REstore wins the Fast 50 award
The ingenious story of REstore
REstore is an innovative energy technology company, and a reference in the rapidly evolving energy market. The company has developed a big data software platform to switch off, against payment, energy devouring machines of private individuals and in industry at times when there are problems generating sufficient electricity.
The company was set up in 2010 by Pieter-Jan Mermans and Jan-Willem Rombouts to make a positive contribution to the energy transition. Today, it boasts 50 highly motivated staff in 4 offices in Antwerp, Düsseldorf, London and Paris.
Our software uses the Internet-of-Things and big data technology to switch off energy devouring machines when the grid experiences problems temporarily
Pieter-Jan Mermans, co-CEO of REstore
“With a turnover that more than doubles annually, we are a strong growth company, even by Silicon Valley standards. We opened new offices in Paris and Düsseldorf in the beginning of the year. The next logical step is to explore growth possibilities in the United States. Last week, we opened a satellite office in San Francisco,” says Jan-Willem Rombouts, co-CEO of REstore.
The company in the meantime has more than 125 major customers connected to its FlexPond platform, including ArcelorMittal, Total, Umicore, Saint-Gobain and Sappi. REstore manages some 600 MW flexible capacity, more than the Doel 1 nuclear power station.
In addition to its aggregator business, REstore sells its patented FlexPond™-platform also as 'Software as a Service' worldwide. Energy companies can use FlexPond™ to conclude contracts with their major consumers concerning Demand Response, and to create their own virtual power stations in order to preserve their real-time balance.
“Our software uses the Internet-of-Things and big data technology to switch off energy devouring machines such as refrigerators, electric boilers or cold stores when the grid experiences problems temporarily. REstore thus offers a new type of power station for companies such as Elia or EDF: a virtual power station, as an alternative to a physical peak power station, but at a far lower cost and without CO2 emissions,” co-CEO Pieter-Jan Mermans explains.
REstore is at the forefront of digitisation, decentralisation and the greening of the energy sector
Jan-Willem Rombouts, co-CEO of REstore
Now also on the private market
REstore aspires to manage 2 to 3 GW of flexible capacity in the long run, and is consequently already on the look out for some new segments. Jan-Willem Rombouts: “The commercial focus is currently on industrial consumers, but we are working more and more on concrete opportunities with private consumers and with battery storage.”
“We are naturally very honoured and proud that an energy technology company such as REstore has won this Technology FAST 50 prize. This is first and foremost an important recognition for energy transition and the technology that makes that possible. REstore is at the forefront of digitisation, decentralisation and the greening of the energy sector,” Mr Rombouts concludes.
REstore, winner Fast 50 Award 2016
From left to right: Nikolaas Tahon (Programme lead Fast 50), Duco Sickinghe (President of the Rising Star Jury – CEO Fortino), Rudi Thomaes (Chairman of the board of Restore), Piet Vandendriessche (CEO Deloitte Belgium)