FOMO Corporation, a company focused on investment and business incubation, has partnered with Clean Peak Energy for the development of energy storage solutions; as well as the creation of a profit-sharing structure for both organizations, the company announced this Thursday.
Firstly, Clean Peak Energy (CPE) focuses on using a building’s existing thermal mass and air conditioning systems to create energy storage, and reduce building related CO2 emissions. Secondly, the agreement will enable both companies to generate profits from projects referred by FOMO, that adopt CPE solutions.
Thirdly, CPE’s structure, which also provides electric supply pricing, will additionally enable FOMO to offer customers competitive electric supply through CPE. Profits generated from this structure will be shared by both companies.
Moreover, “through CPE’s advanced energy storage technology, facilities can save on energy costs; with zero capital construction cost.” As more than 76% of electric use and 40% of energy use that emit greenhouse gas emissions are associated with a well-lit building, the solutions provided by CPE and promoted by FOMO will be key to sustainability.
On the other hand, CPE’s solutions use thermal mass within a building’s envelope and interior mass as energy storage; also, they take advantage from cooler nighttime temperatures to store electricity. Therefore, reducing demand, consumption and costs.
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FOMO Corp with a growing clean energy portfolio
“This strategic relationship with CPE further reinforces FOMO’s growing ‘eco-system’ of clean technology products and services,” said Vik Grover, FOMO’s CEO.
“Therefore, we’ll help building owners and operators reduce operating costs; with safe and also energy-smart facilities during and following the COVID-19 pandemic. We are also reviewing investment in CPE.” Grover concluded.
On the other hand, Ed Levene, Clean Peak Energy’s CEO, stated. “We are pleased to participate with FOMO CORP to offer their customers and companies access to CPE’s advanced energy storage.”
“Also, to our management technology and customer electricity supply programs,” he concluded.
Finally, FOMO remarked that this agreement is not the only one on its clean energy portfolio; but is one in addition to other programs with which the company can provide to its customers with sustainable solutions; through its various subsidiaries and strategic relationships.