TORONTO, March 30, 2022 (GLOBE NEWSWIRE) -- Peak Power, a Canadian climate tech company with a core focus in energy management and energy storage, announces that it is partnering with Oshawa Power to develop and execute an energy platform that demonstrates how disparate distributed energy resources (DERs) can improve the reliability of a local grid. The project, funded by Ontario’s Independent Electricity System Operator (IESO), supported by the Ontario Energy Board (OEB) Innovation Sandbox, and sited at Ontario Tech University, will use AI-powered cleantech to show how aggregating clean energy assets can reduce energy costs along with carbon emissions.
Working closely with Oshawa Power, Peak Power will draw on their expertise in creating intelligent energy management tools to pool together energy storage, electric vehicles, and solar installations into one single resource. Peak Power’s tool for Oshawa Power will function in a similar manner to the company’s Synergy software, which has been deployed at various energy storage and EV projects across North America. The project will show that these energy assets, when aggregated, are a cost-effective means of reducing emissions and improving the reliability of the electricity system.
The partnership between Peak Power and Oshawa Power is only the latest project between the companies funded in part by the IESO’s Grid Innovation Fund, which supports pilot projects that demonstrate the potential of local energy supplies in meeting local and provincial electricity needs. The Peak Power/Oshawa Power project will draw on funding of $1.5 million from the Grid Innovation Fund, along with an additional $2.9 million from additional funding partners. Last November, Peak Power announced that IESO had awarded funding to the company and Oshawa Power to support vehicle-to-grid technology and real-time energy prediction.
“Distributed energy is key to our clean energy future, which is why we’re excited to once again team up with Oshawa Power and IESO to show the benefits of aggregated DERs,” says Derek Lim Soo, CEO of Peak Power. “Our project with Oshawa Power will demonstrate how clean energy assets are strongest when grouped together, and how Peak Power can create the tools needed to do just that. The pilot at Ontario Tech will serve as an example of how increasingly popular but distinct DER assets can reliably power a grid.”
“We’re thrilled to once again work with Peak Power on a project that serves to amplify the benefits of small, renewable energy assets,” says Ivano Labricciosa, President and CEO of Oshawa Power. “As a progressive utility at the forefront of the clean energy transition, we’re constantly looking for ways to modernize our grid and prepare our customers for the net zero future. Peak Power’s cleantech expertise and the support of IESO will help us learn more about the best ways that DERs can support the needs of our grid.”
"Demand for electricity in Ontario is increasing due to economic growth and a rapid shift to electrification in transportation and other sectors,” says Lesley Gallinger, President and CEO of the IESO. "With continued investment in local pilot projects through the Grid Innovation Fund, such as in this Peak Power-Oshawa Power project, we are closer to unlocking the potential of communities to provide sustainable and reliable electricity supply to help meet the growing needs of Ontarians.”
The OEB Innovation Sandbox is providing customized guidance allowing this project to proceed.
For more information on how Peak Power, Oshawa Power, and IESO are working together to support the clean energy transition, visit https://peakpowerenergy.com/, https://www.opuc.on.ca/, and https://www.ieso.ca/.
About Peak Power
Peak Power is a climate tech company founded in 2015 operating in Ontario, New York, New England, and California. Their flagship software, Peak Synergy, provides decarbonization solutions for commercial real estate and industrial customers by optimizing three core energy assets: battery energy storage systems, grid-interactive buildings, and electric vehicles. Peak Synergy enables customers to minimize operational costs, reduce emissions, and sell energy back to the grid. Peak Power’s software delivers results with innovative projects that take commercial and industrial scale storage systems and electric vehicles into electricity markets. Peak Synergy is deployed in over 10M sq. ft. of real estate, with ~90 MWh of battery and electric vehicle capacity under contract or committed, and reducing greenhouse gas emissions by 72k TCO2e every year.
Oshawa Power Utilities and Corporation
Oshawa Power and Utilities Corporation is a wholly-owned company of the great City of Oshawa. The Oshawa Power group of companies is comprised of Oshawa Power, the provincially regulated utility company distributing power to the city of Oshawa, EnerFORGE, a province-wide independent power producer with notable partners that include the Toronto Zoo and Canada’s largest social housing provider, and Durham Broadband, a regional high-speed internet service provider serving the communities of Durham Region.
Media:
Justin Williams
Trevi Communications, Inc.
(978) 539-7157
justin@trevicomm.com
