TORONTO–(BUSINESS WIRE)–Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) (“Kontrol” or the “Company”), a leader in smart buildings and cities through IoT, Cloud and SaaS technologies, is entering the Quebec demand response energy market for commercial and multi-residential buildings. The Company will leverage its SmartSuite technology to supply a best-in-class demand response management solution.
“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, CEO of Kontrol Technologies. “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. 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.”
SmartSuite Demand Response
Using Kontrol’s propriety Cloud and energy control system, the Company can integrate its SmartSuite solution with utilities that operate demand response programs through the use of APIs. Most demand response programs provide customer incentives that correlate to kilowatt hours of energy saved. Such incentives can reduce initial capital investment and accelerate adoption of energy savings technologies. Through its operating subsidiary, Hilo, Hydro Québec offers a demand response program which encourages buildings to participate in reducing energy consumption in peak demand periods.
Demand Response Market Size in North America
The Global Smart Demand Response Market size is predicted to reach USD 75.53 billion by 2030 with a CAGR of 14.2% from 2020-2030, according to Next Move Strategy Consulting. North America is anticipated to grow with the highest CAGR, attributable to factors including enhanced developments in smart technologies, high R&D investments, and high consumer awareness. According to Technavio, 59% of growth during the period from 2021-2025 is expected to originate from North America.
Kontrol Technologies Corp.
Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com
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This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company’s product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.