Toronto, ON. Toronto-based Peak Power (Peak) today announced that it has closed funding from The Atmospheric Fund (TAF), representing the fifth investor in Peak’s capital funding round. TAF will join Sensata Technologies, Export Development Canada (EDC), BDC Capital, and Hatch/Canadian Shield as a strategic investor in Peak.
TAF brings to the round their focus on carbon emissions reduction, as they have a mandate to advance local solutions to climate change through high impact investments. Their contribution aligns with Peak’s commitment to decarbonize energy, the built environment, and mobility through enabling intelligent energy in smart cities. Peak’s smart buildings platform, Peak Insight™, which helps clients reduce their emissions and generate revenue through electricity markets, is already deployed in over 15 million square feet of commercial and industrial real-estate in Ontario, New York, and California.
“Our objectives as an impact investor are to make risk-adjusted returns, create carbon reduction, and mobilize capital into climate solutions,” said Tim Stoate, Vice President, Impact Investing at TAF. “Peak Power touches on all of our priorities, particularly because their system enables carbon reduction in both the building and transportation sectors, the highest emitting sources of carbon in our urban region. We’re confident this solution has potential to scale across Canada and beyond, creating an ideal opportunity for investors looking to make a positive impact.”
“TAF backing Peak is a major point of validation for us, proving that we are on the right track to helping our clients achieve their net zero goals. Their support completes an incredible roster of strategic partners and investors that will help us scale Canadian Cleantech across North America and globally”, said Derek Lim Soo, CEO and Co-Founder of Peak Power. Imran Noorani, VP of Strategy and Corporate Development further remarked, “We have an agenda to ‘put the environment on the balance sheet’, and the investment from TAF will help us strengthen our position in the market to accomplish this.”
Founded in 2015, Peak Power (www.peakpowerenergy.com) develops AI-powered software to create intelligent energy systems in smart cities. It optimizes the use of synthetic, stationary, and electric vehicle batteries through its offerings: Peak Insight™, Peak Synergy™, and Peak Drive™. Peak Power’s solutions reduce the environmental footprint of their clients while creating revenue streams through the power grid.
The Atmospheric Fund (www.TAF.ca) is a regional climate agency that invests in low-carbon solutions for the Greater Toronto and Hamilton Area and helps scale them up for broad implementation. Supported by endowment funds, TAF advances the most promising concepts by investing, providing grants, influencing policies and running demonstration programs. TAF is particularly focused on ideas that offer benefits in addition to carbon reduction such as improving people’s health, creating local jobs, boosting urban resiliency, and contributing to a fair society.