Peak Power Inc. Secures Funding From Sensata Ventures and Export Development Canada
Peak Power, a Canadian based Startup, announced that is has received funding from Sensata Ventures and Export Development Canada (EDC) to fund further expansion of its proprietary Synergy Platform.
The AI-based Synergy software supports Peak’s mission to enable the integration of distributed energy resources into the Smart Cities and connected buildings. With Synergy, Peak Power can optimize energy assets, including buildings, energy storage and electric vehicles acting as synthetic, stationary, and mobile batteries respectively. These solutions can be deployed independently or collectively as a Virtual Power Plant to respond to the grid’s needs in real-time. Through the Synergy platform, Peak unlocks new revenue streams and reduces emissions for their customers in the C&I, energy development, and utility sectors.
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Sensata’s investment in Peak Power forms part of its strategic growth initiative in the energy sector. “We recognize that Peak Power is a leader in the development of advanced optimization software for distributed energy resources. After seeing the capabilities of their Synergy platform, we believe Peak will play a critical role in enabling intelligent and clean energy in Smart Cities,” said George Verras SVP of Sensata Ventures. “We intend to actively engage Peak Power to help meet our strategic objectives in the energy management space.”
“Peak Power exemplifies a Canadian success story, showcasing the talent and expertise Canada has to offer in using artificial intelligence in energy control,” said Carl Burlock, Executive Vice-President and Chief Business Officer at EDC. “We are proud to support Peak Power through EDC’s investment Matching Program, which will enable the company to scale its business internationally, while making a positive impact on the environment.”
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Headquartered in Toronto, Peak Power has assets under control in Ontario, New York and California, representing some North America’s largest Real Estate Investment Trusts and Commercial & Industrial facilities. They have achieved numerous industry firsts, including being the first to discharge a fleet of electric vehicles using Vehicle-To-Grid technology as part of a multi-asset virtual power plant in response to grid needs. Peak’s work has been featured in both Forbes and BNN for their innovation and business acumen.
“Peak is very grateful to have the support of both Sensata and EDC,” said Derek Lim Soo, CEO and Co-Founder of Peak power. “Sensata is a leader and innovator in sensor solutions which is a natural strategic fit with our Synergy offering, and EDC is renowned for helping Canadian companies succeed in the global market. Together, we will focus on high-value customer segments, including manufacturing, Commercial & Industrial and buildings to create differentiation through technology innovation.”
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