Calgary-based sustainable power producer Switch Power Corp has closed financing totaling C$5 million. The funds came from several investors, including Canadian private equity firm PFM Capital, to support growth until Switch’s first portfolio of projects come online in late 2021, along with project development.
FEBRUARY 2, 2021
SWITCH Power (“SWITCH”) is pleased to announce that in 2020, it successfully closed on a total of $5 million in corporate financing. The funds will be used as working capital providing runway and growth until SWITCH’s first portfolio of projects come online in late 2021. Further, the capital supports project development to advance SWITCH’s pipeline, and provides acquisition capital to be allocated to several early- to mid-stage acquisitions of development projects. The funding round was completed through a series of closings with investors, including insider participation, investment from private equity firm PFM Capital Inc. (“PFM”) through their SasksWorks Venture Fund, and other accredited investors.
“We appreciate the confidence investors have placed in SWITCH. This capital is integral to our growth and positions us well to continue to scale our pipeline and execute on our first portfolio of projects. Alongside our partnership with Crown Capital for project financing, we are well capitalized to continue to advance our vision. In addition, PFM is a strategic investor who brings experience and relationships in the energy sector, one of our core target markets,” said Trevor White, President and CEO of SWITCH.
“PFM Capital is excited to partner with SWITCH as it executes on its growth strategy. We believe SWITCH is well positioned to develop a diverse and extensive pipeline of projects and capitalize on increasing demand for sustainable power solutions,” said Jason Moser, Senior Director of Investments.
Fort Capital Partners acted as financial advisor, DLA Piper acted as legal advisor, and Pinnacle Wealth Brokers acted as a placement agent for these financings.
Appointment of Officer
SWITCH is pleased to announce the appointment of Alyson Jenkins as Vice President, Finance. Alyson brings over 15-years of experience in a variety of accounting, finance, and reporting roles for large public companies. She has held numerous progressively senior positions at Pembina Pipeline Corporation, TransAlta Corporation, Husky Energy, and Ernst & Young. Alyson brings great technical knowledge and analytical skills, a solid understanding of implementing financial processes and strong leadership skills. Her primary accountabilities within SWITCH will include controllership, budgeting and forecasting, treasury, financial reporting, and management. Alyson holds a Bachelor of Commerce degree in Accounting and Global Business from Saint Mary’s University, as well as a Chartered Professional Accountant (CPA) designation.
“We are excited to have Alyson join our team. With her she brings tangible renewable power and infrastructure accounting and financial management experience, which will undoubtedly be an asset as we transition into the next phase of our lifecycle through project financing, construction, and operation,” said Trevor White.
“The opportunity to join the SWITCH team is very exciting for me given its innovation in the sustainable power generation space. I look forward to working with all of our partners in adding value to our projects,” said Alyson Jenkins.
Appointment of Director
SWITCH is pleased to announce that effective December 10, 2020, Jason Moser, CFA, CBV, has joined the SWITCH board of directors. Jason Moser is a Senior Director of Investments and partner of PFM Capital Inc. Mr. Moser joined PFM in 2008 and is responsible for managing the firm’s diversified energy portfolio. He brings over 14-years of institutional investment experience within the energy sector, previously working on the trading desk for Capital Power Corp. and as an oil and gas equity research associate for Raymond James. Mr. Moser currently sits on the boards of Fire Sky Energy Inc., Aureus Energy Services Ltd., and Wind River Power Corp.
About SWITCH Power Corporation
SWITCH Power is an Alberta-based sustainable power developer, asset manager and producer, focused on deploying meaningful megawatts through its electricity as a service business model. They provide bespoke power solutions for customers and counterparties across multiple technology and market classes. SWITCH develops, builds, finances, and operates sustainable energy power generation projects in utility, behind the meter and off-grid scenarios.
About PFM Capital Inc.
PFM Capital is Saskatchewan’s largest private equity investment firm with over $750 million in assets under management across several funds. Based in Regina, Saskatchewan, PFM’s niche focus allows investors to benefit from the Prairies’ economic strengths by taking advantage of the firm’s established local contact network and long-term track record. Founded in 1989 as a corporate finance company, PFM Capital is employee-owned and has been managing private equity and venture capital funds since 1993.