REstore Recognised as a European Leader in Demand Response
REstore’s aim is to possess a portfolio of several gigawatts of flexible power under management and flexible power for transmission grid operators across all of Europe
LONDON, U.K. — March 15, 2016 — REstore took the honors in the Competitive Strategy Innovation and Leadership Award category at Frost & Sullivan’s exclusive black-tie event, the 2015 Excellence in Best Practices Awards Banquet. The annual gala, held on November 17, 2015, was attended by the who's who of Europe’s and Africa’s premier companies and their leaders. Co-CEOs Pieter-Jan Mermans and Jan-Willem Rombouts joined an exclusive list of luminaries when they accepted the award on behalf of REstore at a glittering ceremony at the Jumeirah Frankfurt, Frankfurt.
REstore’s extensive solution portfolio has positioned it ideally to make the most of the growth opportunities in the European market. It is expected to achieve its goal of 20-30 percent market share by 2018 on the strength of its flagship platform, the sophisticated and patented Flexpond™ automated DR (ADR).
“REstore is the only European DR aggregator in Europe capable of offering primary reserve with a DR portfolio,” said Frost & Sullivan Research Director Malavika Tohani. “The most obvious benefit of primary reserve is that it provides the highest payment per MW and has the smallest impact on the operations of a manufacturing plant, as activations rarely last longer than four to five minutes. With other offerings such as tertiary reserve and capacity market, REstore covers the entire spectrum of capacity market and balancing reserves.”
In the short term, the European DR market will be focused on pure technology play, real-time risk and portfolio management, reliability and quick response times. Restore is looking to exploit these trends by attracting large industrial companies that are prepared to curtail electro-intensive machinery at times of peak power demand. In return, they will receive substantial payments and a reduction in their CO2 footprint.
The long-term goal of the company is to unlock the full potential of demand-side flexibility at control and instrumentation (C&I) power consumers’ facilities. It relies on its growing data analytics capability to harness the vast quantities of real-time factory data logged from C&I customers and uses it to manage exposure to spot energy markets and mitigate peaks in energy consumption.
REstore can convert a broad range of industrial processes such as steel smelters, freezers, pumps, fans and manufacturing lines to grid resources, an ability that sets it apart from its competitors. This is made possible by the Flexpond™, which delivers power similar to open cycle gas turbines, but at lower costs and emissions. REstore’s DR experts work closely with industrial and commercial customers from start to finish to ensure reliable connection of their site at zero cost.
“Importantly, at every stage of the project process, REstore places emphasis on delivering best-in-class service,” noted Tohani. “It centres its value proposition on the needs of industrial power consumers, and strives to gain a deep understanding of their targets in terms of production quality and volumes.”
Since being founded in 2010, REstore has grown from a few megawatts of industrial load to more than 1 gigawatt of peak load under management, serving more than 80 industrial customers. Its revenues grew 700 percent from 2013 to 2014, and its portfolio of reliable flexible power under management expanded from 250 megawatts to 350 megawatts in less than six months between 2014 and 2015.
Each year, Frost & Sullivan presents this award to the company that has leveraged competitive intelligence to successfully execute a competitive strategy that results in stronger market share, competitive brand positioning and customer satisfaction.
Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
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