Peak Power, a provider of AI-powered clean energy optimization software for commercial and industrial (C&I) facilities, announced a $200 million financing agreement with Madison Energy Investments (MEI), which finances, develops, owns, and operates distributed energy projects for C&I and government facilities across the United States.
Peak Power, founded in 2015, develops software called Peak Synergy, with features including grid load visualization, peak prediction, battery storage optimization, and strategical EV charging and discharging to reduce operating expenses and coincident peak charges for grid-interactive buildings while increasing value for the portfolio and creating revenue streams. According to the company, its software is installed in more than 90 buildings and sites, with a total storage capacity of 128 MWh under contract or committed.
“At MEI, it’s abundantly clear that energy storage is a critical part of the energy transition,” said Richard Walsh, Managing Partner of Madison Energy Investments. “Therefore, the relationship with Peak Power is very synergistic. The ambitious and knowledgeable team at Peak Power has built a strong track record, so we are excited to support them as they continue to push the envelope to benefit the environment and its customers by enabling increased amounts of energy storage deployment.”
“We’re excited to partner with Madison Energy Investments, a team who shares our vision of a clean energy future,” said Derek Lim Soo, CEO of Peak Power. “The support from MEI is a valued vote of confidence in our software and deployment capabilities. MEI has made numerous clean energy ventures possible, and today, we’re excited to join this network of cleantech innovators.”
Total corporate funding in the energy storage sector was up 55%, with $26.4 billion in 2022 (highest in a year to date), compared to $17 billion in 2021.