Alternative Energy Gets Canadian Venture Boost

Triax-Covington’s E2 Venture Fund, Canada’s only labor-sponsored investment fund (LSIF) focused on the alternative energy andefficiency sectors, announced the investment of CAN$ 4.6 million (US$3 million) in six Ontario-based companies positioned to capitalize on the need for more sustainable use and management of energy, and the growing demand for environmental technologies.

Toronto, Canada – December 16, 2002 [SolarAccess.com] Triax-Covington’s E2 Venture Fund, Canada’s only labor-sponsored investment fund (LSIF) focused on the alternative energy and efficiency sectors, announced the investment of CAN$ 4.6 million (US$3 million) in six Ontario-based companies positioned to capitalize on the need for more sustainable use and management of energy, and the growing demand for environmental technologies. According to a recent Industry Canada Report, the Kyoto Protocol is expected to fuel investment in the areas of alternative and Renewable Energy, energy efficiency and emissions reductions technologies – key areas in which E2 Venture Fund is focused. In particular, the report predicts a 30 to 40 percent annual growth rate for alternative technologies like wind and solar power. Revenues from retrofitting commercial buildings and industrial facilities to increase energy efficiency are expected to reach CAN$1 billion (US$640 million) annually. The recent alternative energy commitment announced by the Ontario Provincial Government further enhances these opportunities. “The outlook is extremely positive for a number of emerging Canadian companies that are developing and commercializing alternative and Renewable Energy and efficiency technologies,” said Bill Tharp, CEO of Meridian Advisors Inc., which selects investments for E2 Venture Fund Global. “Reducing greenhouse emissions and adopting cost efficient alternative energies promises explosive growth for enterprises focused in this arena. We are seeing dramatically increased venture investment in a range of Canadian businesses developing viable solutions. Markets and revenues are growing rapidly, and this offers tremendous opportunities for investors.” E2 Venture Fund has led the majority of investments made in these areas, contributing over CAN$4.6 million (US$3 million) of the total CAN$25.3 million (US$16 million) invested by nine venture capital firms. Of the six companies receiving financing, the following two are specifically Renewable Energy-based: Enerworks of London, Ontario; CAN$350,000 (US$224,000). Enerworks provides solar energy solutions to residential customers in Canada and the United States that result in cost and fuel savings for hot water heating. http://www.enerworks.com Fuel Cell Technologies of Kingston, Ontario; CAN$500,000 (US$320,000). Fuel Cell Technologies is a top developer and producer of power systems that provide for the distributed generation of electricity. Expertise lies in the design and integration of systems to produce innovative fuel cell products for various applications.
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