Houston-based Pason Power, which provides Internet of Things services to energy area and solar providers, has been innovating in the energy industry for years. And earlier this year, Pason Power started a partnership with a multimillion-dollar energy tech company that’s suddenly expanding its US track.
Since it launched as a wholly controlled subsidiary of Calgary-based Pason Systems Inc. in 2016, Pason Power offers an array of services— including AI, IoT, real-time industrialization — that support energy storage systems during a project’s lifecycle. Energy storage method is a wide umbrella that includes everything from the large systems used to store renewable energy and biofuels, to batteries, which store electricity.
“We have an intelligent energy management system, which is a brain that sits inside an energy storage system,” says Enrico Ladendorf, founder and leading partner of Pason Power. “We have this intelligent, fully-autonomous system that knows the real operation of (energy storage), and it makes it brain-dead easy.”
Pason’s latest deal is one that’ll help it continue to expand into the U.S. and Canadian markets. The company’s iEMS, or intelligent energy control system, was chosen to service Eguana Technologies, a large Canadian energy storage company that reported $3.8 million in 2018 income, per the company’s public filings, and $7 million in transactions in 2018.
The deal arose from Pason Power’s history with Eguana Technologies. A member of Pason Systems’ leadership team has identified one of Eguana’s founders, Brent Harris, for more than 20 years.
“When (Pason Power) got into new investments, and we were looking into renewables, we talked to Brent,” Ladendorf says. Ladendorf adds that the groups Eguana was working with were “not very good,” and that there weren’t a lot of alternatives in the space.
Ladendorf failed to provide financial details associated with the deal but said Pason Power is advancing to growing its footprint in the commercial sector.
“The opportunity is quite large,” Ladendorf says.
Ninety-five percent of the drilling rigs that Pason Systems services are in Canada, Ladendorf says, but its U.S. business is it’s most useful.
“We have a huge presence (in Canada),” Ladendorf says of Pason Systems. “We are the highest-market-cap oilfield services organization on the Toronto stock exchange.”
As of press time, shares of Pason Systems Inc. were selling at $19.97, down $0.34 from the market’s opening.