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Chrysalix Invests in ENBALA Power Networks
Wednesday, October 27, 2010
Smart Grid innovator balances electricity system while improving efficiency and reducing energy costs and greenhouse gas emissions
VANCOUVER, BC, October 27, 2010 – Today, Chrysalix Energy Venture Capital, one of the world’s largest and most active venture investors in early-stage clean energy companies, announced its investment in ENBALA Power Networks, a pioneer in real-time, load-based Power System Regulation software for the Smart Grid. The firm’s investment from its CELP III Fund joins contributions from EnerTech Capital, Export Development Canada, XPV Capital, The Walsingham Fund, and a select group of high net worth shareholders who recognize the value ENBALA offers in the Smart Grid space.
“Investing in ENBALA is a perfect fit for Chrysalix. It provides a solution that matches an opportunity we had identified while doing a ‘deep dive’ into the Smart Grid,” said Richard MacKellar, Managing Director at Chrysalix. “To us, ENBALA is the front-runner in load-based, real-time Regulation Service. The company has a team with an excellent balance of power systems knowledge, load control, and system optimization, with a strong understanding of the needs of Independent System Operators (ISOs).”
The worldwide System Regulation market is a high-growth sector with the addition of fluctuating, distributed renewable power sources and the increasing, unpredictable demand from electric vehicles requiring significant advancements in Grid system balancing to service the world’s growing electricity needs. Today’s conventional power plants provide an expensive, inefficient, and environmentally-poor solution as they have to run at sub-optimum heat rates and adjust generator output in order to maintain capacity to provide real-time ancillary services. That or build entirely new power plants. Alternatively, the ENBALA Power Network leverages ISOs’ existing electricity assets, and through innovative, real-time load and generation balancing techniques 365 days a year, 24 hours a day, improves the overall efficiency of the existing power system. This in turn reduces energy costs and greenhouse gas emissions along the way. Additionally, large industrial, commercial, and municipal electricity users are financially rewarded by ENBALA when they contribute to improved power generation supply and demand balance.
ENBALA marks the second Smart Grid investment for Chrysalix across its four funds and the first electricity management and distribution solution for the firm.
For further details on ENBALA’s technology, please visit http://www.enbala.com.
About Chrysalix Energy Venture Capital
Chrysalix is a venture capital firm investing in technologies that will drive the new energy economy. The firm provides early-stage financing, hands-on assistance, and strategic connections to innovative companies confronting the world’s most important energy and environmental issues. In the past few years, the firm has consistently ranked among the top most active clean energy technology venture capital firms in the world. The Chrysalix team has an exceptional track record in this still young industry. Collectively, it has over 100 years of experience in the energy industry and over 100 years in the venture capital business. The firm is backed by a strong group of blue-chip international industrial and financial Limited Partners, and is headquartered in Vancouver, British Columbia. In total Chrysalix has approximately $300M in assets under management from CELP III and earlier funds. For more information, please visit www.chrysalix.com.
Magnolia Marketing Communications
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