Fredericton-based energy storage startup Stash Energy has raised $500,000 in financing. Existing backer New Brunswick Innovation Foundation (NBIF) invested $250,000 in the round, with Island Capital Partners (ICP) accounting for the rest. Founded in 2016, Stash Energy’s storage system works with conventional residential heat pumps to thermally store energy for later use, which prevents usage during peak times. The proceeds of the round will used for the company’s M1 comfort system, the second generation of an initial system, which is scheduled to launch in early 2019.
A report by Entrevestor‘s Peter Moreira sheds additional light on Stash Energy’s financing and story.
Photo: Jordan Kennie, CEO of Stash Energy Inc.
Fredericton-based energy storage startup Stash Energy nets $500k investment round
June 12th, 2018
FREDERICTON (N.B.) – The New Brunswick Innovation Foundation (NBIF) today announced a $250,000 investment in Fredericton-based energy storage company Stash Energy. The investment was matched by Island Capital Partners (ICP), bringing the total investment round to $500,000.
“Clean energy is an urgent priority across the globe, and we are incredibly proud to support a local and very competitive solution,” says the NBIF Director of Investments Ray Fitzpatrick. “After competing in our 2017 Breakthru competition, they’ve made tremendous strides to become leaders in this industry.”
Stash Energy’s storage system works with conventional residential heat pumps to thermally store energy for later use, which prevents usage during peak times. Peak usage times are the costliest for utility companies, causing heavy demands on generating stations, which affects operating costs and increases C02 emissions.
The funding will be used towards their Stash M1 comfort system, which is the second generation of their initial system. When launched as planned in early 2019, the Stash M1 comfort system should become the most cost effective and energy efficient heating and cooling solution on the market. The thermal energy storage solution works like a heat pump but allows users to toggle between grid supplied energy and stored energy.
“Island Capital Partners is very excited to be making this investment in Stash Energy Systems as they ramp up their business to provide their affordable and ecologically friendly energy systems to Islanders and other customers across the Maritimes, Canada and worldwide” says Paul Lypaczewski, Investment Director with ICP. “We were attracted to this opportunity by the maturity of their business plans, coupled with the strength of the three founders, one of whom is a native Islander. Having prototyped their solution in close collaboration with the City of Summerside, they are now ready expand their team and begin full-fledged production working with Maritime Geothermal, our region’s premier manufacturer of sustainable energy systems. We have great confidence in the abilities of this team and look forward to Stash Energy Systems growing into a vibrant business to the benefit of PEI, the region and the world at large.”
The NBIF investment is a follow-on from an initial investment of $200,000 in late 2017.
“We’re very excited to partner with Island Capital Partners and continue our partnership with the NBIF. This investment is going to be critical to the launch of our M1 product in PEI and NB, building a customer base that’s continually expanding across Canada and the world,” said Stash Energy CEO Jordan Kennie.
Stash Energy was founded in 2016 by 3 university students from the University of New Brunswick and continues to be led by Kennie, COO Daniel Larson, and CTO Erik Hatfield. The team has been involved in numerous accelerator programs, including the Master’s in Technology, Management and Entrepreneurship Program at UNB, UNB’s Summer Institute, and formed the first cohort of Energia Ventures, a cleantech focused accelerator program run in collaboration with UNB, NB Power, and Siemens. Stash Energy’s CEO Jordan Kennie was recently awarded the Rising Start award at NB Power Energizing Efficiency Awards.
About the New Brunswick Innovation Foundation (NBIF)
The NBIF is an independent non-profit corporation that specializes in venture capital and research investments. Dedicated to building innovation in our province, the NBIF delivers the resources and expertise required to achieve new opportunities, growth, and advancements that positively impact New Brunswick.
With over $85 million invested, plus $425 million more leveraged from other sources, the NBIF has helped to create over 106 companies and fund 470 applied research projects since its inception in 2003. All of the NBIF’s investment returns go back into the Foundation to be re-invested in other startups and research initiatives.