REstore wins Frost & Sullivan Competitive Strategy Innovation and Leadership Award
Frost & Sullivan applauds REstore for Grabbing First-mover Advantage in the DR Market
LONDON, Oct. 8, 2015 /PRNewswire/ -- Frost & Sullivan today announced to recognise REstore with the 2015 European Frost & Sullivan Award for Competitive Strategy Innovation and Leadership, based on Frost & Sullivan's recent analysis of the Demand Response (DR) market. Boasting a broad range of DR solutions in all key European energy markets, REstore is in an ideal position to make the most of the growth opportunities in the European market. On the strength of its sophisticated and patented Flexpond™ automated DR (ADR) platform, presence in high-opportunity countries and smart automated energy management, the company is expected to achieve its goal of 20-30 percent market share by 2018.
"REstore is the only 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."
REstore's aim is to further grow its present 450MW portfolio to several gigawatts (GWs) of 24/7 reliable flexible power under management, and offer that capacity to transmission grid operators (TSOs) and balancing responsible party (BRP) across all of Europe. 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 best positioned to exploit these trends through its sophisticated and patented Flexpond™ automated DR (ADR) platform. REstore typically attracts large industrial companies that are prepared to curtail electro-intensive machinery at times of peak power demand, without any risk or negative impact on their industrial production process. In return, such electricity consumers receive substantial payments reducing their energy cost, 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 Commercial and Industrial (C&I) power consumers' facilities. REstore relies on its growing data analytics capability to harness the vast quantities of real-time factory data logged from C&I customers and use it to manage exposure to balancing markets, spot energy markets and mitigate peaks in energy consumption.
REstore can convert a broad range of manufacturing processes in such industries as Steel, Metals, (Petro)Chemicals, Cement, Building Materials and Paper to grid resources, an ability that sets it apart from its competitors. This is made possible by the Flexpond™ platform, which connects to thousands of sensors in factories and buildings over the internet and captures Gigabytes of operations values every minute. Flexpond™ thereby enables utilities and TSOs to access the "Internet of Things" trend at B2B energy consumers.
"Importantly, at every stage of the project process, REstore places due emphasis on delivering best-in-class service," noted Malavika. "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 but also on control and safety."
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 including Arcelor Mittal, Praxair, Sappi and Barclays. Its revenues grew 700 percent from 2013 to 2014, and expanded its portfolio of reliable flexible power under management from 250 megawatts to 450 megawatt in less than 6 months between 2014 and 2015.
Krishna Srinivasan, Global President and Managing Partner, Frost & Sullivan, sums up, "In the European DR market, the companies that thrive are the ones that are a step ahead of their competition. Frost & Sullivan is pleased to recognise REstore for its innovative DR solutions and products across a wide range of industrial processes."
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.
About REstore
REstore is a leading, European 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, offering technical specifications that are fully comparable to a gas-fired plant. The company is the leader in the fast-growing European Primary Reserve / Frequency control market, and operates in all ancillary services and capacity markets. The company's proprietary platform Flexpond™ is used by more than 80 of Europe's largest industrial energy consumers to curtail their power demand without impacting their industrial processes. In exchange, REstore's industrial consumers receive significant cash payments and contribute to the reduction in CO2 emissions. Jan-Willem Rombouts and Pieter-Jan Mermans founded the company in 2010.
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Media requests
Pieter-Jan Mermans and Jan-Willem Rombouts are available for interviews.
Press contacts:
Liene Donckers
Marketing communications manager Europe
REstore
Tel: +32 (0) 486 48 31 34 or +32 (0) 320 80 39
Email: [email protected]
Adelaide Mendes
Best Practices Group
Frost & Sullivan
Tel.: +44-(0)-207-9157869
E-mail: [email protected]
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SOURCE Frost & Sullivan
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