EnerWorks Inc. of London, Ontario, has snagged $3.65 million in equity financing to "rapidly scale production" of its proprietary solar hot-water heating systems, and to advance development of new solar and geothermal heating and cooling applications in collaboration with Queen's University in Kingston, Ontario. The company's solar collector products have already been installed in hundreds of single family homes, housing developments and commercial facilities across North America. This financing round was led by Chrysalix Energy Management and co-investor Investeco Capital. Previous investors Covington Venture Fund Inc. and VentureLink Brighter Futures Fund Inc. also participated in the round.
This funding is a reminder that solar thermal systems play a huge role in the renewables space and are unfortunately overshadowed by interest in more costly solar PV technologies. Fact is, solar thermal for space and water heating is competitive today. It's interesting to note that EnerWorks' solar and geothermal technology is being used by Clean Energy Developments for the Marshall Homes "green" subdivision in Oshawa.
Source : CleanBreak
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