September 15 2023 | Luminance, the pioneer in ‘legal-grade’ AI, today announced that five energy companies, including Ecotricity and Perenco, have recently adopted its award-winning AI to streamline and automate the work of their in-house legal departments.

Against a backdrop of geopolitical shifts, successive supply chain shocks and growing ESG reporting requirements, energy companies are facing particularly volatile legal and market conditions. In order to maintain the competitive edge in this complex environment, businesses are turning to Luminance’s AI to maintain compliance across borders and market segments, automate routine legal work, and drive internal efficiencies.

Powered by the latest advances in machine learning, Luminance’s pioneering ‘legal-grade’ AI revolutionises how businesses read, understand and analyse their contracts. Ecotricity, Perenco and Eolus Vind join a growing list of energy companies taking advantage of the first AI in the world to take a first pass of review any incoming contract out-of-the-box, highlighting areas of potential non-compliance and risk. Importantly for these cross-border businesses, legal teams can upload jurisdiction-specific internal standards into Luminance, ensuring compliance with all regulatory requirements.

Furthermore, Luminance’s intelligent contract repository delivers granular insight into expansive document landscapes, helping energy companies to conduct rapid assessments of supply chains or ESG-related reviews. For instance, with Luminance flagging 1,000 legal concepts out-of-the-box, legal departments can rapidly identify key clauses and terms such as Sustainability Clauses, Carbon Clauses or Net Zero Standards.

Eleanor Lightbody, CEO of Luminance, commented, “It’s exciting to see energy companies around the globe adopting Luminance’s AI. Legal professionals serving specialist industries need specialist technology to meet the unique challenges posed by their sector. That’s why Luminance’s legal Large Language Model (LLM) is such an essential tool for in-house legal departments today.”

Luminance continues its rapid trajectory of growth, recently reporting a 336% year-on-year increase in customers for its flagship product, Luminance Corporate.

ENDS

About Luminance
Luminance is the Contract Intelligence platform that turns the language that defines a business into the intelligence it runs on. Born out of the University of Cambridge and purpose-built by AI, legal and technology experts, Luminance understands the history and context of every contract. It acts on that intelligence, proactively surfacing risk, flagging obligations, accelerating negotiations and driving action across Legal, Finance, Procurement, Sales and the wider business. It enables enterprises to learn from their contracts, while contracts learn from the enterprise, helping businesses make better decisions and move forward with confidence.