Peak Power to deploy 2350kW / 4700 kWh of energy storage systems with Starlight Investments to target rising Ontario Global Adjustment Charges
The first phase of the project reached commercial operation earlier this year utilizing Lockheed Martin storage technology with engineering and construction provided by Spark Power, a leading power systems specialist.
Peak Power Inc., a leading technology services provider for the distributed energy resources market, announced today that it has signed an agreement to install up to 2350kW / 4700kWh of energy storage systems to target Ontario peak demand charges with Starlight Investments at Bloor Islington Place located at 3300 Bloor Street West in Toronto, Ontario.
The first phase of the project reached commercial operation earlier this year utilizing Lockheed Martin storage technology with engineering and construction provided by Spark Power, a leading power systems specialist. The project has the potential to generate electricity bill savings up to 25% by targeting peak demand charges such as the rising Global Adjustment charge.
The installation at Bloor Islington Place is one of six sites supported by the Sustainable Development Technology Canada grant announced last year by Peak Power Inc. Once complete, all six sites will be aggregated into a Virtual Power Plant to provide additional services to the Ontario grid. Peak Power Inc. also has a site using a Tesla Energy Storage System at the Thomson Building at 65 Queen Street West in Toronto, Ontario.
"We are delighted to be one of the first commercial building owners in Canada to install behind-the-meter battery energy storage. Innovative technology such as energy storage and Peak Power's software are providing options to building owners for better ways to manage our day-to-day energy needs," said Perry Rose, Executive Director, Procurement and Technical Services of Starlight investments. "The process with Peak was professional and efficient, and the execution phase was seamless."
Peak Power has developed a software platform, SynergyTM, that optimizes the operation of distributed energy assets such as battery energy storage, electric vehicles, and solar. Through the use of Big Data and Machine Learning, Peak Power Inc. is able to forecast moments of peak demand on the grid. When paired with energy storage, this technology can reduce customers' electricity bills while helping utilities balance energy supply and demand, thereby improving grid resiliency. Last year, Peak Power Inc.'s software performed successfully, hitting all five Global Adjustment peaks in real time with 100% accuracy. In addition, the SynergyTM platform has been expanded to include additional distributed energy resources and in-front-of-the-meter applications in numerous jurisdictions in North America.
"Peak Power is proud to partner with Starlight Investments — a recognized leader in North American multi-family and commercial real estate," said Derek Lim Soo, CEO Peak Power. "Peak demand is rising five times faster in the urban centres then in the rural areas. This project will provide a much needed resource to the Ontario grid infrastructure."
About Starlight Investments
Starlight is a Toronto-based privately held, full service, real estate investment and asset management company driven by an experienced team comprised of over 150 professionals. Starlight currently manages $8.5 billion multi-family and commercial properties for joint venture partnerships with institutional investors, Northview Apartment REIT, True North Commercial REIT, Starlight U.S. Multi-Family (No. 5) Core Fund and Starlight U.S. Multi-Family (No.1) Value-Add Fund and for private investors. Starlight's portfolio consists of approximately 36,000 multi-family units across Canada and the U.S. and over 5.3 million square feet of commercial properties.
About Peak Power
Peak Power Inc., a technology services provider, focuses on delivering intelligent software and project solutions to offset the most expensive hours of electric demand for utilities and building owners. Through their Peak SYNERGY™ controls platform, Peak Power is empowering building owners to achieve long-term savings from rising electricity bills, reach sustainability goals and increase onsite resiliency, all while aiding utilities in addressing aging infrastructure and peak demand requirements. Peak Power offers a range of services, including project development, construction, software, financing, operations and maintenance. The company was founded in 2015 and is headquartered in Toronto, Canada with offices in New York and Boston.