Bluesphere Ventures is set to develop dozens of five-megawatt (MW) energy-storage projects across Toronto as part of a broader plan to deploy 200 MW of battery-storage capacity in Canada, Sustainable Biz Canada reported.

The initiative aims to support electricity reliability as more solar power integrates into the grid. The New York City-based company is pursuing a similar strategy in New York, with plans to build small-scale energy storage systems in the Bronx, Brooklyn, and Queens.

Bluesphere operates as a sustainability startup incubator, investor, and developer of battery energy-storage systems. Through its development arm, Bluesphere Power, the company intends to capitalize on growing electricity demand and the need for grid stability. The projects in Toronto and New York are expected to be operational within two years, with systems available for sale within 18 months.

“To do this in a way that’s sustainable and meeting energy demands in an efficient way, you need batteries on the grid, there is no way around that,” Bluesphere Co-founder and Chairman Shidan Gouran told Sustainable Biz.

Gouran is a Canadian entrepreneur. He is also the CEO of Toronto-based venture-capital firm Gulf Pearl.

Each five-MW project is estimated to be worth between $7 million and $8 million once operational. Bluesphere has secured real estate for the projects and is advancing site development to the notice-to-proceed stage, Gouran told Sustainable Biz. Most of the completed battery systems are expected to be sold to private- equity firms or energy developers.

Bluesphere Power plans to use Tesla batteries to store electricity generated during off-peak hours and release it during peak demand periods under contracts with utility companies. The project aligns with Ontario’s recent 7,500-MW power procurement plan, which includes provisions for renewable energy and energy storage.

Founded in early 2022 as a carbon-credit services company, Bluesphere has since shifted its focus to renewable-energy and cleantech projects. To date, the company and its partners have invested approximately $5 million into sustainability startups, including a carbon-credit verification platform and solid-state battery technology, Sustainable Biz reported.

Bluesphere prefers to develop smaller-scale, decentralized energy-storage solutions.

“Large deployments are not the way that you’re going to see this space evolve,” Gouran told Sustainable Biz. “It’s really something that can be done in a very scalable way on very, very small scales and built up from there.”

While its immediate focus remains on Ontario and New York, Bluesphere is exploring additional markets such as New Jersey and Pennsylvania. In Canada, Bluesphere plans to invest in Ontario and on the East Coast.

Pictured: Shidan Gouran, co-founder and chairman of Bluesphere.

Photo: Bluesphere