TORONTO, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Today, Peak Power, a Canadian clean tech company developing energy optimization software to decarbonize the commercial and industrial building sectors, announced that Sustainable Development Technology Canada (SDTC) has awarded the company $5 million CAD for the expansion of its Distributed Energy Resource Aggregation (DERA) platform across North America. SDTC helps Canadian entrepreneurs develop and deploy globally competitive clean technology solutions.
Peak Power’s purpose is to make dirty power plants obsolete by providing tools needed for a decentralized electricity system that drives widespread adoption of renewables. The DERA platform is an evolution of their software that aggregates battery storage, grid-interactive buildings, and electric vehicles for partners to pursue net zero goals, cut operating expenses, and unlock new revenue opportunities.
Working closely with SDTC, Peak Power’s DERA project will unlock the untapped flexibility of the grid which is critical for the transition to 100% carbon-free energy. Distributed energy assets like battery storage systems, solar, electric vehicles, and grid-interactive buildings, when aggregated, are a cost-effective means of reducing emissions and improving the reliability of the electricity system. With this funding, Peak Power will be expanding their portfolio of projects across Ontario, California, and Massachusetts. This funding will support the company’s rapid scale-up of their solutions across Canada and the U.S.
“The support of SDTC will let us be even more ambitious when scaling our technology for our next stage of growth. SDTC is fundamental to what makes the Canadian cleantech ecosystem globally unparalleled. It has been such an important part of Peak Power’s past, present, and now future,” says Derek Lim Soo, CEO of Peak Power. “This grant will help us realize our mission to make centralized power plants obsolete, make the energy sector cleaner, and increase our energy independence. We are beyond excited for today’s funding announcement and the deepening of our partnership with SDTC, which will help drive the clean energy future all generations deserve.”
“Companies have the ideas that will help solve some of our planet’s most pressing environmental problems, but they cannot do it alone,” says Leah Lawrence, President, and CEO of SDTC. “SDTC is proud to support innovative companies like Peak Power on their journey towards commercializing their sustainable solution global markets want and need.”
For more information on how Peak Power and Sustainable Development Technology Canada are working together to support the clean energy transition, visit https://peakpowerenergy.com/ and https://www.sdtc.ca/en/.
About Peak Power
Peak Power is a Canadian clean tech company founded in 2015 operating in Ontario, New York, New England, and California. Their flagship software, Peak Synergy, optimizes three core energy assets in the built environment: battery energy storage systems, grid-interactive buildings, and electric vehicle assets. Peak Synergy enables customers to minimize operational costs, reduce emissions, and sell energy back to the grid. 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. For more information, visit https://peakpowerenergy.com/.
About Sustainable Development Technology Canada
At SDTC, we support companies attempting to do extraordinary things. From initial funding to educational support and peer learning to market integration, we are invested in helping our small and medium-sized businesses grow into successful companies that employ Canadians from coast to coast to coast. We are relentlessly focused on supporting our companies to grow and scale in an increasingly competitive marketplace. The innovations we fund help solve some of the world’s most pressing environmental challenges: climate change, regeneration through the circular economy, and the well-being of humans in the communities they live in and the natural environment they interact with. For more information, visit https://www.sdtc.ca/en/.
Trevi Communications for Peak Power