Federal Economic Development Agency for Southern Ontario

Federal Economic Development Agency for Southern Ontario

April 29, 2016 15:50 ET

FedDev Ontario Supports Energy Management Platform

AJAX, ONTARIO--(Marketwired - April 29, 2016) - Today, Mark Holland, Member of Parliament for Ajax, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario, announced funding of up to $250,000 for CircuitMeter Inc. to further develop and commercialize its energy management platform.

Companies need the right resources to further develop and bring their innovative products to market. The Government of Canada is proud to invest in local start-ups, like CircuitMeter Inc., to develop innovative solutions for small- and medium-sized enterprises (SMEs).

CircuitMeter Inc. technology collects energy data at the circuit level and transmits to the cloud in real time, enabling its cloud-based energy analytics to identify energy waste and help industrial and commercial facility owners and tenants reduce their energy consumption, costs, and carbon footprint.

This repayable contribution, through FedDev Ontario's Investing in Business Innovation initiative, will allow CircuitMeter Inc. to complete the next phase of the company's business plan, hire additional sales and marketing staff and enhance its platform to help building owners and tenants reduce their energy consumption and costs.

This project demonstrates a commitment to fostering growth in the clean energy sector by maximizing energy efficiency and supporting corporate sustainability goals, as well as promoting innovation to create jobs and pursue export markets.

Quick Facts

  • CircuitMeter Inc., established in 2013, works with Energy Retailers, Facility and Energy Management Companies, and Energy Service Companies, to deliver its state of-the-art energy analytics to market in Canada, the United States and Europe.
  • CircuitMeter is working with a growing number of local utility boards in Ontario, following early stage assistance from MaRS, and ongoing industry liaison with the Advanced Energy Centre, whose mission is to foster the adoption of innovative energy technologies in Ontario and Canada, to help establish Ontario's smart grids.
  • This project is expected to leverage $550,000 from Arctern Ventures and angel investors from across Canada.
  • The project is expected to create 10 permanent full-time jobs and maintain six permanent full-time jobs in Ajax.

Quotes

"The Government of Canada is investing to help businesses and entrepreneurs - including those that promote clean technology outcomes - become more innovative, competitive, and successful. Our investment in this project will help SMEs monitor their energy consumption and reduce their costs."

  • The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario

"This investment will enable CircuitMeter to provide greater value to its customers by identifying equipment failures before they happen and measuring their energy consumption from multiple facilities. This invaluable support will enable CircuitMeter Inc. to market its product to the U.S. and increase sales."

  • Mark Holland, Member of Parliament for Ajax

"CircuitMeter technology represents a major breakthrough in identifying where and when energy is wasted, and how we can reduce energy consumption across the commercial, industrial, and high density residential market sectors. The technology has global applications, and the FedDev funding will be very important in helping us grow out of our early stages of development and become a success in domestic and global markets."

  • Paul Mertes, CircuitMeter Inc., President & CEO

Associated Links

Investing in Business Innovation initiative

CircuitMeter

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