Northwater Capital Management Inc.

March 08, 2012 07:00 ET

Verschuren Joins New Venture to Commercialize Energy Storage

NRStor to Accelerate Energy Storage Technologies Through Commercial Projects

TORONTO, ONTARIO--(Marketwire - March 8, 2012) - One of Canada's top entrepreneurs, Annette Verschuren is teaming up with Toronto-based Northwater Capital in a venture that will commercialize Energy Storage technologies. David Patterson, Chairman and CEO of Northwater announced Verschuren will take the role of Executive Chair of NRStor Incorporated, a new company established for this venture.

NRStor plans to develop Canada's first Energy Storage Park that will demonstrate newly developed technologies that store electrical energy for later use. Such storage technologies can make intermittent sources of energy such as wind turbines and solar energy dispatchable thereby matching up generation and energy demand.

"Annette's entrepreneurial spirit, strong track record in growing companies, and extensive network with business, government, and universities make her an excellent selection as NRStor's Executive Chair," said Patterson. "She is so passionate about the success of NRStor and clearly sees the benefits of energy storage that can be delivered to Canadians and the world."

Some market research firms have estimated more than $120 billion will be invested in energy-storage projects between 2011 and 2021, as many forward thinking governments and regulators have recognized the inherent value and need for energy storage in electricity marketplace.

"I have a reputation for building things, but never have I been so excited about the possible outcomes," said Verschuren. "Energy storage is the missing link to creating a more viable renewable energy sector and satisfying the global crisis of rising electricity demand - all the puzzle pieces exist and NRStor is going to put them together."

Ms. Verschuren was formerly president of The Home Depot Canada and Asia, overseeing the growth of the company's Canadian operations from 19 to 180 stores between 1996 and 2011. She also oversaw The Home Depot's entry into China.

Ms. Verschuren began her career in the coal mining industry with the Cape Breton Development Corporation, in Sydney, Nova Scotia. She is the Chancellor of Cape Breton University and recently chaired the capital campaign for the University's new Verschuren Centre for Sustainability in Energy & the Environment (VCSEE).

Appointed by Prime Minister Stephen Harper, Ms. Verschuren served as a member of the North American Competitiveness Council, part of the Security and Prosperity Partnership of North America. She was also a member of Finance Minister Flaherty's Economic Advisory Council, a group of 11 Canadian business leaders charged with advising the Government of Canada on the global economic crisis.

Ms. Verschuren is a board member of Liberty Mutual, a Boston, Massachusetts-based insurance company, The Northwest Company, operating retail stores in remote markets, and the Conference Board of Canada. She previously served as Vice Chair of the Canadian Council of Chief Executives.

In 2009 she was appointed Co-Chair of the 2012 Governor General's Leadership Conference, Canada's premier leadership training event and she was appointed an Officer of the Order of Canada by The Governor General of Canada in July 2011.

She is a long-time supporter of numerous charities, including Habitat for Humanity, the Centre for Addiction and Mental Health, and Volunteer Canada.

Ms. Verschuren holds honorary doctorate degrees from Mount Saint Vincent University and from St. Francis Xavier University, where she also earned a Bachelor of Business Administration degree.

About Northwater Capital Management Inc.

Northwater Capital Management Inc. has, over the years, been known for being first into new and innovative investment strategies. It was the first Canadian firm in synthetic indexing, fund of funds in hedge funds, intellectual property funds, risk parity portfolios and now, energy storage. It manages the Northwater Intellectual Property Funds and the Four Quadrants Portfolios. Northwater's IP Funds have multiple holdings in energy storage ventures. Founded in 1989, Northwater is a private investment company with offices in Toronto and Chicago.

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