Fredericton, New Brunswick-based Stash Energy Inc, a provider of affordable smart energy solutions, has secured C$400,000 in funding. The investors were The New Brunswick Innovation Foundation and PEI-based Island Capital Partners. The capital infusion will be used for additional product development, testing and market expansion.
FREDERICTON, NB AND CHARLOTTETOWN, PEI – The New Brunswick Innovation Foundation (NBIF) and PEI-based Island Capital Partners announced today a $400,000 investment in Stash Energy Inc., an Atlantic Canadian start-up with an advanced energy storage system. The round was split evenly between both partners, with each investing $200,000.
“Climate change is the single biggest issue facing our planet and the way we use our energy is the problem. Stash Energy has created a product to provide an easy way for people to take action today against that problem,” says Ray Fitzpatrick, NBIF Director of Investments. “It’s a win for consumers, energy companies, and the environment.”
Stash Energy’s system allows users to store energy during non-peak periods and save up to 70 per cent on their utility bill. It works with conventional heat pumps, allowing users to specify when to switch from using grid energy to stored energy. The system benefits both consumers and utility providers, who can make more efficient use of their generation capacity and use more affordable resources.
“Island Capital Partners is excited to be providing continued support for Stash Energy with this follow-on investment. With a number of pilot programs anticipated with Canadian and international utilities, we remain confident in the value that Stash’s energy storage solutions bring to energy providers and their customers,” says Paul Lypaczewski, Partner at Island Capital.
Stash Energy was founded in 2017 by Jordan Kennie, Daniel Larson, and Erik Hatfield while studying Technology Management Entrepreneurship at the University of New Brunswick. Since then, the company has pre-sold over 1,500 units and launched paid pilot projects with Summerside Electric and Hydro Ottawa. Now, Stash is working with the University of Ottawa to develop a patented second generation of their product that can cool in addition to heat.
“We’ve had really high hopes for this company, and they haven’t disappointed us,” says Fitzpatrick. “They’ve been doing some development recently in the European utilities market, where they have the climate and infrastructure in place that lends itself to Stash’s system. The company has huge growth potential in the global market.”
Stash Energy plans to use the investment for additional product development, testing, and market expansion.
“People all over the world are becoming more conscious about their energy use, and Stash is there to help our customers manage their energy consumption and save money,” says Jordan Kennie, Stash’s CEO. “We’re encouraged by the growth we’ve seen, and grateful to NBIF for supporting us since our early days.”
About New Brunswick Innovation Foundation
Since its launch 16 years ago, the New Brunswick Innovation Foundation, an independent, non-profit corporation, has invested over $100 million in New Brunswick start-ups and researchers and leveraged $457 million more from other private and public sources.
Those strategic investments have helped launch over 100 companies and funded nearly 500 applied research projects. Profits from NBIF’s investments go back into the foundation for reinvestment in other start-ups and research initiatives that drive innovation, attract investment and create jobs in New Brunswick. Find out more at nbif.ca.
About Island Capital Partners
Established in 2017, Island Capital Partners is a venture fund aimed at investing in high growth potential, early-stage start-up companies. Island Capital has invested over $2 million across eight companies over the past two years, helping to create 25 new jobs and leverage over $12 million from other investors. Availability of risk capital is a critical factor in an entrepreneurial ecosystem and in developing a culture which creates and supports start-ups with long-term growth potential. Island Capital Partners leverages both private and public funds and more importantly, is also actively involved in mentoring and advising companies in which it invests. Learn more at peislandcapitalpartners.com