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[news 2001-2002]
Queen's Scientific Breakthrough Fund makes $300,000
investment in EnerWorks Inc.
March 28, 2001
KINGSTON, ON -- PARTEQ Innovations, manager of the Working
Ventures Queen's Scientific Breakthrough Fund, has announced
a $300,000 investment in EnerWorks Inc.
EnerWorks Inc., a London, Ontario-based firm, was established
in 1999 to provide competitive renewable energy systems.
EnerWorks' first solar thermal product, a solar residential
water heating appliance, is a reliable, cost-competitive
alternative to existing natural gas and electric water
heating services. Prospective product offerings after
the solar water heating launch include energy metering
and sensor applications, solar space heating and solar
cooling.
Michael Noble, President of EnerWorks Inc., explains
that "EnerWorks' target market is not limited to
the 'green' niche market, but encompasses all residential
energy customers. By partnering with Dr. Stephen Harrison
of the Solar Calorimetry Laboratory at Queen's University
and with other design and manufacturing firms, we have
designed a highly cost-effective solution with the potential
for broad market acceptance. This investment by the
Scientific Breakthrough Fund will be integral to implementing
our manufacturing and marketing strategies."
John Molloy, President and CEO of PARTEQ, says of the
Scientific Breakthrough Fund's investment in EnerWorks
that "we have great confidence in the future of
this company. The timing of EnerWorks' entry into the
renewable energy market coincides with deregulation
of consumer energy markets in many parts of North America.
Given the emphasis on alternative energy systems, we
feel this company is at the right place at the right
time with an attractive product."
About the Queen's CSBIF:
The Working Ventures CMDF Queen's Scientific Breakthrough
Fund is a $7 million venture fund launched under the
Ontario Government's Small Business Investment Fund
(CSBIF) Program. Established as a partnership between
Queen's University, Working Ventures Canadian Fund and
the Canadian Medical Discoveries Fund, the Fund is managed
by PARTEQ and has a mandate to invest in enterprises
formed by Queen's researchers or graduates looking to
commercialize and market research discoveries. The fund
makes initial investments normally in the range of $250,000-$300,000
and follow-on investments of up to a total of $1.4 million
in companies with less than $1 million in assets.
PARTEQ Innovations is a not-for-profit corporation formed
in December 1987 to act as the technology transfer agent
for Queen's University at Kingston. PARTEQ has the exclusive
rights to all intellectual property owned by the University.
PARTEQ's mission is to stimulate and facilitate the
commercialization of intellectual property generated
at Queen's and to enhance and foster linkages between
the Queen's research community and industry. PARTEQ's
mission is driven by social responsibility and potential
economic return. Queen's is a research-intensive university
and PARTEQ provides a means to ensure that discoveries
with potential public benefit are properly commercialized.
Contacts:
John Molloy, President and CEO, PARTEQ Innovations
Phone: (613) 533-2342
Email: molloyj@post.queensu.ca
Michael Noble, President, EnerWorks Inc.
Email: info@enerworks.com
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