Mississauga-based cleantech startup Temporal Power, a manufacturer flywheel technology, has raised $10 million in a Series B equity round.
The round was led by Enbridge Emerging Technology, an investment arm of Enbridgem and Northwater Intellectual Property Fund, a fund managed by Northwater Capital Management.
Northwater was the lead investor in Temporal Power’s Series A financing round back in July 2011. It also previously received $500,000 in financing from the Investment Accelerator Fund, a government funded program that is delivered by MaRS Discovery District.
“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,” said Cam Carver, CEO of Temporal Power. “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.
“Temporal Power’s rate of progress has been remarkable and the technology clearly marks a new standard for high performance grid scale energy storage,” added David Patterson, CEO of Northwater Capital Management.
This year, the Ontario company will commission 7 MW of its power storage solution in the province, with Ontario’s two largest utility companies, the Independent Electricity System Operator and NRstor.