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Peak Power secures US$200 million financing with MEI to accelerate energy storage deployments

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Peak Power, an Ontario-based C&I-focused energy storage and software firm, has secured a US$200 million financing agreement with Madison Energy Investments (MEI).

The deal between Peak Power and MEI comprises project financing and development capital. It will allow Peak Power to offer customers a no-cost solution to install energy storage, Peak Power said, and provide ‘flexible capital’ to Peak Power’s partner energy storage developers.

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Peak Power is primarily a clean energy software company which optimises battery storage, grid-interactive buildings and EVs under its Peak Synergy platform. The software aggregates distributed energy resources (DERs) into virtual power plants (VPPs). However, the company has also developed the physical battery storage projects themselves, at least in the past.

MEI is a developer and operator of distributed energy resources (DERs) for commercial & industrial (C&I) and government facilities in the US, with a 386MW portfolio of ‘owned and exclusive’ clean energy assets.

“At MEI, it’s abundantly clear that energy storage is a critical part of the energy transition,” said Richard Walsh, managing partner of the firm.

He added: “The ambitious and knowledgeable team at Peak Power has built a strong track record, so we are excited to support them as they continue to push the envelope to benefit the environment and its customers by enabling increased amounts of energy storage deployment.”

The announcement did not clarify whether MEI would be the developer of the projects.

Peak Power has previously developed early-stage battery storage projects in-house before selling them closer to commercial operation, like 44MWh of projects it sold to developer SWITCH in late 2021. In general, it deploys its solutions in partnership with a developer, like three C&I battery storage projects in New York in 2020 with Kruger Energy.

The company received CA$5 million (US$3.7 million) from Sustainable Development Technology Canada in September 2022 to expand its Distributed Energy Resource Aggregation (DERA) platform across North America.

Two months prior, it received CA$0.76 million from Natural Resources Canada’s (NRCan) Zero Emission Vehicle Infrastructure Program (ZEVIP) to deploy 117 EV chargers it described as ‘V1G’, which means smart charging that can access energy markets to optimise charging schedules (but not discharge energy to the grid, which would make the chargers V2G-enabled).

The company has offices in Toronto, New York and Boston.

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