Sustainable Development Technology Canada is giving additional support to energy storage and energy efficiency companies in Ontario. The government commercialization arm announced investments in six Toronto area companies earlier this week.
Among them are: Electrovaya Inc., a lithium ion battery maker, scored $3.8 million in funding; Peak Power Inc., an energy storage platform company, landed $1.9 million; and 3E Nano Inc., a Kitchener ON-based firm that has developed a coating for windows to make buildings and vehicles more energy efficient, secured $2.7 million.
For a complete list of the companies, click HERE.
Peak Power will use its investment to to support the scale up of their Peak SYNERGY controls platform across six customer energy storage projects in Ontario and New York. The total value of project is $5.4 million.
Derek Lim Soo, CEO at Peak Power noted that the SDTC funding will enable the company to showcase its software for customer sited energy storage projects.
"Our project is supported by strong consortium partners that represent an important cross section of the energy storage value chain which include some of the leading thought leaders amongst facility managers and utilities in Canada that recognize the changes that are happening in the energy markets,” he said.
Peak Power's software responds to market signals and predicts the most efficient times to charge and discharge the battery. The software enables the stacking of numerous revenue streams for individual sites as well as the aggregation of numerous sites into a virtual power plant for participation in wholesale electricity markets. This project will also receive contributions from consortium partners: BGIS, a Brookfield Company, Black & McDonald, Alectra Inc. and National Research Council Canada.