Accessing Clean Energy with Existing Renewable Based Solutions
Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation, and Ken McDonald, Member of Parliament for Avalon, attended a demonstration at Manuels River of WaterLily, a power harvesting system that can harness river or wind energy to recharge USB based devices.
By converting moving water or wind into energy, this portable 15-watt micro turbine allows outdoor enthusiasts, such as backcountry campers, canoers, kayakers and cyclists, the ability to stay connected and safe while travelling.
The Provincial Government, through the Department of Tourism, Culture, Industry and Innovation, provided a $457,900 business investment loan to Seaformatics Systems for working capital to support their first round of production for the project. In addition, ACOA provided a conditionally repayable contribution of $387,500 through its Business Development Program to help the company commercialize its micro turbine charging clean technology product. Seaformatics Systems has also raised $500,000 in private equity to help launch the innovative micro turbine technology.
Seaformatics Systems is a high growth potential company that aims to sell a suite of turbine products and systems that allow its customers to harness renewable energy in the form of flowing water and wind to power and recharge stand-alone devices. The company is the result of a research project at Memorial University of Newfoundland which began in 2007 and was funded by the Government of Newfoundland and Labrador, ACOA, the Canadian Foundation for Innovation, and Husky Energy.