Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) has told investors it is set to leverage its SmartSuite technology for Quebec's demand response energy market for use in commercial and multi-residential buildings.
The tech group said it can integrate its SmartSuite solution with utilities that operate demand response programs through the use of application programming interface (APIs).
"The demand response markets are growing rapidly across North America due to advancement of smart technologies, which utilities are increasingly leveraging for operating efficiency and resource allocation," said Paul Ghezzi, the CEO of Kontrol Technologies in a statement.
"Kontrol is offering a top-tier solution through our SmartSuite technology, which has the ability to communicate with local utilities and either reduce power consumption or shut off power demand at the building and suite level, and seamlessly integrate into utilities’ grid management framework.
READ: Kontrol Technologies receives order for its BioCloud units from a global technology company
"We look forward to serving customers in the Quebec market in the near term, helping to facilitate utility grid optimization, energy conservation and greenhouse gas emission reduction."
Most demand response programs offer customers incentives that correlate to kilowatt hours of energy saved, the company noted.
Through its operating subsidiary, Hilo, Hydro Québec, for example, the company offers a demand response program which encourages buildings to participate in reducing energy consumption in peak demand periods.
The Global Smart Demand Response Market size is predicted to reach US$75.53 billion by 2030 with a compound annual growth rate (CAGR) of 14.2% from 2020-2030, according to Next Move Strategy Consulting.
Kontrol Technologies provides software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
Contact the author at giles@proactiveinevstors.com