Two companies have been named winners in Innovacorp’s inaugural Smart Energy Demo Challenge.
Unified Software Technologies (UST) and NeoThermal Energy Storage (NeoTES) are each receiving about $50,000 in cash to demonstrate their technologies.
UST is developing a technology to reduce energy demand and increase computing capacity in data centres and IT businesses. Led by Laurie Perrin and Layton Perrin, the company will work with Internetworking Atlantic Inc. and Atlantic Computation Excellence Network to demonstrate its product.
NeoTES is developing a chemical heat storage technology. A spin-out of Dalhousie University’s engineering department by grad students Louis Desgrosseilliers and Moe Kabbara, the company will work with Alain Joseph at the Nova Scotia Community College (NSCC) Waterfront Campus to demonstrate its product.
“Demonstrating technologies in a real-world setting is a critical step in taking an innovation to market,” said Stephen Duff, president and CEO of Innovacorp. “These companies have the potential to significantly change the way energy is produced and consumed, and we’re eager to see their demo projects launch."
The challenge was open to Nova Scotia start-ups with a new smart energy product or service and less than $3 million in sales revenue since inception.
Launched in April 2015, the challenge attracted seven submissions by the deadline in May.
Five finalists pitched their ventures to a panel of judges that included Melanie Nadeau, director of fuels, energy and risk management, Nova Scotia Power Inc.; Nancy Rondeaux, director of energy efficiency and sustainable energy at Nova Scotia Department of Energy; Peter Craig, an engineer with the electricity and renewable energy division at Nova Scotia Department of Energy; and Ian Hill, professor at Dalhousie University’s Department of Physics and Atmospheric Science.
The judges selected the winners after evaluating the technology, project plan, and the impact of the demo project on their path to market.
Innovacorp is Nova Scotia's early stage venture capital organization, working to find, fund and foster innovative Nova Scotia start-ups that strive to change the world. Early stage investment is at the core of the business model. Innovacorp also gives entrepreneurs access to world-class incubation facilities, expert advice and other support to help them accelerate their companies. Target industries include information technology, life sciences, clean technology and oceans technology.
For more information, please contact:
902.424.8670 x 1189
Halifax, Nova Scotia, June 26, 2015