Alabama Power to deploy HData’s energy regulatory data platform enterprise-wide and partner to develop new regulatory business intelligence solutions.
Birmingham, Alabama, December 8, 2021 — HData, an early-stage RegTech startup delivering automated compliance and instant business intelligence to the U.S. regulated energy industry, has announced a strategic partnership with Alabama Power Company.
The announcement was made at the Techstars Alabama EnergyTech Accelerator’s Demo Day 2021. The event celebrated the completion of a three-month startup accelerator program, sponsored by Alabama Power, in which HData was one of nine companies selected to participate from across the U.S. and Canada. HData’s platform uses regulatory data to automate compliance and business intelligence for electric utilities, gas companies, and oil pipelines.
“Alabama Power is committed to deploying technological innovation to better serve our customers and elevate the state,” said Alabama Power Assistant Treasurer Chris Blake. “Our support for the Techstars Alabama EnergyTech Accelerator and our partnership with HData exemplify that commitment. HData digitally transforms the way we interact with certain regulatory data, providing better insight and creating a holistic view of our industry.”
Following the Techstars accelerator program, HData will deliver its Data Hub solution to provide instant peer comparisons and financial insights from regulatory data to all Alabama Power offices. Throughout 2022, Alabama Power and HData will work closely together to design HData Insights, the next generation of energy regulatory business intelligence, to bring smart dashboards and predictive analytics to inform financial management and regulatory compliance.
Alabama Power’s participation in HData’s $3 million seed funding round, led by Hyde Park Venture Partners and Firebrand VC, alongside other local and national investors, further demonstrates the company’s commitment to leveraging new technologies to simplify compliance and transform energy regulatory data into actionable business insights.
In addition to the partnership with Alabama Power, HData announced it will move its headquarters to Birmingham and recruit locally. “The Techstars Alabama EnergyTech Accelerator has connected us to a vibrant startup ecosystem here in Birmingham,” said HData co-founder and Chief Technology Officer Yuval Lubowich, a two-time alum of Techstars accelerator programs. “Thanks to Alabama Power’s support and the accelerator’s hard work, there is no better place to transform the way energy companies generate and use their regulatory data. We look forward to joining that ecosystem, building a world-class team here, and growing the future of regulatory data as a Birmingham company.”
“In 2015, when I ran the Data Coalition, I introduced colleagues at the FERC to XBRL and recommended that they should replace static documents with structured data,” said HData founder and CEO Hudson Hollister. “That groundwork enabled us to be the first RegTech company in the energy industry and build the only platform that both automates compliance and extracts business intelligence.”
HData’s mission is to digitize the interface between the regulatory sector and the private sector. HData’s leaders apply over 50 years of experience in regulatory data to make life easier for professionals who comply with regulations, enforce regulations, and use regulatory business intelligence.
About Alabama Power
Alabama Power, a subsidiary of Atlanta-based Southern Company (NYSE:SO), provides reliable, affordable electricity to 1.5 million customers across the state. Learn more at www.alabamapower.com.