European energy contract win for First Derivatives
First Derivatives has won a contract to delivery an electricity information exchange for Fingrid, the transmission system operator for Finland.
The Newry-based company has been selected alongside its partner CGI.
Describing the contract as a "significant win", the company said it further demonstrates its Kx technology's applicability, and opens up the possibility for further contract wins in the sector, as energy market operators upgrade their systems to cope with more demanding regulation and deliver additional services.
In addition, First Derivatives said the project will help create a better experience for consumers, while enabling greater efficiency.
"The combination of CGI, with its market-leading CMS system, and Kx for sensors creates a compelling solution that helped secure this contract with Fingrid in a competitive and rigorous process," Brian Conlon, CEO of Kx, said.
"We believe other operators in the energy ecosystem will see the advantage that the use of high performance data solutions powered by Kx can bring to transform their operations and look forward to working with them to secure these benefits."
Under the deal Kx technology will provide key functionality for a new system, known as Datahub, and will be integrated with CGI's Central Markets System (CMS) to deliver a centralised information exchange for retail markets that stores data from all of Finland's 3.5 million places of electricity consumption.
"Fingrid is a forward-thinking transmission systems operator and its Datahub will introduce multiple benefits for the Finnish electricity market," Leena-Mari Lähteenmaa, Senior VP of CGI Finland, said.
"A key component of the delivery of these benefits is the high performance and lower total cost of ownership of Kx, particularly its proven capability to handle data at scale. Together, CGI and Kx's products create a powerful solution in a rapidly evolving market."