Last week Peak Power announced that it had agreed to install up to 2.35 MW / 4.7 MWh of energy storage capacity at Bloor Islington Place in Toronto. Starlight Investments, a real estate and asset management company, owns the building.
Bloor Islington Place is one of six locations that will receive an energy storage system to help reduce peak demand charges. Once all six are installed, the systems will be aggregated into a virtual power plant to help ease congestion on the Ontario power grid.
The first phase of the project, which used Lockheed Martin storage technology went into commercial operation earlier this year. The project has the potential to generate electricity bill savings up to 25 percent by targeting peak demand charges such as the rising Global Adjustment charge, according to Peak Power. Another site uses a Tesla Energy Storage System.
Funding for the six sites is supported by a CAD $1.9 million Sustainable Development Technology Canada grant.
Peak Power uses a software platform that optimizes the operation of distributed energy assets such as battery energy storage, electric vehicles, and solar. Through the use of data and machine learning, the company says it 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.