“Renewable energy will create problems for the grid to manage. This product can create value by managing the demand and supply.”
–Energy Manager Today Awards judge
REstore is an energy technology company, focused on development and operation of automated Demand Response technology. REstore’s FlexPond is a software product that offers a large-scale, reliable virtual power plant (VPP) to energy utilities and transmission grid operators, aggregated from fragmented flexible “decentral” machines at commercial and industrial consumers. The VPP produced by FlexPond is disruptive, as it is a 100 percent substitute for a gas-fired peak power plant. The proprietary platform is used by more than 125 of Europe’s largest industrial energy consumers, including five of Europe’s top 50 largest utilities and grid operators, the company says.
In 2010, the company envisioned a way to help prevent grid blackouts through virtualization and real-time, cloud-based technology. Back then, REstore saw opportunity in the European DR market, as more and more utilities were forced to mothball or close CCGTs, and intermittent renewable energy continued to grow. Indeed, Europe’s demand response needs weren’t driven by summertime peak loads as they were in the US. The bigger drivers in Europe are the system-wide effects of the continent’s growing share of intermittent wind and solar power. Intermittent wind and solar power create imbalances on the grid, and these need to be offset to ensure the grid keeps the balance between demand and generation, the company says.
FlexPond assures that Demand Response could offer that service, according to REstore.
FlexPond allows C&I consumers to capture revenues by making their flexible power available to grid operators and utilities, which reduces their electricity bill, helps them to reduce electricity consumption, and avoids any impact on their industrial processes.
Grid operators and utilities use FlexPond to ramp-up a Virtual Power Plant instead of a physical gas-fired peakplant, where the VPP is much cheaper than a physical peakplant, and the VPP emits structurally less CO2.
“Great product,” said one judge.