Generac Grid Services' Concerto™ platform to enable cost-savings for large facility owners while supporting power grid stability
DENVER, Sept. 15, 2022 /PRNewswire/ -- Generac Grid Services, a subsidiary of Generac Power Systems (NYSE: GNRC), a leading designer and manufacturer of energy technology solutions and other power products, today announced that it has teamed with Pearlstone Energy Limited to provide energy management solutions to commercial and industrial facilities in the United Kingdom. Leveraging Generac Grid Services' Concerto™ software platform, Pearlstone Energy can provide its customers with cost savings, while also relieving strain on the U.K. power grid during periods of peak demand.
This achievement is the first phase of a multi-year joint initiative between the two companies to unlock value from commercial and industrial facilities' flexible capacity. Pearlstone will use Concerto to reduce demand at each customer facility during system peaks, typically during the coldest days of the year or when there is a need for providing equilibrium in the system. The program will enable Pearlstone's customers to participate in National Grid's flexibility initiatives in the U.K., help facilities avoid high network demand charges for power usage during periods of grid strain, and reward participants with potential cost-savings year-round.
"Our customers rely on us to optimize their facility's energy consumption," said Dr. Azad Camyab, founder and chief executive officer of Pearlstone Energy. "By leveraging Generac Grid Services' Concerto platform, we can help reduce facilities' demand when electricity prices are at their highest and assist our customers on their net-zero and carbon footprint-reduction journeys."
One of Pearlstone Energy's commercial customers has already integrated and migrated their systems to the Concerto platform.
"Generac Grid Services is thrilled to have entered the U.K. market with Pearlstone," said Jan Peter Moree, vice president of business development at Generac Grid Services. "Harnessing flexible capacity can provide a sustainable alternative to producing additional high-cost power. This program gives us the opportunity to help improve the stability and sustainability of the U.K. power grid, while delivering value to Pearlstone's customers."
In the coming months, Pearlstone and Generac Grid Services plan to enable additional revenue streams and savings for facility owners as electricity market prices continue to rise in the U.K. Pearlstone will leverage Concerto™ to bid its customers' flexible capacity into National Grid's short term operating reserve (STOR) and Distribution System Operator's (DSO) flexibility markets. Both companies look forward to jointly developing new, innovative solutions for Pearlstone's customer base.
About Generac Grid Services
Generac Grid Services is a subsidiary of Generac Power Systems (NYSE: GNRC), a leading designer and manufacturer of energy technology solutions and other power products. Generac Grid Services is working to change the way the world generates and uses electricity. From turnkey solar + storage solutions, to backup generators, additional distributed energy resources and virtual power plant software, Generac Grid Services is helping to accelerate the world's transition to a cleaner, more reliable power grid. Via the company's energy-balancing platform, power generation and storage products that might otherwise sit idle are now able to be dispatched and orchestrated as part of a distributed energy solution, thereby generating value for the home or business owner, while also delivering value to the energy grid.
About Pearlstone Energy Limited
Pearlstone is a recognized and approved commercial aggregator by the UK's National Grid and a leading innovator in Demand Side Response (DSR) technology. Simply put, Pearlstone has license to create real value for U.K. businesses by finding the hidden asset in every building, its energy flexibility, and monetizing it. Our commercial and industrial clients will receive a new revenue stream by enabling them to sell the energy they don't need at certain times, for short periods, and which they currently can't sell on their own.
Pearlstone's offering will be the catalyst for businesses of all shapes and sizes to take advantage of DSR to help U.K. PLC and the National Grid to reach its Demand Side Flexibility and net-zero emission goals and targets.
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SOURCE Generac Grid Services