The deal was led by Export Development Canada, and also backed by the Fonds de Solidarité FTQ, which each invested $10 million. This investment has been complemented by a $5 million loan from Investissement Québec.
The company manufactures 25 kW and 90 kW wind turbines designed for on-site production of clean electricity at rates significantly lower than utilities can provide. This model is ideal for farms, or commercial and industrial facilities looking to cut their energy costs and meet emissions targets. The term ‘distributed wind’ indicates that the turbines are connected to the power-grid, meaning any excess power they generate will be sold into the grid, ensuring no power is wasted, and optimising the user’s revenue and savings. These small turbines are designed primarily for rural areas, and provide a surprising amount of electricity relative to their size.
“Global energy production continues to pivot towards renewables not only because of strict regulations to cut emissions, but also because products like Eocycle’s wind turbines can save customers significant cost on their energy bill” said Richard Legault, President & CEO of Eocycle Technologies. “Just one of these devices could cut energy costs by over $1 million over the life of the turbine” “Now, these visionary investors have seen the business case for our products as well, and decided to provide the financing necessary to accelerate our expansion in the American and European markets, where the combined total market potential is estimated to be $200 billion.”
The financing will be used to increase staff by more than 50 percent, bringing on new people in sales, production and customer service, as well as ongoing R&D to further optimise financial returns for users.
Eocycle forecasts this will more than double sales next year, and significantly cut the time it takes to deliver operational turbines to customers from Minnesota to Belgium and from Scotland to Colorado.
“EDC is thrilled to support Eocycle and help the company achieve its global growth aspirations” added Julie Pottier, Senior Vice President, Small Business and Partnerships and Head of Insurance. “EDC understands the importance of supporting the development of renewable energy solutions. Eocycle’s wind turbine technology will play a key role in the global transition to a low carbon economy. The capital raised will aid the company in its scale-up efforts and help it execute on the global demand for its innovative clean technology.”
Following this investment, Eocycle now stands alone in distributed wind power generation, serving multiple markets with its full range of end-to-end services and offering multiple power generation options tailored to meet the needs of customers with a range of diverse requirements.
In 2022, the US Department of Energy’s National Renewable Energy Laboratory estimated that in the US, distributed wind “has the potential to profitably deploy nearly 1,400 gigawatt of energy capacity. This amount equates to more than half of the nation’s current annual electricity consumption’’. This may be the reason the US Inflation Reduction Act offers financial incentives of up to 80 percent for users to make the switch to on-site wind power generation.
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