NRStor commences commercial operations of 2MW Temporal Power flywheel facility, providing regulation service to Ontario's Independent Electricity System Operator
HARRISTON, TOWN OF MINTO, ON, July 22, 2014 /CNW/ - Today, the Minister of Energy, the Honourable Bob Chiarelli, announced the commencement of commercial operations for NRStor Incorporated's (NRStor) 2 megawatt (MW) Temporal Power Limited (Temporal Power) flywheel energy storage facility in Harriston, Ontario.
This project is the first grid-connected commercial flywheel facility in Canada and will provide regulation service to Ontario's Independent Electricity System Operator (IESO). NRStor was awarded a contract to deliver 2 MW of regulation service to the IESO through a competitive request for proposals process. Regulation service is a contracted service that matches scheduled electricity generation to dynamic consumption; balancing the grid in real time. A flywheel is a mechanical battery that stores electricity as kinetic motion in a spinning steel rotor levitated on magnetic bearings.
"Energy storage technologies have the potential to revolutionize the electricity system, increasing its effectiveness, lowering costs and increasing reliability for the consumer," said Energy Minister Bob Chiarelli. "Ontario is proud to be home to innovative companies, like NRStor and Temporal that are at the forefront of the energy storage sector."
"We commend the IESO and the government's leadership in identifying the opportunity to deliver additional flexibility to Ontario's electricity grid by balancing generation and consumption," said Annette Verschuren, Chair and CEO of NRStor. "This project is the first of its kind in Canada and showcases the success of two Ontario start-ups using industry-leading technology."
Energy storage technologies can improve the overall efficiency of the electricity system through a variety of distinct services, regulation service being one example and are a fundamental component of smart grid advancement. "This project will provide enhanced flexibility to our grid by offering precise control to ensure short term energy balancing which is an essential requirement of the power system," said Cameron Carver, CEO, Temporal Power. "Fast response regulation is becoming increasingly important to manage the growth of intermittent renewable resources like wind and solar."
NRStor is currently developing a portfolio of energy storage assets by advancing the energy storage market and accelerating the commercialization of companies like Temporal Power. "Projects such as these facilitate the growth of our electricity system, creating sustainable, reliable and cost-effective grid for our future," said Verschuren.
Both NRStor and Temporal Power are funded by Toronto-based venture capital firm Northwater Capital Management Inc., an investor in leading edge technology and development companies.
About NRStor Inc.
NRStor Inc. is a privately held Toronto-based energy storage project developer focused on developing, owning and operating industry-leading energy storage technologies. NRStor is partnered with a variety of technology suppliers that manufacture and integrate flywheel, compressed air and battery energy storage systems. The Company offers flexible financing solutions to develop effective and cost-competitive storage systems based on clients' precise technical and financial needs. NRStor is led by Chair & CEO Annette Verschuren, O.C.
About Temporal Power Ltd.
Temporal Power is a Canadian-based and privately owned company that designs, manufactures and deploys high-performance energy storage systems around the world. The Temporal Power system uses an all-steel flywheel in combination with magnetic bearings; positioning it as the highest energy flywheel in the world. Temporal Power flywheels are used to improve power quality and lower costs by more accurately balancing energy on power systems. Today, Temporal Power, partnering with world leading equipment and engineering firms, is deploying megawatt scale systems and is supported by major investors such as Enbridge Inc. and Northwater Capital Management Inc. For more information on Temporal Power: www.temporalpower.com/what-we-do/videos/
For further information: Alexandra Pecoskie, Citizen Relations, 416-550-5640, [email protected]