EEF leverages innovative Luminance AI technology for enhanced contract management

Berlin, July 5, 2024 - EEF has recently adopted advanced AI technology from Luminance, the pioneer in Legal-Grade™ AI, to enhance efficiency and productivity throughout the company.

Facing an increasing volume of contracts requiring fast processing and a complex regulatory environment, the EEF team sought a forward-looking technology to optimize the contract management. The goal was to enable non-legal teams to effectively manage their contract archive. By reducing the time spent on the contract process, the planning of renewable energy projects can be significantly accelerated.

Thanks to Luminance's AI, EEF can now create and review 50% more contracts. Luminance automatically highlights non-standard clauses in incoming contracts and suggests alternative preferred formulations that can be replaced with a single click. Moreover, Luminance gives non-legal teams the confidence to effectively manage obligations and compliance measures within these crucial contracts. In fact, EEF has found that the process from contract drafting to signing, which previously took two weeks, now only takes two days.

EEF now uses Luminance as a central source for the company's most valuable assets: the information and data contained in their contracts. Luminance's AI-powered repository automatically tags 1,000 of the most important clauses, including applicable law, termination periods, and parties, allowing key data points across the entire contract landscape to be identified in seconds.

Luminance will soon be extended to EEF's asset management and investment team, creating a effective AI-driven ecosystem, which enhances productivity throughout the company.

Joest Bunse, Head of Structured Financing at EEF, noted: "As a leading company in the renewable energy sector, EEF understands the importance of staying at the forefront of technology. Luminance enables our legal and non-legal teams to optimize contract management, reduce processing times, and create a more efficient review process. Effective operation in this area requires strict compliance with constantly evolving regulations. Luminance allows us to meet these requirements and continue to lead in this sector."

Eleanor Lightbody, CEO of Luminance, added: "It's fantastic to see more and more energy companies turn to Luminance to optimize their contract process from start to finish. I am delighted to have the wonderful team at EEF on board; they are true innovators in the field of renewable energies, and I am excited to see what this partnership will bring in the future."

About EEF Renewable Energies Factory GmbH:

EEF (Renewable Energies Factory) stands for a future where sustainability and progress are closely linked. As a creative visionary, it is passionately committed to the Energy transition 2.0 and serves as an innovative partner for holistic energy concepts in Germany. With years of industry experience and locations in Berlin, Hamburg, and Mainz, EEF drives projects forward with over 45 employees, aiming to incorporate them into their own portfolio in the long term. EEF plans to invest approximately 500 million euros in the coming years to create a sustainable energy era by intelligently combining wind energy, photovoltaics, and storage technologies, supported by innovative AI software. Through open dialogues and careful listening, they develop regionally specific, customized energy solutions that meet local needs.

About Luminance:

Based on a proprietary Legal Large Language Model (LLM), Luminance's specialized legal co-pilot leverages next-generation AI to automate contract creation, negotiation, and analysis. Developed by leading AI experts, validated by top lawyers, and used by over 600 clients in 70 countries, Luminance's 'legal-grade' AI is an essential component of any legal team.