Temporal Power Ltd., a Mississauga, Ontario-based developer and manufacturer of flywheel electrical energy storage systems, has completed a C$10 million Series B financing round. The company’s backers include strategic investor Enbridge Emerging Technology Inc., a division of Enbridge Inc., and Northwater Intellectual Property Fund, a fund managed by Canadian venture capital firm Northwater Capital Management. Northwater also led Temporal Power’s Series A financing round, which was completed in July 2011.
Temporal Power announces $10 million Series B financing round with investments from Enbridge Inc. and Northwater Capital’s Intellectual Property Fund
MISSISSAUGA, Ontario, February 20, 2013 – Temporal Power, manufacturer of the world’s highest-energy flywheel technology, announces the completion of a $10 million Series B equity investment. Investors include Enbridge Emerging Technology Inc., a division of Enbridge Inc.(TSX:ENB;NYSE:ENB), and Northwater Intellectual Property Fund, a fund managed by Northwater Capital Management Inc. Northwater Intellectual Property Fund was the lead investor in Temporal Power’s Series A financing round completed in July 2011.
“Temporal Power is pleased to welcome Enbridge as a new strategic investor in the company. Northwater has been an important contributor to our success to date and we are delighted to have them return as a key investor in the business,” said Cam Carver, CEO of Temporal Power. “Thanks to the confidence and support of our investors, we look forward to moving ahead with the next phase of our growth, the commercial deployment of our superior flywheel technology around the globe.”
Temporal Power’s design marks a quantum leap forward in its technology category, storing 50 times more energy than most flywheels and enabling a power output that is five times higher per unit than its nearest grid-scale competitor. Using its proprietary flywheel energy storage technology, Temporal Power’s scalable power storage plants offer utilities and power generation companies the ability to deliver efficient and cost-effective fast response capabilities for balancing energy and improving power quality on the electrical grid.
“Temporal Power’s rate of progress has been remarkable and the technology clearly marks a new standard for high performance grid scale energy storage,” said David Patterson, Chair and CEO of Northwater Capital Management. “We look forward to continued growth and success from Temporal Power as they bring their technology to the global stage.”
“Having invested over $3 billion in wind and solar projects, Enbridge recognizes the growing need for energy storage in the electricity system,” said Chuck Szmurlo, Enbridge Vice President of Alternate and Emerging Technology. “We believe Temporal Power’s technology is world leading and offers attractive opportunities to deploy electricity storage plants around the globe, thus enabling the growth of intermittent renewable power sources.”
About Temporal Power
Temporal Power is an Ontario-based developer and manufacturer of electrical energy storage systems. The company’s breakthrough technology enables utilities, generators and industrial customers to realize the benefits of large-scale energy storage with a low cost, high performance solution. In 2013, Temporal Power will commission 7 MW of its power storage solution in Ontario, with the province’s two largest utility companies, the Independent Electricity System Operator and NRstor Inc. (www.nrstor.com), a developer of energy storage projects. For more information, please visit www.temporalpower.com.
About Northwater Intellectual Property Fund
Northwater Intellectual Property Fund is managed by Northwater Capital Management Inc., a leading, privately held, investment management company. Northwater focuses on investments in intellectual property and intellectual property-rich companies. Northwater provides strategic guidance, financing, counsel and connectivity to its portfolio of intellectual property investments to speed their projects to market and to defend their protected space. For more information please visit www.northwatercapital.com
About Enbridge Inc.
Enbridge Inc. is a North American leader in delivering energy and one of the Global 100 Most Sustainable Corporations. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world’s longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada’s largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in close to 1,000 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind and solar energy, geothermal and hybrid fuel cells. Enbridge employs more than 10,000 people, primarily in Canada and the U.S. and is ranked as one of Canada’s Greenest Employers and one of Canada’s Top 100 Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index and is also a constituent of the 2012/2013 FTSE4Good Index Series. Enbridge’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
For additional information contact:
CEO, Temporal Power
1-800-672-2383 x 101
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