Stash Energy, a startup that builds advanced energy storage systems, has received a $400,000 investment from The New Brunswick Innovation Foundation (NBIF) and PEI-based Island Capital Partners.
“Climate change is the single biggest issue facing our planet, and the way we use our energy is the problem.”
The investment was split evenly between NBIF and Island Capital Partners. Stash Energy’s system allows users to store energy during non-peak periods, working with conventional heat pumps and allowing users to specify when to switch from using grid energy to stored energy. Its solution promises to save up to 70 percent on utility bills.
“People all over the world are becoming more conscious about their energy use, and Stash is there to help our customers manage their energy consumption and save money,” said Jordan Kennie, Stash’s co-founder and CEO. “We’re encouraged by the growth we’ve seen, and grateful to NBIF for supporting us since our early days.”
Since its launch in 2017, the company has pre-sold over 1,500 units and launched paid pilot projects with Summerside Electric, Saint John Energy, NB Power, and Hydro Ottawa. Stash is working with the University of Ottawa to develop a patented second generation of its product that can cool in addition to heat.
“Island Capital Partners is excited to be providing continued support for Stash Energy with this follow-on investment,” said Paul Lypaczewski, partner at Island Capital Partners. “With a number of pilot programs anticipated with Canadian and international utilities, we remain confident in the value that Stash’s energy storage solutions bring to energy providers and their customers.”
Stash Energy was founded by Kennie, Daniel Larson, and Erik Hatfield while the trio was studying Technology Management Entrepreneurship at the University of New Brunswick. Stash Energy plans to use the investment for additional product development, testing, and market expansion. In June 2018, the company raised $500,000 from NBIF.
“Climate change is the single biggest issue facing our planet, and the way we use our energy is the problem,” said Ray Fitzpatrick, NBIF director of investments. “Stash Energy has created a product to provide an easy way for people to take action today against that problem. It’s a win for consumers, energy companies, and the environment.”