IACCGH Business Hour Open Forum

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By Somdatta Basu

Siddhartha Sachdeva Unveils Cutting-Edge Energy Innovations at IACCGH Open Forum

Jan. 27, Houston, TX – In a captivating session on the IACCGH Open Forum, Siddhartha Sachdeva, Co-Founder and CEO of Innowatts, seized the audience’s attention as he explored the latest innovations shaping the energy industry. Sachdeva, shared insights into his entrepreneurial venture during the IACCGH Open Forum. The discussion touched upon diverse facets, from childhood memories to professional milestones. Reflecting on Innowatts’ unique name, Sachdeva said, “Innowatts represents our commitment to innovation in the energy sector. It’s about transforming the way we think about and consume energy.” Tracing Sachdeva’s early career in the Indian Naval dockyards, where he mastered the use of analytical data to optimize energy consumption on submarines during peacetime. The experience laid the foundation for his analytical mindset, a quality that would become instrumental in his entrepreneurial endeavors. Moving from submarines to airlines, Sachdeva’s analytical prowess found new applications as he worked with national airlines, gradually transitioning to the electric world with the Japanese car giant, Honda. His journey to the United States, propelled by career opportunities, eventually led him to Houston, where he worked for Reliant Energy. Sachdeva shares a realization, stating, “My transition to the energy sector was driven by the recognition of a gap – the untapped potential of customer energy consumption data for strategic benefits.” The entrepreneurial path, however, was not without its challenges. Sachdeva candidly shared the initial struggle of working on the concept in the comfort of his own home, juggling familial responsibilities. The perseverance paid off when Innowatts secured its first major client, Direct Energy, a significant player in the US energy market. Discussing Innowatts’ role in predicting energy consumption scenarios, Sachdeva highlighted the platform’s ability to assist utilities and consumers effectively manage their energy usage, especially with consumption increasing by 700%.

In terms of the future of energy generation, Sachdeva pointed to a combination of renewable sources such as wind and solar, along with gas-based plants and battery storage systems. This diversified approach addresses the intermittency of renewable sources, ensuring a reliable and sustainable energy supply.

Addressing concerns about AI, Sachdeva provided insight, stating, “The evolution of technology, including AI, brings both opportunities and challenges. It’s vital for society to navigate this evolution thoughtfully and responsibly, considering the impact on jobs and social interactions, and overall well-being. We need to strike a balance between leveraging the benefits of AI and ensuring it aligns with our ethical and societal values.” β€œIt’s essential to focus on developing AI technologies responsibly, ensuring transparency, accountability, and addressing potential biases,” he added. Sachdeva emphasized that the human element will always be crucial in overseeing and making decisions based on the outputs generated by AI systems.

Acknowledging the role of mentorship and support, Sachdeva expressed gratitude to Jagdip Ahluwalia, Executive Director of the IACCGH, as a guiding force and influencer in his entrepreneurial journey. Mentioning the instrumental role of Rice University’s startup competition, where Innowatts secured a spot among the top five startups, Sachdeva highlighted the pivotal meeting with Shell, who recognized the potential and invested in the company. The Innowatts CEO emphasizes, “Success in the energy industry requires not just innovation but a resilient spirit and a supportive ecosystem. I’m grateful for the support that has fueled our’ journey.”