- Ohio’s Cuyahoga County established a green energy utility three years ago, and recently signed a 10-year contract with companies Distributed Energy Capital and Compass Energy Platform to manage the first-in-the-nation community power operationa
- Distributed Energy Capital is a subsidiary of Correlate Energy Corp., a distributed energy solutions developer that works strategically with partners to help clients make the transition to green energy transition
- Key development milestones for the utility are expected by next year, with a focus on supporting economic growth in the Cleveland metro region under a renewable energy model
- The partnership for the distributed energy utility model is being addressed with other municipalities, exhibiting its potential for scalable growth
- The microgrid energy distribution market is experiencing growth at a CAGR of 18.5 percent during the next five years, demonstrating interest in its development
The microgrid energy distribution market is expected to grow at a CAGR of 18.5 percent during the next five years to a valuation of $87.8 billion dollars, according to analysts at MarketsandMarkets Research, reflecting a rising interest worldwide in reducing climate-altering pollution as well as the burgeoning need for energy to power an increasing array of computerized resources (https://nnw.fm/9FUGf).
The report notes technical and logistical hurdles to the interconnectivity of microgrids that present significant obstacles to the market’s expansion, but distributed energy solutions company Correlate Energy (OTCQB: CIPI) is driving scalability in the market with a new partnership between its subsidiary Distributed Energy Capital (“DEC”) and clean energy development innovator Compass Energy Platform that will establish the nation’s first microgrid utility.
“This initiative addresses a significant problem by providing resilient energy solutions for this county and opens up tremendous opportunities for our company to meet similar needs across North America,” Correlate Energy CEO Todd Michaels stated (https://nnw.fm/SuO4n).
Microgrids are self-sufficient energy systems that serve discrete geographic footprints, which have generally been well-funded sites such as college campuses or hospital complexes that aren’t just using solar panels for their reduced carbon footprints, but as part of systems that keep the power flowing when the larger central grid fails. Their use has expanded to business centers and some neighborhoods (https://nnw.fm/NMcfH).
The landmark initiative by Distributed Energy Capital and Compass Energy Platform to adopt renewable utility infrastructure is for Ohio’s Cuyahoga County. The county formed Cuyahoga Green Energy (“CGE”) three years ago as a utility focused entirely on renewable energy and resiliency (https://nnw.fm/9xK52).
CGE’s project differs from traditional microgrids in that it will provide power to multiple interconnected customers, including commercial, industrial, and later, government and community loads, according to Correlate.
The county issued a 10-year contract for the utility’s operations that employs Compass Energy to manage the utility’s technical standards, customer billing and project financing. Distributed Energy Capital, operated by Correlate, will provide financial and technical development services that support the partnership by structuring near and long-term project financing, according to the company.
Cuyahoga anticipates key development milestones by next year that will help support economic growth in the Cleveland metro region.
The teams involved with the utility are discussing similar microgrid partnership models with other municipalities, demonstrating the scalable potential of the model for addressing climate change through community-level renewable energy solutions.
For more information, visit the company’s website at www.Correlate.Energy.
NOTE TO INVESTORS: The latest news and updates relating to CIPI are available in the company’s newsroom at https://nnw.fm/CIPI
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