Eocycle Closes Nearly $10 Million Financing to Accelerate Growth
Montreal, Canada – June 1, 2020
Eocycle Technologies Inc., manufacturer of certified high-performance midsize wind turbines, today proudly announces the closing of new financing in the amount of $9.7 million ($7 million USD). This financing was led by a $5 million investment from Investissement Quebec, and was supported by Windev Corporation, Anges Quebec and others.
This funding will be used to accelerate the company’s growth and develop its global sales pipeline, which had already been amplified thanks to Eocycle’s recent merger with Belgian turbine maker XANT.
“Today’s news is another sign of confidence from our investors, and demonstrates the unique potential of our superior patented and certified technology. This now positions us as a key player in the distributed energy market, which is currently enjoying exponential growth” said Richard Legault, President and CEO of Eocycle. “This growth is likely to accelerate thanks to the value and security associated with independent power production. In today’s environment more than ever, our customers in agriculture and in rural communities want power production they can control. They want it at the right price and they want a solution that won’t pollute their land, water or air. This is the value we deliver.”
This financing will enhance the company’s focus on export markets through direct sales and strategic partnerships, helping create a robust promotional and sales force. It also further increases the competitive advantage of our product offering in the form of continued technological development and innovation. This includes Eocycle’s Autonomy 25 solution, which offers users the option to add energy storage in the form of a battery, to the company’s flagship EO25 wind turbine.
“Investissement Quebec is pleased to actively contribute to the growth of Eocycle. And by the same token, of Quebec’s expertise in the wind energy sector. By leading this round of financing, we are enabling the company to continue its role as a trailblazer in the renewable energy industry, both here at home and all around the world” added Guy LeBlanc, President and CEO at Investissement Québec.
By virtue of its technical superiority, Eocycle wind turbines offer farms and other rural operators around the world the possibility of reducing both their energy costs and their carbon footprint for decades, by producing their own electricity from a renewable source. Simply put, this is the sustainable electrification of rural communities. Eocycle offers a vertically integrated solution, including site development, turnkey construction, operations and in some cases, even financing.
Founded in 2001, Eocycle this year celebrates 20 years of developing profitable and hassle-free wind turbine solutions. Our patented Transverse Flux Permanent Magnet (TFPM) generator technology allows us to produce more compact midsize wind turbines requiring fewer moving parts. They provide much more power than competitor products at low rotational speeds, without the contribution of a gearbox.
Since 2013, the company has been managed by a team of seasoned managers coming from the large wind industry. Since then, Eocycle’s strategy has focused exclusivelly on developing the distributed energy market, where the EO25 wind turbine (25 kW) stands apart from the competition, in offering the best financial performance in the industry. For more visit eocycle.com
Investissement Québec’s mission is to play an active role in Québec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from its CRIQ business unit. In addition, through Investissement Québec International, the Corporation also prospects for foreign investment and assists businesses with export activities.
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Steve La Barbera
Eocycle Technologies Inc.