TORONTO, March 12, 2020 /CNW/ - Demand Power Group Inc. ("Demand Power" or "DPGI") is pleased to announce the completion of a US$71.0 million raise of equity and commitment of development and project finance from investors including Star America.
Demand Power is an innovative energy services company, offering electricity solutions to Ontario's industrial and commercial customers. DPGI's core energy storage solution is a behind-the-meter system incorporating industrial-grade batteries and an uninterruptible power supply ("UPS"), improving power reliability while reducing energy costs.
The systems, which will be financed by investors including Star America, will be located on customer sites. Demand Power expects the first projects to be completed by the end of 2020.
Star America is an independent U.S.-headquartered developer and manager of greenfield infrastructure assets in North America. Star America manages capital from U.S. labor pensions, insurance companies, asset managers, regional construction companies, and high-net-worth individuals, among others. Star America's track record includes investments in 14 infrastructure assets, which have a total project cost valued at greater than US$5 billion. For more information on Star America please visit: www.starinfrapartners.com
"As a growth provider of innovative behind-the-meter energy solutions, we are pleased to be backed by a world-class infrastructure investor that believes in our vision" said Raj Chudgar, Demand Power's CEO.
"We are excited to invest in a platform focused on bringing energy efficiency solutions to Ontario." Said Christophe Petit, President of Star America. "We've been impressed by Demand Power's management and their commitment to delivering innovative energy solutions to public and private customers that we expect will lower energy costs, improve grid resiliency, and reduce energy consumption from the highest emission sources during peak use periods."
DPGI was founded in 2018 to provide solutions for large manufacturing plants and other industrial operations that wanted to improve energy quality and reduce energy costs. Demand Power's energy storage solution is a novel combination of existing technologies which allow the company to benefit from additional services and value streams. For more information on Demand Power please visit: www.demandpower.ca
SOURCE Demand Power Group Inc.
For further information: Raj Chudgar, CEO, Demand Power Group Inc., Phone: 647-812-8815, Email: [email protected]