Houston, TX ‒ Fluence Analytics announced the close of a venture funding round and new business collaboration agreement with Yokogawa Electric Corporation. In addition to signing the collaboration agreement, Yokogawa Electric also participated in the $7.5 million financing with other investors, including Energy Innovation Capital, Diamond Edge Ventures (CVC arm of Mitsubishi Chemical Holdings Corporation) and JSR Corporation.
Yokogawa and Fluence Analytics announced that under the collaboration agreement they will work together to expand and accelerate the deployment of ACOMP systems to customers worldwide. Yokogawa will be Fluence Analytics’ exclusive distributor of ACOMP systems in Asia, the Middle East and North Africa, including providing field engineering, sales and system integration with customers.
Fluence Analytics will use the funds from the new financing to accelerate the design and production of its next-generation, industrial ACOMP, increasing its ability to reduce cycle times and eliminate the production of off-spec products. Specific ACOMP enhancements will include industrialization for hazardous locations, expanding the smart manufacturing system’s output of measurements, adding more analysis algorithms and enhancing its data mining correlation framework. The company will also scale up production efforts, invest in sales and marketing, and increase personnel.
“Our team is very excited to add Yokogawa Electric as a strategic partner and investor. Yokogawa’s global leadership in measurement and process control technologies will be a major asset, enabling us to scale up operations, augment field engineering efforts, and expand our installed base throughout the world,” said Alex Reed, CEO of Fluence Analytics. “We look forward to working with Yokogawa as we facilitate the creation of next-generation materials and continue to improve efficiency, quality, yield and sustainability in polymer manufacturing.”
Kenji Hasegawa, a Yokogawa Electric vice president and head of the Yokogawa Products headquarters, commented, “We have been supporting the petrochemical industry through the provision of measurement and control solutions. By cooperating with Fluence Analytics, we will be able to offer additional value in polymerization processes. We look forward to providing our customers with these new systems, which, in addition to benefiting health, safety, and the environment, will enable the reduction of cycle time, eliminate the production of off-spec products, and produce an estimated $1.5 million in cost savings per year based on average reactor size.”