development to supporting the clients we serve, whose use of our technology has grown exponentially to 3x the amount than last year, with more asset data collected and more miles mapped than ever before.”
Earlier this year, we announced the completion of a $64 million Series A financing round led by Israel Growth Partners (IGP), a $600 million Growth Investment Fund focused on Israel-based growth-stage technology companies, in participation with existing investors. This capital infusion has supported our expansion into electric utilities and allowed us to focus efforts on additional product development and M&A opportunities.
“Attracting younger workers, decreasing labor intensive and repetitive tasks, and building knowledge into workflow driven applications can be accomplished through the implementation of digital construction technologies”.
From the United States to the United Kingdom, from Brazil to Mexico, from India to Australia, Locusview’s leadership team shared their industry expertise and insights with a global audience. We presented our Digital Construction Management technology at over 18 international events in the energy and telecommunications sectors.
In an effort to expand our product offering and develop strategic partnerships in new territories, we welcomed new talent in Sales, Electric SMEs, Product, and R&D. We entered new markets in the United Kingdom and Greece and have already begun developing pilot programs in both regions.
We’re proud to have been recognized in media and industry publications including Forbes, Nasdaq, Energy Central, and Power Engineering. Atmos Energy spoke in-depth about the benefits of Locusview’s technology, highlighting the value of traceable, accurate and complete data.
Where We’re Headed in 2022
As the new year approaches, we’re focused on achieving important goals for 2022.
Shahar noted, “In the coming year, we will continue to deliver on our commitment to clients while keeping our employees safe and happy during Covid. We will expand our product offering from an advanced digital as-builting solution to a complete Digital Construction Management hub, doubling our investment in R&D and increasing our staff to 300 by the end of the year. As we grow and evolve, we will continue to put customers first by expanding our Customer Success team and supporting lean and flexible deployments to maximize their ROI.”
On the partnership side, we will broaden the scope of our relationships with key enterprise software providers such as Esri and IBM to support greater integrations. We are joining PwC’s Utility Edge program, a portfolio of recommended vendor solutions for the electric utility sector. Recently, we announced a new collaboration with leading electric research organization EPRI to help electric utilities better manage the complexities of modern electric grids.
Locusview’s Digital Construction Management platform will continue to deliver advanced capabilities to help our customers:
- Reduce costs
- Decrease risk
- Increase CapEx efficiency
- Prepare for future challenges
…and more.
We wish you a New Year of health, new opportunities, growth, and success.
