Peak Power receives strategic investment from Osmington Inc. to target booming energy storage industry
TORONTO, May 3, 2017 /CNW/ – Peak Power Inc., a leading energy storage service provider, announced today a strategic investment from Osmington Inc., that will support the scale up of the Company’s North American growth plans for the energy storage market.
“We are delighted to have Osmington as a strategic partner to target the behind-the-meter energy storage market” said Derek Lim Soo, Peak Power’s founder and CEO. “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”.
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’s inclusive Energy Storage as a Service (“ESaas”) business model is a flexible solution 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.
“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.
“Peak has developed a scalable and adaptable software platform that can address current market needs and also adapt to the upcoming changes we see coming to the electricity sector.”, added Levin. “Peak’s software targets the largest and escalating portion of customers’ bills, peak demand charges (i.e. Ontario’s Global Adjustment Charge), while enabling an asset that can also monetize additional revenues stream to support utility operations.”
About Peak Power: Peak Power is a North American based energy storage services provider. Through their Peak SYNERGYTM controls platform, Peak 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. (www.peakpowerenergy.com)
About Osmington Inc.: Formed in 1995, Osmington is a private commercial real estate company, owned and controlled by David Thomson, Chairman of Thomson Reuters. Osmington operates with the highest degree of integrity and has a stellar reputation in the Canadian real estate market. The Company’s investment focus has been and continues to be focused on value creation. Signature projects for the Company include the retail redevelopment of Toronto’s Union Station, the purchase and relocation of NHL’s Atlanta Thrashers to Winnipeg to become the Winnipeg Jets and the development of the world’s largest hardware technology innovation hub, Catalyst 137.