Peak Power Inc., an energy storage service provider, announced on May 3rd that it has received 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."
(Image courtesy to Peak Power)