TORONTO, ONTARIO--(Marketwired - June 17, 2014)- Clear Blue Technologies Inc. today announced that Grenville Strategic Royaltiesand Ontario Centres of Excellence (OCE)have co-invested $500,000 in the company to accelerate market growth of its Smart Off-Grid technology. Both Grenville and OCE have made prior investments in Clear Blue, which were instrumental in helping the company commercialize its green energy technology.
The Clear Blue system, developed with assistance from Centennial and George Brown Colleges, features solar and wind power controllers paired with advanced cloud-based software to deliver unmatched reliability and control of off-grid solutions such as street lights, security systems, mobile power and signage, electric charging stations and applications. The company's Horizon cloud software lets owners remotely monitor and control their systems over the Internet, change lighting profiles in real time, run diagnostics and optimize power-management, and slashes the cost of maintenance by eliminating expensive service calls and enabling proactive maintenance.
"The investment by Grenville and OCE validates the benefits and market potential of our Smart Off-Grid technology, which brings the reliability of on-grid power to the world of green energy applications," said Miriam Tuerk, COO Clear Blue Technologies. "The new funding will allow us to build on the momentum we established in our first year of sales by increased investment in R&D, sales and marketing. We appreciate the continued support by Grenville and OCE which will enable to us to continue to grow our business and enhance our technology."
"Grenville invests in companies in what we call 'Strategic Markets' such as technology, supply chain and green energy solutions. Our royalty-based financing provides growth companies with attractive financing with less restrictive terms and better alignment with founders than traditional venture capital," said Steve Parry, Chairman of the Board of Grenville Strategic Royalty. "Clear Blue has built a strong sales pipeline based on its unique smart off-grid technology, and we are confident in the ability of the Clear Blue team to leverage the investment into high growth in 2014 and beyond."
Ontario Centres of Excellence drives the development of Ontario's economy by helping create new jobs, products, services, technologies and businesses. In partnership with industry, OCE co-invests to commercialize innovation originating in the province's publicly funded colleges, universities and research hospitals.
"OCE is proud to once again support Clear Blue through our Market Readiness program," said Dr. Tom Corr, President and CEO. "The team at Clear Blue has already proven that they can deliver on their commitments and we are confident that this additional funding will help them move to the next level."
About Clear Blue Technologies
Clear Blue Technologies, the Smart Off-Grid company, combines green energy with the proven advantages of communications and cloud technology to power high performance off-grid lighting, security and mobile solutions. The company's hybrid controller harvests energy from solar panels and a wind turbine and is designed to be easily integrated into a variety of products to deliver highly reliable off-grid alternatives. The Horizon cloud-based software provides real time monitoring and control of the off-grid system over the Internet from any PC or smartphone, delivering unmatched reliability and performance. Clear Blue's Illumient division delivers high performance off-grid lighting systems.
Grenville is a Toronto-based company that was formed to provide royalty-based finance solutions by acquiring revenue streams generated by growing industrial and technology businesses. Grenville has identified a large and underserviced finance market for companies generating up to $50 million in revenue, many of which are well managed and generating improving cash flow, but face difficult financing hurdles from traditional debt and equity markets. The non-dilutive royalty financing structure offered by Grenville can bridge the financing needs of these companies until traditional debt or equity is available to them on more attractive commercial terms. The application of Grenville's royalty financing structure into sectors not traditionally serviced by royalty companies represents a new and innovative financing model - Capital Simplified - that has already attracted a considerable number of opportunities with attractive potential returns.
About Ontario Centres of Excellence (OCE) Inc.(www.oce-ontario.org)
Ontario Centres of Excellence (OCE) drives the commercialization of cutting-edge research across key market sectors to build the economy of tomorrow and secure Ontario's global competitiveness. In doing this, OCE fosters the training and development of the next generation of innovators and entrepreneurs and is a key partner with Ontario's industry, universities, colleges, research hospitals, investors and government ministries. A champion of leading-edge technologies, best practices and research, OCE invests in sectors such as advanced health, information and communications technology, digital media, advanced materials and manufacturing, agri-food, aerospace, transportation, energy, and the environment including water and mining. OCE is a key partner in delivering Ontario's Innovation Agenda as a member of the province's Ontario Network of Entrepreneurs (ONE). Funded by the Government of Ontario, the ONE is made up of regional and sector-focused organizations and helps Ontario-based entrepreneurs and industry rapidly grow their company and create jobs.