The Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry and Innovation, and Ken McDonald, Member of Parliament for Avalon, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Atlantic Canada Opportunities Agency (ACOA), today 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.
Support for innovation and technology delivers on commitments in The Way Forward to strengthen the province’s economic foundation. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.
Quotes
“I commend Andrew Cook and his team for their years of hard work and commitment to pioneer this innovative technology. As we embark on Small Business Week from October 14 to 20, loans like the one announced today help to foster, support and encourage entrepreneurship, while creating the conditions necessary for new private sector job creation and economic growth. Our government continues to expand the pool and capacity of growth-focused businesses, creating conditions that enable innovation-driven business to grow and diversify, as set in The Way Forward’s Business Innovation Agenda.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation
“The
Government of Canada understands the importance of helping clean technology
companies to scale-up in order to capitalize on opportunities in global markets.
Our investment in Seaformatics Systems is helping this company to further
develop its technology and commercialize an innovative clean technology
product.”
Honourable Navdeep Bains
Minister of Innovation, Science and
Economic Development and Minister responsible for ACOA
“It’s exciting to
see an innovative local business advance from the start-up phase to
commercialization as Seaformatics Systems gains more attention from
international markets for its unique product. The Government of Canada is
pleased to support this company’s continued efforts to grow and create highly
skilled jobs in this region.”
Ken McDonald, Member of Parliament for
Avalon
“At Seaformatics our mission is to empower the modern outdoor
enthusiast to capture energy anywhere and explore further. Our first product,
WaterLily, allows explorers to recharge their USB devices using both water and
wind power. The WaterLily is known globally with thousands of customers in over
40 countries across six continents. Without financial support from ACOA and
Tourism, Culture, Industry and Innovation, WaterLily simply would not be where
it is today.”
Andrew Cook
Seaformatics Systems
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Media contacts
Eric Humber
Tourism, Culture, Industry
and Innovation
709-729-4819,
725-9655
erichumber@gov.nl.ca
Paul
McGrath
ACOA NL
709-772-2984
paul.mcgrath@canada.ca
Andrew
Cook
Seaformatics Systems
709-864-8242
acook@seaformatics.ca