Artificial intelligence company Veritone Inc. (Nasdaq: VERI) of Costa Mesa said today it has introduced a set of AI tools that will help utilities increase profitability and improve grid reliability as they make the transition to renewables.

“Every year, over $750 billion is invested in global electricity generation and distribution projects, giving Veritone Energy a significant opportunity to showcase how our cutting-edge, predictive AI technology can help the world reduce its dependence on fossil fuels,” said Chad Steelberg, chairman and chief executive of Veritone.

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Veritone has already begun to deploy its AI energy technologies with a leading U.S. utility and is in advanced talks with other potential private and public sector customers and partners, the company said in a statement today.

Shares in Veritone fell 1.2% to $9.33 apiece for a market cap of $257 million.