General Electric’s (GE) Measurement and Control business has announced a minority equity investment in Meridium.
The companies are working towards a joint development and distribution agreement that will integrate Meridium’s asset performance management (APM) software and General Electric’s Bently Nevada System 1™ Asset Condition Monitoring (ACM) technology.
General Electric’s System 1 ACM technology is part of the Bently Nevada product line that produces machine condition sensors, data acquisition hardware and software. Meridium’s APM aggregates data from System 1 and other plant maintenance systems to provide plant engineers with a dashboard of reliability metrics. This new Industrial Internet software solution will enable condition-based maintenance with pinpoint precision, in near real-time, resulting in an estimated 10-30% in maintenance cost reduction.
This is a critical capability for customers in the Oil and Gas, Power Generation, Hydrocarbon Processing and other asset intensive industries.
“The way we do business is being dramatically altered in the era of the Industrial Internet. We are realizing the increased productivity and efficiency gains from big data and analytics delivered in real-time. The partnership with Meridium will increase value for our customers, allowing them to quantify risk in a near real-time manner. We are unlocking the value of condition-based maintenance, which will lead to reduced maintenance costs, increased mechanical availability and less downtime for our customers,” said Art Eunson, General Manager of GE’s Bently Nevada product line.
“Working with GE across mutual clients over many years taught us that together we could produce additional significant tangible value through collaboration and interfaces,” said Bonz Hart, Meridium’s Founder and CEO. “As we looked at the strengths of each company and our rapidly expanding global markets, working closer together made sense for our clients and to better serve our markets. GE’s Bently Nevada operates in a multi-OEM and multi-system world, as does Meridium, so we’re also tightly aligned on strategy. GE’s minority investment allows Meridium to stay focused on innovation and support our global growth.”
The investment aligns closely with General Electric’s focus on leading the Industrial Internet by connecting intelligent machines, advanced analytics, and people at work.
More value from big data
The combination of ACM and APM will allow customers to get more value from big data through contextually relevant insight into asset performance and plant operations. [Engerati-Turning Data Analytics into Opportunities and Capabilities.] By connecting sensors to maintenance management systems, customers can also expect to gain the ability to better manage their reliability strategy and operational risk. [Engerati-Asset Management Before Its Urgent.] and [Engerati-Data Analysis is Providing New Efficiencies.]
Utilities are beginning to realize the importance of asset management and condition-monitoring systems when developing a new business plan for the future. [Engerati-Effective Asset Management is Key to the Utility’s New Business Plan.]
Over the next decade, utilities are expected to spend US$49.2 billion on asset management and condition-monitoring (AMCM) systems for the power grid.
This is according to a new report by Navigant Research which points out that utilities are being forced to invest in sensing and monitoring technologies due to the advent of the smart grid.