Energy storage services provider Peak Power will supply control platforms to 6MWh of energy storage projects in Ontario and New York, some of which will be funded by Sustainable Development Technology Canada (SDTC).
SDTC funds innovations that assist sustainability goals, ranging from EV batteries to waste management and looking at environmental metrics like air quality and climate change. The agency has awarded Peak Power, which has offices in Toronto and New York, with US$1.9 million funding to scale up its control platform, PeakSYNERGY.
PeakSYNERGY is designed to optimise energy storage system operation for the benefit of system owners and utility networks alike. It uses software that determines when electricity is at its cheapest or most expensive and charges or discharges the batteries accordingly. Furthermore, the controls platform is designed to enable battery energy storage to perform multiple applications and thus to ‘stack’ revenue streams. It can also allow for the aggregation of multiple customer systems into virtual power plants via interconnection and data and communications links.
In May, Peak Power received investment from commercial real estate company Osmington, founded by Thomson Reuters chairman David Thomson. For the latest project, Peak Power brought on board a consortium that included another real estate company, BGIS, facilities management company Black & McDonald, Toronto utility Alectra and the National Research Council Canada.
In total, PeakSYNERGY will be deployed at six sites in Ontario and New York, with the projects having a total value of US$5.4 million.
“We are delighted to receive the financial support from SDTC for this project, that will enable much needed showcase projects to help accelerate the market adoption for customer sited energy storage,” Peak Power CEO Derek Lim Soo said.
“Sustainable Development Technology Canada is very proud to support the commercialisation of Peak Power's innovative technology. This project will create green jobs for the local economy, increase efficiency in the sector and provide economic and environmental benefits for all Canadians,” SDTC president and CEO Leah Lawrence said.