Peak Power – a Canadian cleantech company that provides energy optimization software and services for commercial real estate and industrial customers and energy storage project developers – recently announced the successful closing of a $35 million USD funding round. This round was led by an affiliated fund of Greenbacker Capital Management LLC – which provides growth capital and best-in-class guidance for growth-stage clean energy companies. And prior investors providing additional investment include Osmington, BDC Capital, Export Development Capital, Hatch, Sensata Technologies, and The Atmospheric Fund.
Peak Power is known for controlling and optimizing battery storage, grid-interactive buildings, and electric vehicles – unlocking their hidden capacity. And the company’s software ensures multiple objectives are met including net zero initiatives, financial benefits, and electricity grid reliability. Plus Peak Power’s flagship software Peak Synergy optimizes for various revenue streams enabling investors to receive higher returns that can be used to deploy more battery storage projects.
With this latest funding round, Peak Power plans to ramp up its expansion into the US, hire for critical roles, and continue to develop its software capabilities. And Peak Synergy is currently deployed in over 13 million sq. ft. of real estate, with about 150 MWh of battery and electric vehicle capacity under contract or committed across North America. And as part of this partnership with Greenbacker, Peak Power expects to increase its project deployment efforts in collaboration with its third-party asset-level capital financing from Madison Energy Investments – which provides a no-cost solution for facility owners and project partners.
This investment tax credit (ITC) provided for in the Inflation Reduction Act is driving the adoption of battery energy storage in the US. And the ITC reduces the cost of installing, owning, and operating battery energy storage systems, making them more attractive for investment.
KEY QUOTES:
“Battery storage is a linchpin technology for decarbonizing the electricity sector. This funding will allow us to help even more businesses reach their economic and environmental targets. Tailwinds in the US energy storage market have never been stronger. The demand for clean distributed energy resources is growing, government policies are removing barriers for investment, and technology is becoming more cost-effective.”
— Derek Lim Soo, Peak Power CEO and Co-Founder
“We’re thrilled to be partnering with Peak Power. We have an aligned vision that energy storage is going to have a great period of growth and that Peak Power has the right technology and the right people to be a big part of that. They bring a wealth of expertise and experience in energy storage operations. We were particularly impressed with their deep understanding of their customer base, energy markets, and software development.”
— Ben Baker, Managing Director of Greenbacker
