REstore granted two additional patents for its 'virtual power plant'
29 Oct, 2014, 10:41 GMT
-- The patents provide further protection for REstore's unique ability to deliver a 100% demand response track record for grid operators and utilities
BRISTOL, United Kingdom, Oct. 29, 2014 /PRNewswire/ -- REstore NV, a leading European demand response aggregator, announced today that the United States Patent and Trademark Office has granted two new patents to the company. The patents protect the unique portfolio management methods used by REstore's Flexpond™ platform to transform a large group of industrial power consumers into high-performing virtual power plants, which can be used by grid operators to balance the electricity grid.
Jan-Willem Rombouts, co-CEO of REstore, said: "REstore's Flexpond is a ground-breaking software platform that offers grid operators a unique combination of reliable, fast, flexible power. The real-time portfolio management methods protected by these patents mean we can offer grid operators an optimised array of virtual power plants; and we can open up reserve markets for industrial consumers who otherwise wouldn't qualify for demand response.
"Our exceptional performance in primary reserve, where we have a 100% track record of perfect delivery of power to the grid, shows that, with the right technological solution, demand response can achieve identical results to traditional power generation."
Primary reserve is the main measure used by grid operators to control European electricity grid frequency. Whenever demand outpaces supply, the grid frequency can rapidly spin out of control, potentially leading to mass blackouts. More power for the grid is then needed within seconds to restore the balance. Historically, grid operators have reserved special gas-fired plants to continuously offer such balancing power, but this solution is not cost-effective, and comes with a high carbon footprint.
REstore is the first demand response aggregator to offer a significant volume of primary reserve by aggregating of a portfolio of industrial power consumers. In response to the real-time needs of the grid, REstore's Flexpond platform rapidly adjusts the power consumption of these power consumers, so that, working together, they operate as a virtual power plant. Using its unique technology, REstore achieves faster power delivery at 30% lower operating cost than power plants, with higher reliability, no significant CAPEX and zero carbon footprint.
Pieter-Jan Mermans, co-CEO of REstore, said: "There are thousands of megawatts tied up within Europe's biggest energy consumers, waiting to be released. The advanced analytics in our Flexpond platform enable these power consumers to achieve significant and recurrent payments by taking part in valuable grid balancing services. REstore's access to all reserve markets remains one of REstore's key elements of differentiation. Our patent portfolio is an important way to protect the technology that enables our participation in all reserve markets, and makes our 100% delivery record possible."
The two newly-granted Flexpond patents are complemented by a 2013 issued patent on the platform and several further pending applications.
Notes for editors
About REstore:
REstore is an energy technology company, focused on automated Demand Response. REstore offers curtailable capacity to energy utilities, balancing responsible parties, and transmission grid operators in the form of a virtual power plant. REstore's offer is comparable to the technical specifications of a gas-fired plant. The company developed and patented Flexpond, a proprietary platform to curtail power demand from industrial and commercial consumers for short periods of time without impacting industrial processes. In exchange, consumers receive significant cash payments and contribute to the reduction in CO2 emissions. REstore currently operates in the Benelux and the United Kingdom. Jan-Willem Rombouts and Pieter-Jan Mermans founded the company in 2010.
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SOURCE REstore NV