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[news 2005-2006]
EnerWorks
secures $3.65 million to accelerate production, sales
of solar technology
Patented solar hot water heater receives industry’s
highest energy efficiency rating
October 12, 2006
For immediate release
LONDON, ON -- EnerWorks
Inc., a leading developer and manufacturer of residential
and commercial solar thermal collectors and appliances,
has closed an equity financing of $3.65 million to accelerate
production and sales of its innovative solar hot water
heating system. The EnerWorks appliance was developed
in partnership with Queen’s University and its
technology transfer office, PARTEQ Innovations.
The financing round was led by Chrysalix Energy Management,
with Investeco Capital Corp. as a co-investor, and continued
participation from existing investors Covington Venture
Fund Inc. and VentureLink Brighter Futures Fund Inc.
This financing will be used to rapidly scale production,
provide sales and marketing support to EnerWorks’
existing certified dealer and distributor network, and
to continue to develop its North American dealer network.
EnerWorks has a close relationship with the Queen’s
University Solar Calorimetry Lab for the joint development
of other solar thermal products in the integrated space
heating, geothermal and cooling applications.
EnerWorks has installed hundreds of its proprietary
solar hot water heating systems in a wide variety of
single family homes, housing developments and commercial
facilities across North America. Offering industry-leading
price, performance and efficiency levels, the EnerWorks
commercial collector recently received the SRCC OG-100
certification, signifying the highest per unit area
energy rating compared to all other certified technologies.
EnerWorks is also pleased to announce the appointment
of Mr. Ken Arnold, P.Eng, MBA, as Chief Executive Officer
and Mr. Lars Sjoberg as Chief Operating Officer. Both
Mr. Arnold and Mr. Sjoberg are experienced senior managers
of rapid growth technology based companies focused on
global markets. Mr. Mike Noble, MBA and founder, has
been appointed President and Mr. Jim Fletcher of Chrysalix
has joined the Board as Chair.
“The enthusiastic response of our dealers and
distributors to the EnerWorks product offering has confirmed
our approach to solving the traditional solar thermal
reliability issues of stagnation and heat exchanger
fouling,” says Ken Arnold, CEO of EnerWorks. “It
also validates our focus on reducing costs through automation,
and decreasing the time and complexity underlying the
installation of the product. This funding will allow
us to support our distribution network, scale production
and meet demand for the product on a timely basis.”
“We believe that EnerWorks is uniquely positioned
to provide the solar thermal market with a breakthrough
product and solid manufacturing and distribution,”
says Jim Fletcher of Chrysalix. “With this equity
funding and a proven, certified product, as well as
additions to the management team, EnerWorks is ready
to grow rapidly in North American and other global markets.”
About EnerWorks:
EnerWorks is a provider of solar thermal water heating
systems for residential and commercial applications.
The EnerWorks technology and design philosophy provides
outstanding performance, manufacturability, ease of
installation and reliability.
www.enerworks.com
About Chrysalix Energy
Management:
Chrysalix Energy is the General Partner of Chrysalix
Energy Limited Partnership, formed in 2001, and Chrysalix
Energy II U.S. Limited Partnership, formed in 2005.
Chrysalix invests in early-stage; technology-based clean
energy companies and actively supports them with management
and board assistance, technological resources, organized
networking with industrial and financial partners and
the management of intellectual property. Investors in
the Chrysalix Energy Partnerships include Ballard Power
Systems, BASF Venture Capital, BOC, The Boeing Company,
Mitsubishi Corporation, Shell Hydrogen, Robeco, WestAM
and Teachers’ Private Capital.
www.chrysalix.com
About Investeco Capital
Investeco Capital Corp. is a private equity investment
firm that invests in private companies specializing
in alternative power, water technologies, organic and
natural foods, and environmental technologies. Investeco’s
mandate is to produce superior financial returns by
investing in high-growth environmental companies with
lasting competitive advantages.
www.investeco.com
About Covington Venture Fund Inc.:
The Covington Venture Fund is part of the Covington
Group of Funds which is one of the largest and most
experienced Labour Sponsored Investment Fund providers
in Canada with over $500 million in assets under management.
www.covingtonfunds.com
About Venture Link Brighter
Future Fund Inc.:
VentureLink Brighter Future Fund Inc. is a Labour Sponsored
Fund and is part of the
VentureLink group of funds which total more than $200
million in assets. The VentureLink Brighter Future Fund
focuses on investments in companies in areas of telecommunications,
information technology, biotechnology, alternative energy
as well as water and waste treatment.
www.venturelinkfunds.com
Contact:
Mike Noble
President
EnerWorks, Inc.
519. 268. 6500
www.enerworks.com
Ken Arnold
CEO
EnerWorks, Inc.
519. 268. 6500
www.enerworks.com
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