NRStor Inc. Announces Equity Investment from Labourers’ Pension Fund of Central and Eastern Canada
TORONTO, February 6, 2017 – NRStor Inc., a Toronto-based energy storage project developer, is pleased to announce it has received an $11 million equity financing commitment as well as access to $200 million in additional capital in support of its project pipeline as part of a strategic partnership with the Labourers’ Pension Fund of Central and Eastern Canada (LiUNA), a major pension fund with $5.7 billion in assets under management. Fengate Real Asset Investments will manage LiUNA’s investment in NRStor.
LiUNA led the equity round with participation from NRStor founder, Chair and CEO Annette Verschuren. The unique financing agreement exemplifies growing institutional interest in energy storage projects that will scale renewable capacity and maximize the effectiveness of our electricity system.
“LiUNA sees immense opportunity in financing energy storage infrastructure. We believe energy storage is a key enabler of our future energy system, and welcome the opportunity to invest capital into low carbon assets on behalf of our pension fund,” explained Joe Mancinelli, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. “NRStor has developed an innovative model to finance, own and operate energy storage projects that aligns with our union’s priorities of creating economic, social and environmental value.”
NRStor is opening the door to an extensive pipeline of energy storage projects across Canada and around the world. NRStor is pleased to have LiUNA as a long-term partner in future low carbon sustainable infrastructure projects.
The investment was welcomed by the Government of Canada. “The significant investment in NRStor demonstrates that Canadians are global leaders in energy innovation,” said The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development. “It demonstrates how innovation can create entirely new markets, or give existing industries a new lease on life by making them more productive and efficient. These opportunities create better jobs for Canadians – well-paying, middle-class jobs. The technologies behind NRStor can result in greater energy efficiency and a cleaner environment. That’s how innovation leads to a better Canada.”
The ability to store electricity from the grid and dispatch it when needed provides tremendous benefits for all participants across the electricity supply chain — from system operators and utilities to commercial and industrial businesses, residential customers and remote indigenous communities.
“Our vision at NRStor is a future with clean and reliable energy,” explained Verschuren. “We are working to inspire the grid. The development of energy storage technologies represents an exciting opportunity for innovation. Our partnership with LiUNA shows that pension funds and infrastructure investors also understand the importance of financing clean energy infrastructure, and the business case around the industry.”
Founded in 2012, NRStor has secured multiple contracts with Ontario’s Independent Electricity System Operator for utility-scale energy storage projects and is working with Ontario-based companies Hydrostor and Temporal Power to deploy their innovative technologies. NRStor built Canada’s first commercial grid-connected flywheel facility, and is developing Canada’s first commercial compressed air energy storage facility.
In the residential space, NRStor has partnered with Opus One Solutions to launch a new company, MPower, which is bringing the Tesla Powerwall to Canada. NRStor’s third business line, NRStor C&I, is providing commercial and industrial customers solutions to lower their energy bills. Lastly, NRStor is working in partnership with remote indigenous communities to develop sustainable energy solutions that will reduce their dependence on diesel fuel.
NRStor recently moved its headquarters to Toronto’s MaRS Discovery District, a world-class innovation hub that is helping to support Temporal Power, Hydrostor and MPower as they build their businesses.
This funding round builds upon seed capital invested by Northwater Capital Management in 2012. The majority investor is Lake Bridge Capital, a Toronto based investor with a broad ranging portfolio of growth companies.
About NRStor Inc.
NRStor Inc. is a privately held Toronto-based energy storage project developer focused on developing, owning and operating industry-leading energy storage projects in partnership with progressive stakeholders and leading technology providers.
The Labourers’ Pension Fund of Central and Eastern Canada is a Multi-Employer Pension Plan (MEPP) established on February 23, 1972. In a MEPP, both the benefits and the contributions are defined. Since its inception, the Fund has grown to almost $6 billion in assets, almost 100,000 members and over 18,000 pensioners and beneficiaries. The Plan is registered under the Ontario Pension Benefits Act and the Income Tax Act.
About Fengate Real Asset Investments
Fengate Real Asset Investments is a real asset investment firm that specializes in investment funds with a strategic focus on infrastructure, real estate and private equity. The firm has approximately $3 billion in assets under management with significant experience in Public-Private Partnerships, independent power projects, operating infrastructure and real estate assets, and real estate developments. Fengate targets high quality investments across North America, Europe and Australia. Since 2007, the firm has been recognized as one of “Canada’s Best Managed Companies”.