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[news 2003-2004]
Venture
funds fuel development of solar hot water heater technology
Feb. 12, 2003
LONDON, ON -- EnerWorks, Inc., a developer and manufacturer
of renewable energy systems, has received $1.25 million
in funding from three Ontario venture-capital firms
to help bring its first product to market. The product,
a solar residential water heating appliance, was developed
in partnership with Queen's University.
The funding -- $610,000 from E2 Venture Fund Inc. of
Toronto and $360,000 from the newly established VentureLink
Brighter Future Community Small Business Investment
Funds, Inc. – will be used to further refine a
pre-market, or beta, version of EnerWorks' solar-powered
hot water heater, currently being tested in residential
applications in both Toronto and Kingston, ON. EnerWorks
previously received $250,000 from the Queen's
Working Ventures CMDF Scientific Breakthrough Fund,
managed by PARTEQ Innovations.
The EnerWorks appliance uses cost-free solar energy
to heat water, saving over 50 per cent, or about $300,
in annual residential water-heating energy costs, or
100 per cent of the water-heating energy needs of a
three-season cottage. At an anticipated installed cost
of about CDN $2,500, the EnerWorks appliance delivers
clean energy at $0.07/kWh, and is considered to be more
reliable and affordable to consumers than other systems
currently available. EnerWorks' residential solar
hot water appliances are expected to go on the market
by spring 2004, with commercial products scheduled for
release later in the year.
"We are very excited about the prospects for the
next year. This funding will allow us to build strategic
distribution alliances and initiate new developments
to diversify our product offering," says Mike Noble,
President of EnerWorks Inc. "Our residential appliance
delivers real savings and clean energy, and we will
continue to build on this focus."
The EnerWorks appliance, developed jointly by EnerWorks
and Dr. Stephen Harrison of the Department of Mechanical
Engineering at Queen's University, incorporates
a unique back-flushing system that eliminates mineral
buildup in the unit's heat exchanger, a common
problem in domestic solar hot water heaters that can
lead to reduced performance. The EnerWorks design also
significantly enhances reliability by preventing the
solar collectors from overheating, which can happen
if the appliance is not used during warm weather (for
example, when a family goes away on summer vacation.)
The patent-pending technology was licensed to EnerWorks
by PARTEQ Innovations, the technology transfer arm of
Queen's University. A number of test units are
currently in operation in the Solar Calorimetric Laboratory
at Queen's University.
"EnerWorks' water-heater technology offers
a clean and economical solution to rising energy costs,"
says John Molloy, President & CEO of PARTEQ Innovations.
"We are very encouraged by the interest shown by
customers. We expect EnerWorks' initial product
will be very popular, and we look forward to the company
developing a suite of alternative energy products."
About EnerWorks:
EnerWorks is a provider of renewable energy systems
to the North American residential market. Its focus
is clean, intelligent, competitively priced energy solutions
for consumers.
www.enerworks.com
About E2 Venture Fund Inc.:
E2 Venture Fund Inc. is a labour-sponsored investment
fund (LSIF) focused on companies developing and commercializing
new technologies and solutions in the energy and process
efficiency sectors.
http://www.quantumleapco.com/
About Venture Link Brighter Future Community
Small Business Investment Funds:
The VentureLink Brighter Future CSBIF is a joint venture
of Queen's University's PARTEQ Innovations,
University of Toronto Innovations Foundation, and the
University of Guelph, in partnership with Skylon Capital
Corp. of Toronto.
www.skyloncapitalcorp.com
Contact:
Mike Noble
President
EnerWorks, Inc.
519.268.6500
www.enerworks.com
John Molloy
President & CEO
PARTEQ Innovations
613.533.2342
www.parteqinnovations.com
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