Peak Power Inc., a Toronto based energy storage service provider, has closed a strategic investment with Osmington Inc., a private commercial real estate company, owned and controlled by David Thomson, Chairman of Thomson Reuters.
Financial terms of the financing were not disclosed. New funds will support the scale up of Peak Power’s North American growth plans for the energy storage market.
Peak Power targets the most expensive hours of peak demand to create significant long-term cost savings for building owners and opportunities for cost deferral for utilities. Through its proprietary self-learning software controls platforms – Peak SYNERGYTM, it enables the optimized operations of individual energy storage installations and the aggregation of multiple installations into a Virtual Power Plant (VPP). VPPs help utilities and system operators to address peak demand and improve grid reliability.
Peak Power offers Energy Storage as a Service (ESaas) that makes it easy to partner directly with building owners, service providers and developers, and helps them implement and evaluate on-site energy storage solutions.
“We are delighted to have Osmington as a strategic partner to target the behind-the-meter energy storage market” said Derek Lim Soo, founder and CEO of Peak Power. “Osmington brings a breadth of experience and connections in both the real estate industry and big data industry that will aid Peak Power as it works to become one of North America’s premier energy storage service providers.”
“The energy industry is undergoing a historic transformation due to aging infrastructure, rising peak demand, increased resiliency concerns, and the emergence of disruptive technologies. There is a growing need for flexible and resilient distributed energy resources to support the needs of the 21st century grid, and Peak Power has developed an intelligent software system to control these assets,” said Jason Levin, Vice-President of Osmington.
photo credit: Bruno Glätsch via pixabay