Canadian cleantech startup Peak Power to get US$35M more funds

 Canadian cleantech startup Peak Power to get US$35M more funds

Image courtesy: Peak Power

Peak Power Inc., a Canadian cleantech startup specializing in energy optimization software and services, has successfully closed a significant US$35M financing round

The round was led by an affiliated fund of Greenbacker Capital Management LLC, a prominent investor in the clean energy sector. The funding demonstrates the growing support for growth-stage companies driving the clean energy transition. Several notable prior investors also participated in this funding round, providing additional investment. These include Osmington Inc., BDC Capital, Export Development Capital, Hatch, Sensata Technologies, and The Atmospheric Fund.

Peak Power offers innovative solutions for commercial real estate, industrial customers, and energy storage project developers. Their advanced software and expertise optimize energy consumption, harnessing the full potential of battery storage, grid-interactive buildings, and electric vehicles. By unlocking the hidden capacity of these assets, Peak Power enables businesses to achieve multiple objectives. These include net-zero initiatives, financial benefits, and enhanced electricity grid reliability.

“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

Also read: Canada cleantech tax credits get big boost in federal budget

The Canadian cleantech startup plans to expand aggressively in the US

With the infusion of this latest funding, Peak Power is primed for expansion, particularly in the United States. The company has existing presence in California, New York, and Massachusetts. It now plans to further penetrate the US market, capitalizing on the demand for energy optimization solutions. The funding will also support the recruitment of key talent and the continuous development of Peak Power’s software capabilities, ensuring their solutions remain at the forefront of the industry.

Peak Power’s flagship software, Peak Synergy, empowers commercial real estate and industrial customers by providing comprehensive energy management solutions. By optimizing battery energy storage systems, grid-interactive buildings, and electric vehicles, Peak Synergy bring several benefits to its customers. These include minimizing operational costs, reducing emissions, and even selling excess energy back to the grid, unlocking additional revenue streams.

Earlier this year, Peak Power achieved a significant milestone by securing a remarkable US$200 million financing agreement with Madison Energy Investments (MEI). This collaboration enables Peak Power to offer customers a no-cost solution for energy storage installation and provide flexible capital to their partner energy storage developers. This strategic partnership positions them to facilitate widespread adoption of clean energy technologies.

In 2022, Sustainable Development Technology Canada granted Peak Power CA$5 million (US$3.7 million). This funding fuels their ambitious plans to expand the reach of their groundbreaking Distributed Energy Resource Aggregation (DERA) platform throughout North America.


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