TORONTO, July 10, 2019 /CNW/ - NRStor C&I L.P. ("NRStor") and Grand River Energy Solutions Corp. ("GRE") are pleased to announce a, first-of-its-kind agreement in Ontario, to co-develop, own, and operate behind-the meter energy storage projects at commercial and industrial host facilities.
GRE and NRStor will provide turn-key battery storage solutions to industrial, commercial and agricultural customers, primarily in southern Ontario, to reduce their overall operating costs and improve their competitive positioning within the markets they operate in. This initiative will bring cost savings relief to customers' electricity bills, by reducing the Global Adjustment charge, coupled with a reduction in greenhouse gas emissions.
The newly executed agreement between NRStor and GRE showcases the natural evolution in the Ontario electricity sector to seek out hybrid solutions between regulated and non-regulated entities. Together they will strive to leverage privately funded Distributed Energy Resources (DER's) to maximize benefits to all electricity consumers. Although today's solution is focused on C&I customers, energy storage has untapped potential for many other applications. The next phase in the evolution will be to make the solution available to benefit smaller users of electricity directly, and indirectly through regulated distribution and transmission networks where both parties will seek innovative ways to leverage existing DER's to provide value to the full spectrum of electricity customers.
Moe Hajabed, CEO at NRStor C&I, comments: "We are very excited about this partnership as it brings our vision to life. Allowing LDCs to take advantage of our privately funded DERs brings cost and operational efficiencies to the grid, communities and customers. Furthermore, it alleviates the need for expensive infrastructure upgrades and building new generation facilities. Grid transformation and accelerated DER adoption has been largely driven by customers, as it provides them with choice, control, and reliability; we are happy to be part of this transformation along with our partner, GRE"
Mike Savel, President & CEO at Grand River Energy, states. "Our customer stories are consistent – rising and unpredictable electricity costs are driving businesses elsewhere. If a company's profitability is being impacted by energy, we can help. Together, GRE and NRStor are positioned to deliver an easy to implement commercial, industrial and agricultural customer solution yielding clear results for the business, while also providing a community economic development and retention tool. I view it as a three-way partnership with a turn-key solution that translates to a Win, Win, Win".
About NRStor C&I
NRStor C&I is a turn-key energy storage solution provider for commercial, industrial and institutional customers. NRStor C&I provides energy storage as a service under a turn-key build, own, and operate business model where no-capital outlay is required from the customer.
About Grand River Energy Solutions
GRE owns and operate DER assets across Ontario and is owned by: Cambridge and North Dumfries Energy Solutions Inc., Kitchener Power Corp., and Waterloo North Hydro Holding Corporation. GRE is an affiliate to three Local Distribution Companies (LDCs).
SOURCE NRStor C&I LP