Virtual Peaker and Generac Announce Partnership to Expand Cloud-Based Renewable Energy Storage and Distribution Capabilities

Virtual Peaker and Generac have entered a licensing agreement to integrate Generac's PWRcell energy storage systems with Virtual Peaker's cloud-based platform.

Rhea-AI Summary

Virtual Peaker and Generac have entered a licensing agreement to integrate Generac's PWRcell energy storage systems with Virtual Peaker's cloud-based platform. This partnership enables the PWRcell systems to participate in utility grid services programs, helping customers optimize solar power storage and reduce costs. They are already involved in Green Mountain Power's BYOD program and a pilot program with Portland General Electric. This collaboration aims to enhance energy management and support the transition to residential clean energy.

Positive

• Collaboration enables participation in utility grid services, enhancing market reach.
• Customers can reduce energy costs through optimized solar power storage.
• Integration with existing utility programs like BYOD and pilot projects enhances utility engagement.

Negative

• None.

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LOUISVILLE, Ky. and WAUKESHA, Wis., July 9, 2020 /PRNewswire/ -- Virtual Peaker and Generac have formalized a licensing agreement, which fully integrates the Generac PWRcell suite of energy storage systems with Virtual Peaker's advanced cloud-based distributed energy platform.

The agreement allows Virtual Peaker access to Generac's proprietary PWRcell control systems, allowing PWRcell systems to participate in utility companies' grid services programs. Integration of the technology benefits customers of both companies, who will be able to reduce costs by seamlessly storing and optimizing solar power that's managed real-time by Virtual Peaker's software.

The technology partners currently participate in Green Mountain Power's (GMP) "Bring Your Own Device" (BYOD) program that allows the Vermont utility to remotely access customers' battery storage systems in place of more expensive surplus power. In return, GMP credits customer accounts based on the amount of energy transferred from the residential batteries to the grid. The companies are also participating in Portland General Electric's recently announced pilot program aimed at utilizing residential storage systems as a controllable virtual power plant. In addition, Virtual Peaker and Generac have teamed up with ReVision Energy to install solar energy arrays, including storage, in Maine.

"Virtual Peaker works with the most innovative utilities and energy companies in the United States, and we're thrilled to add Generac PWRcell to our suite of technology partners," said William (Bill) Burke, founder and CEO of Virtual Peaker. "Our customers demand real-time control systems and a seamless user experience, and we're confident that Generac will help us continue to deliver on that promise."

"At Generac, we're accelerating the world's transition to residential clean energy," said Ben Polito, president of Clean Energy Solutions at Generac. "We build products that make it simple and efficient to store, monitor, and use solar power, so Virtual Peaker's real-time, cloud-based control system for smart home devices is a great addition to what we offer our customers."

MEDIA CONTACTS:
Virtual Peaker: Mark Ray mark@markrayassociates.com | 802-355-0145
Generac: Lauren Willems Van Dijklvandijk@punch-pr.com | 312.215.5822

About Virtual Peaker 
Virtual Peaker is a cloud-based energy management platform that is helping utilities build the grid of the future. Using the internet-of-things, Virtual Peaker connects to any in-home smart device to allow utilities to run residential demand response programs, develop new revenue streams, and exceed their customer engagement goals. Virtual Peaker is based in Louisville, Kentucky.

About Generac
Founded in 1959, Generac is a leading global designer and manufacturer of a wide range of energy technology solutions and other power products.  As an industry leader serving residential, light commercial, and industrial markets, Generac's products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers and equipment rental companies, as well as sold direct to certain end user customers. 

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SOURCE Generac Power Systems, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the licensing agreement between Virtual Peaker and Generac about?

The agreement allows integration of Generac's PWRcell energy storage systems with Virtual Peaker's cloud-based platform.

How does the Virtual Peaker and Generac partnership benefit customers?

Customers can reduce costs by optimizing solar power storage through real-time energy management.

Which utility programs are Virtual Peaker and Generac participating in?

They are involved in Green Mountain Power's BYOD program and a pilot program with Portland General Electric.

What is Generac's role in the partnership with Virtual Peaker?

Generac provides its PWRcell technology, facilitating access to grid services and improved energy management.

When was the partnership between Virtual Peaker and Generac announced?

The partnership was announced on July 9, 2020.

What is the stock symbol for Generac?

The stock symbol for Generac is GNRC.