Toronto-based startup Peak Power has raised funding from Sensata Ventures and Export Development Canada. No financial terms were disclosed. Peak Power is a provider of artificial intelligence-enabled software that helps integrate distributed energy resources in smart cities and connected buildings.
TORONTO–(BUSINESS WIRE)–Peak Power, a Canadian based Startup, announced today 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.
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.”
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.”
About Peak Power
Peak’s AI-powered software enables intelligent energy in smart cities by optimizing synthetic, stationary, and mobile batteries to act as grid resources. Peak’s solutions reduce client’s operating costs and environmental footprint while decreasing strain on the grid.
Sensata Technologies is one of the world’s leading suppliers of sensing, electrical protection, control and power management solutions with operations and business centers in 11 countries. Sensata’s sensors are the fundamental building blocks needed for a smart, connected, electrified and ultimately, autonomous world.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.