FREDERICTON- A New Brunswick smart energy startup secured a six-figure to support the growth of its innovative energy storage system.
Fredericton-based Stash Energy announced Monday that it has secured $400,000 in investment. The funding comes from The New Brunswick Innovation Foundation (NBIF) and PEI-based Island Capital Partners. The round was split evenly between both partners, with each investing $200,000.
“Climate change is the single biggest issue facing our planet and the way we use our energy is the problem. Stash Energy has created a product to provide an easy way for people to take action today against that problem,” said Ray Fitzpatrick, NBIF’s director of investments, in a release. “It’s a win for consumers, energy companies, and the environment.”
Stash Energy’s system allows users to store energy during non-peak periods and save up to 70 per cent on their utility bill. It works with conventional heat pumps, allowing users to specify when to switch from using grid energy to stored energy. The system benefits both consumers and utility providers, who can make more efficient use of their generation capacity and use more affordable resources.
“We’ve had really high hopes for this company, and they haven’t disappointed us,” said Fitzpatrick. “They’ve been doing some development recently in the European utilities market, where they have the climate and infrastructure in place that lends itself to Stash’s system. The company has huge growth potential in the global market.”
Stash Energy was founded in 2017 by Jordan Kennie, Daniel Larson, and Erik Hatfield while studying Technology Management Entrepreneurship at the University of New Brunswick. Since then, the company has pre-sold over 1,500 units and launched paid pilot projects with Summerside Electric and Hydro Ottawa. Now, Stash is working with the University of Ottawa to develop a patented second generation of their product that can cool in addition to heat.
Stash Energy plans to use the investment for additional product development, testing, and market expansion.
“People all over the world are becoming more conscious about their energy use, and Stash is there to help our customers manage their energy consumption and save money,” said Stash’s CEO Jordan Kennie. “We’re encouraged by the growth we’ve seen, and grateful to NBIF for supporting us since our early days.”