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ReVolve Renewable Power has bought three operating batteries in Ontario for about $1.07 million. That is 6 MW of capacity, which works out at roughly $0.18 million per MW. Three months ago the same company paid more than twice that rate for a similar Ontario portfolio. Nothing about the assets explains the gap. The contracts attached to them do.
Key takeaways
- ReVolve Renewable Power acquired all shares of Logan Energy Storage ULC from Stem, Inc for CAD 1.5 million, about $1.07 million, comprising a base price of CAD 1.41 million and closing adjustments of CAD 90,000, announced on 30 October 2026 and completed on 3 November 2026.
- Logan Energy Storage holds three operational behind-the-meter battery projects in southern Ontario with a combined 6 MW and 11.7 MWh, giving the portfolio a duration of 1.95 hours.
- The three assets are the 2.985 MW Ice River Springs battery at a water bottling facility, installed on 25 June 2020, the 1 MW and 2 MWh StackTeck Systems battery at an industrial manufacturing plant in Brampton, operating since October 2021, and a 3.8 MWh battery at a Gap Inc. facility.
- All three earn revenue through contracted behind-the-meter host-customer arrangements, reducing the host's electricity costs through peak-demand management and shared-savings mechanisms rather than selling into the Ontario wholesale market.
- The purchase follows ReVolve's acquisition of the six-project, 14.2 MW and 24.3 MWh Trillium Storage portfolio in Ontario, completed in August 2026 for $5.45 million, and was funded from existing cash reserves.
Why did ReVolve pay less than half its August rate per megawatt?
Because behind-the-meter batteries are priced on the contract, not the hardware. A behind-the-meter asset sits on the customer's side of the utility meter and earns by cutting that customer's bill. Its revenue is a share of avoided demand charges, which are the fees a commercial or industrial customer pays based on its highest half-hour of consumption in a billing period. The value of the battery is therefore the value of one host's peak, under one agreement, for whatever term that agreement still has to run.
Put the two deals side by side and the arithmetic is stark. Trillium, at $5.45 million for 14.2 MW, priced at about $0.38 million per MW. Logan, at $1.07 million for 6 MW, prices at about $0.18 million per MW. On energy capacity the gap is similar: $0.22 million per MWh against $0.09 million. Six projects in August against three now, and a 54 percent fall in the rate per MW in three months, is not a market move. It is a different set of host contracts.
What does the portfolio breakdown not tell you?
The power rating of one of the three assets. Ice River Springs is recorded at 2.985 MW and StackTeck at 1 MW and 2 MWh. The Gap Inc. battery is given only as 3.8 MWh, with no megawatt figure at all. Subtract the two known ratings from the stated 6 MW total and roughly 2 MW is left for it, which is an inference rather than a disclosure.
The same gap runs through the energy figures. Of the stated 11.7 MWh, 2 MWh belongs to StackTeck and 3.8 MWh to Gap, leaving about 5.9 MWh at Ice River Springs. That implies the oldest asset in the portfolio, installed in June 2020, carries roughly half the energy capacity. For a buyer this matters because cell degradation runs on cycles and years, and the largest single block of storage here is also the most worn.
What is ReVolve actually assembling?
An Ontario behind-the-meter platform, bought one small portfolio at a time from sellers leaving the segment. Stem, Inc is a software and services company that built these assets as host-side installations, and selling the holding company that owns them is a clean exit from owning hardware. ReVolve has now done this twice in four months and says the strategy runs alongside its own greenfield development pipeline.
Nine projects and 20.2 MW across the two transactions, for a combined $6.52 million, is the shape of the business. These are not grid assets. Tauron's Jawor battery in Poland was bought mainly for the 17-year capacity contract attached to it, and the logic here is the same at a hundredth of the scale: the contract is the asset and the cells are the delivery mechanism. A 1.95-hour duration confirms it, because a battery built to arbitrage wholesale prices is specified at four hours and a battery built to shave a demand peak is not.
Enerdatics records 28 transactions involving operational battery storage assets worldwide since the start of 2024. Only two carry a disclosed value that produces a price per megawatt, too few for Enerdatics to publish a defensible median, and eleven of the 28 were corporate acquisitions where a price per megawatt would mean nothing anyway. Canada accounts for exactly two of the 28, and ReVolve is the buyer in both.
What does the deal signal for Canadian battery storage?
That the behind-the-meter segment in Ontario is consolidating quietly and cheaply, with one buyer and almost no price discovery. Two recorded transactions in nearly three years, both by the same acquirer, is not a market with a clearing price. It is a market where a willing buyer sets one, and the fact that both ReVolve deals disclosed a consideration at all makes them unusually visible. Larger battery acquisitions routinely disclose nothing.
The second signal is about who wants these assets. Stem's exit and ReVolve's entry point the same way: host-side storage is an operating business rather than an infrastructure holding, and it suits an owner willing to manage individual commercial relationships at single-digit megawatt scale. Ontario has the demand-charge structure that makes the model work. The constraint on scaling it is not capital, since ReVolve paid for this one out of cash, but the number of host contracts available to buy.
Frequently asked questions
What did ReVolve Renewable Power buy from Stem?All issued and outstanding shares of Logan Energy Storage ULC, which holds three operational behind-the-meter batteries in southern Ontario totalling 6 MW and 11.7 MWh, for CAD 1.5 million or about $1.07 million. The transaction completed on 3 November 2026.
How does the price compare with ReVolve's earlier Ontario deal?The Logan portfolio prices at about $0.18 million per MW. The 14.2 MW Trillium Storage portfolio ReVolve completed in August 2026 cost $5.45 million, or about $0.38 million per MW, more than twice the rate.
How do the batteries earn money?Through contracted behind-the-meter arrangements with the host customers whose sites they sit on, principally by reducing those customers' electricity costs through peak-demand management and shared-savings mechanisms. They are not selling energy into the Ontario wholesale market.
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