Seaforth Energy Inc., a leading wind turbine manufacturer and renewable energy integrator, has secured $2 million in financing from Innovacorp, the Business Development Bank of Canada (BDC), Seaforth Engineering Group, and private investors.
The funds will be used to accelerate the company's export growth in new markets and scale up operations as it delivers on its committed backlog of orders.
Based in Halifax, Nova Scotia, Seaforth Energy has two complementary lines of business. The company manufactures and exports the AOC 15/50, the most proven 50kW wind turbine worldwide. The AOC 15/50 is sized for institutional, commercial, industrial, agricultural and remote applications. Seaforth Energy’s renewable energy systems integration group provides design, engineering, construction, installation and maintenance for renewable energy solutions to residential, commercial, industrial and institutional clients.
“Securing this level of investment is a strong expression of confidence in our business model and product and service offering,” said Jonathan Barry, president of Seaforth Energy. “Given the accelerating adoption around the globe of feed-in tariffs for wind systems like the AOC 15/50 and renewable systems, the market potential for us is growing every day. This financing enables us to pursue those opportunities.”
The financing comes at a time of considerable export momentum for the company. The AOC 15/50 and its sister turbine, the EW 50, are the largest installed fleet globally in their size class, with more than 150 turbines installed worldwide, including in Canada, the United States, the Caribbean, the United Kingdom, Ireland, Italy, Morocco and India. The company is currently delivering on new contracts in those markets and pursuing several new ones. In addition, over the last year, Seaforth Energy further strengthened its senior management team and board with several strategic additions, including John Simon as vice president of operations and Craig Whitman as director of sales, both arriving with years of senior business development experience in start-ups and mature companies.
“The Seaforth Energy team is executing its strategy of becoming a dominant player in the 50kW turbine market internationally while providing renewable energy systems integration across Atlantic Canada,” said Patrick Keefe, investment manager at Innovacorp and new Seaforth Energy board member. “The company has years of professional engineering and renewable energy expertise complemented by people with incredible leadership, finance and business development track records.”
Part of the Seaforth Engineering Group, a long-standing Nova Scotian company with over 20 years of expertise in marine engineering and geosurveys, wind energy and renewable energy engineering, Seaforth Energy is able to draw on significant expertise to bolster its engineering and design capability and export growth. The Seaforth Engineering Group has been exporting its services worldwide for the past 15 years and also independently runs and operates Seaforth Morgan Falls Hydro, a run-of-the-river hydro facility in New Germany, Nova Scotia.
“Seaforth Energy is now poised to capitalize on opportunities in our region and abroad,” said David Lombardi, president of Seaforth Engineering Group and chair of Seaforth Energy. “We are extremely positive about the next stage of growth for Seaforth Energy and how it is creating great opportunities to leverage the entire Seaforth Group’s renewable energy expertise. We are poised to combine our considerable marine geosurveys and renewable energy expertise into offshore wind and tidal energy opportunities in addition to our current markets.”
About Seaforth Energy Inc.
Seaforth Energy is one of the world’s leading commercial-class wind turbine manufacturers with its AOC 15/50 and EW 50 sister turbine having the largest and longest-standing 50kW fleet globally. Seaforth Energy is also Atlantic Canada’s largest renewable energy system integrator serving commercial, industrial, agricultural, off-grid and residential clients with complete design, engineering and installation expertise across solar, wind and integrated heating. In partnership with the Seaforth Engineering Group, Seaforth Energy has over 15 years of wind systems manufacturing and renewable energy design, engineering and installation experience. WWW.SEAFORTHENERGY.COM
About Seaforth Engineering Group
Seaforth Engineering Group has been providing marine engineering and geomatics services, wind engineering and renewable energy systems globally for close to 20 years. Headquartered next to Lake Banook at its Paddler’s Cove facilities in Dartmouth, Nova Scotia, Seaforth Engineering Group also includes Eon WindElectric, one of Atlantic Canada’s foremost large wind project management and operations teams, and Seaforth Morgan Falls Hydro in New Germany, Nova Scotia. One of Atlantic Canada’s earliest independent power producers, the group is also behind the new community-owned Watts Wind Energy project at Watt Section, near Sheet Harbour, Nova Scotia.WWW.SEAFORTHENGINEERING.COM
Based in Halifax, Innovacorp's venture capital fund invests in seed and early stage, high growth companies with timely investments that range from $100,000 to $3 million over the life cycle of the investment. The fund has capacity to invest in new opportunities, with capital commitments of over $40 million. Key industries include clean technology, information technology, and life sciences. Innovacorp's High Performance Incubation (HPi)™ business model recently won an international award for its best practice approach to technology commercialization.WWW.INNOVACORP.CA
For more information, contact:
902.424.8670 ext. 1197
Dartmouth, Nova Scotia, July 26, 2010