Unlocking the potential for a smarter future
21 November, 2019
21 November, 2019
Below content from UTS News
The Smart Future Research Centre (SFRC) is a new joint venture combining University research strengths with a leading investment and asset management firm.
UTS and the Providence Asset Group (Providence) have signed a five-year agreement to collaborate on joint research projects and initiatives within the co-branded facility located in the Faculty of Engineering and IT. The vision is for a world-class research Centre delivering innovation to transform the energy and resources sector, promote Australia as a global energy powerhouse, a sought-after destination for investment, and the leading source of knowledge and solutions to enable sustainable living, smarter cities and healthier communities.
The energy industry in Australia is currently undergoing a shift and transition to low-carbon energy, requiring significant, continued investment in conventional sources to address the intermittent nature of renewables.
Energy underpins every aspect of modern life, driving economic growth and prosperity directly link to people’s standard of living, said Professor Michael Blumenstein, Associate Dean of Research Strategy and Management FEIT.
New developments are unlocking potential right across the energy sector, creating opportunities for those who can adapt and scale fast. There are real options to substantially decarbonise and decentralise the energy supply.
This is a once-in-a-lifetime change in the energy supply model.
As an Australian innovation-led investment firm, Providence has a focus on investment and management of renewable conventional assets to optimise the supply chain value through innovation initiatives, said CEO Henry Sun.
We believe collaborative partnerships between industry and innovators can produce truly transformational results. Meaningful collaboration and strong partnerships with leading research organisations are the basis of a thriving, resilient and innovative economy. We are committed to continuing to support the energy sector by developing and deploying the new technologies that generate competitive industry outcomes, efficiencies and deliver value and jobs across the nation.
Providence brings expertise around smart technologies, including renewable energy for microgrids and groundbreaking hydrogen technology for green-power storage, and is positioned to play a key role in powering smart, sustainable communities across Australia.
Supported by Providence-dedicated clean tech, the Centre will target investments in innovative and disruptive technology to drive sustainable advances in energy production, transportation, consumption and utilisation of power, water and food to improve our environmental and economic well-being, fostering healthier and safer communities for future generations.
As a major participant in the Future Food Systems Cooperative Research Centre, we will contribute funds and immensely valuable expertise in the fields of ‘smart city’ development and energy innovation, being well positioned to play a critical role in the development of smart sustainable solutions for urban and peri-urban farming that optimise energy, water and other inputs, to the CRC research programs.
Incorporating advanced data science, artificial intelligence, quantum computing, the Internet of Things (IoT) and blockchain, the Centre will focus on the development of:
- Smart Energy – optimising the renewable energy sector to become the core source of energy production to deliver more affordable, reliable and sustainable supply
- Smart Water – optimising the quality, production, storage and usage of water to support regional towns and cities adapt to changing climatic conditions
- Smart Food – optimising the production, quality and transportation of Australian agriculture to deliver sustainable increases for domestic and international markets
- Smart Living – development of IoT enabled devices to mitigate the impacts of disease, improve treatments and promote healthy lifestyles
- Smart City – integrating social, environmental and economic activities and trends to optimise the planning and operations of cities