UNIFY ENERGY INC INITIATES FUNDING FOR ENERGY STORAGE BUSINESS
Innovative Technology Combination Poised for Growth
July 10, 2015 - Dartmouth, NS. Unify Energy Inc has taken the first step towards building out its energy storage business through a winning grant from Alberta Innovates - Energy and Environment Solutions (AI-EES). In June, AI-EES awarded grants to six energy technology companies dedicated to developing energy storage with integration to renewable energy. Over 50 applications for the $250,000 grants were received by AI-EES.
Unify Energy Inc is an energy storage systems development company, formed in 2014, to deploy and integrate emerging technology from LightSail Energy Inc (LightSail). The integrated systems will provide dispatchable electrical energy storage in a variety of electricity generation applications.
“We’re pleased to be working with innovators like Unify Energy,” says Mark Summers, Director of Renewable Energy for AI-EES. “The deployment of more renewable energy to the electricity grid offers a great opportunity to reduce greenhouse gas emissions. Investing in this new technology will lead to broader use of renewable energy within our interconnected electric system.”
In 2016, Unify will deliver its first storage system to the Liverpool Wind Energy Storage Project (LWES) in Nova Scotia. LWES is a 3.6 MW COMFIT wind energy project under development by Watts Wind Energy Inc.
“The AI-EES funding is necessary for us to fulfill our obligations to LWES, and sets the stage for subsequent projects that will take advantage of our technology,” says Unify’s Chief Operating Officer, Mark Savory.
Unify’s technology is a combination of LightSail’s high efficiency regenerative compressed air energy storage components plus grid integration, heat recovery, and control software that Unify will develop. LWES will be the world’s first ever wind energy generation project coupled with regenerative compressed air storage.
The AI-EES funding is the first step of Unify’s 2015 fundraising protocol, which will include other sources this year.
“Our immediate business plan is to complete the LWES system and mobilize for future customers, and funding is required for both activities in parallel. The market potential is very large and we have a cost-effective and scalable solution,” says Kevin Colvey, Unify’s Chief Financial and Business Development Officer.
About Unify Energy Inc
Unify is a Nova Scotia company dedicated to providing energy storage solutions for projects and end customers. Unify is owned by Nova Scotian companies LightSail Canada Inc. and Katalyst Wind Inc.
Chief Financial Officer
Unify Energy Inc
Tel (902) 478-7545
Director, Renewable Energy
Alberta Innovates – Energy and Environment Solutions
Tel (780) 638-4342