NRStor Inc., an energy storage project developer, has secured $11 million in equity financing commitment from Labourers’ Pension Fund of Central and Eastern Canada (LiUNA). Fengate Real Asset Investments will manage LiUNA’s investment in NRStor.
As part financing, Toronto based NTStor will also have access to $200 million in additional capital in support of its project pipeline.
LiUNA led the equity round with participation from NRStor founder, Chair and CEO Annette Verschuren.
This funding round builds upon seed capital invested by Northwater Capital Management in 2012. The majority investor is Lake Bridge Capital, is a Toronto based investor with a broad ranging portfolio of growth companies.
NRStor has secured multiple contracts with Ontario’s Independent Electricity System Operator for utility-scale energy storage projects and is working with Ontario-based companies Hydrostor and Temporal Power to deploy their innovative technologies. NRStor built Canada’s first commercial grid-connected flywheel facility, and is developing Canada’s first commercial compressed air energy storage facility.
In the residential space, NRStor has partnered with Opus One Solutions to launch a new company, MPower, which is bringing the Tesla Powerwall to Canada. NRStor’s third business line, NRStor C&I, is providing commercial and industrial customers solutions to lower their energy bills. Lastly, NRStor is working in partnership with remote indigenous communities to develop sustainable energy solutions that will reduce their dependence on diesel fuel.
photo credit: NRStor