Peak Power Inc., a leading energy storage service provider, announced that it has been selected to receive $1.9M of funding from SDTC to support the scale up of their Peak SYNERGYTM controls platform across six (6) customer sited energy storage projects in Ontario, Canada and New York, USA. The total value of project is $5.4M.
This project will enable Peak Power to scale and deploy its Peak SYNERGYTM controls platform, a proprietary system that optimizes the operation of energy storage systems to maximize the potential benefits for both building owners and utilities. Peak Power's software responds to market signals and predicts the most efficient times to charge and discharge the battery. The software enables the stacking of numerous revenue streams for individual sites as well as the aggregation of numerous sites into a Virtual Power Plant for participation in wholesale electricity markets. This project will also receive contributions from consortium partners: BGIS, a Brookfield Company, Black & McDonald, Alectra, Inc. and National Research Council Canada.
"Our project is supported by strong consortium partners that represent an important cross section of the energy storage value chain which include some of the leading thought leaders amongst facility managers and utilities in Canada that recognize the changes that are happening in the energy markets." said Derek Lim Soo, CEO of Peak Power. "We are delighted to receive the financial support from SDTC for this project, that will enable much needed showcase projects to help accelerate the market adoption for customer sited energy storage."
"Sustainable Development Technology Canada is very proud to support the commercialization of Peak Power's innovative technology," said Leah Lawrence, SDTC President and Chief Executive Officer. "This project will create green jobs for the local economy, increase efficiency in the sector and provide economic and environmental benefits for all Canadians."
SDTC is an arm's-length foundation created by the Government of Canada to promote sustainable development and support projects that develop and demonstrate new technologies to address issues related to climate change, air quality and clean water and soil. SDTC invests in Canadian companies that, through their innovative technologies, contribute positively to Canada by creating quality jobs, driving economic growth and protecting the environment. For more information, please visit www.sdtc.ca
About Peak Power
Peak Power is a North American based energy storage services provider. Through their Peak SYNERGYTMcontrols platform, Peak Power is empowering building owners to achieve long-term savings from rising electricity bills, reach sustainability goals and increase onsite resiliency, all while aiding utilities in addressing aging infrastructure and peak demand requirements. Earlier this year, Peak received strategic investment from Osmington Inc., a Toronto based real estate development company wholly owned by David Thomson, Chairman of Thomson-Reuters.