The maker of flywheel technology, Temporal Power, has declared that it has successfully secured $10 million from a Series B equity funding round. The latest cash injection into the startup was guided by the investment arm of Enbridgem and Northwater Intellectual Property Fund called Enbridge Emerging Technology, a fund that is run by Northwater Capital Management. This is not the first time that Northwater has made an investment in Temporal Power, as back in July 2011, when the Mississauga-based startup held its Series A financing round, the capital management company also led investors. Besides Northwater, previously Temporal Power gained $500,000 in funds from the Investment Accelerator Fund that is a funded program of the Canadian government.
On this occasion the CEO of Temporal Power, Cam Carver, said that, “Temporal Power is pleased to welcome Enbridge as a new strategic investor in the company. Northwater has been an important contributor to our success to date and we are delighted to have them return as a key investor in the business. We look forward to moving ahead with the next phase of our growth, the commercial deployment of our superior flywheel technology around the globe.”
“Temporal Power’s design marks a quantum leap forward in its technology category, storing 50 times more energy than most flywheels and enabling a power output that is five times higher per unit than its nearest grid-scale competitor. Using its proprietary flywheel energy storage technology, Temporal Power’s scalable power storage plants offer utilities and power generation companies the ability to deliver efficient and cost-effective fast response capabilities for balancing energy and improving power quality on the electrical grid.”
At this point CEO of Northwater Capital Management, David Patterson added that, “Temporal Power’s rate of progress has been remarkable and the technology clearly marks a new standard for high performance grid scale energy storage.”
The head office of Temporal Power is located in Ontario, Canada, where it manufactures flywheel storage systems that produces high power and delivers energy capacity together with low standby losses and hard-wearing cycle capabilities. The funds generated from the recently concluded Series B round will help the startup to further develop this technology and expand its reach and operations. In addition, the company will be able to benefit more generators, industrial and utility customers by realizing the storage of energy at a large scale at a cut-price with a high performance solution.
Source: TechVibes
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