Demand Power raises USD 71m to deploy energy storage systems

Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.

March 13 (Renewables Now) - Demand Power Group Inc (DPGI), a Canadian energy services firm that offers a behind-the-meter system with incorporated energy storage, has secured USD 71 million (EUR 63.9m) from an equity raise and a project finance commitment.

The fresh capital comes from investors such as US-based greenfield infrastructure assets developer Star America and will be used to deploy systems on customer sites, according to the announcement. Demand Power anticipates finalising the first projects by the end of the year.

The company was founded in 2018 and now offers a mix of existing technologies to Ontario's industrial and commercial customers. Its system combines industrial-grade batteries and an uninterruptible power supply (UPS). The firm also offers a combination of solar panels and battery storage.

(USD 1.0 = EUR 0.900)

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