The funding will help fuel the cleantech firm's expansion into overseas markets; it has clients in 30 countries after just six years in business
TORONTO—A Toronto cleantech company that develops smart grid technology for off-grid applications plans to expand its operations and drive further into international markets with a $1.2 million investment.
The project at Clear Blue Technologies Inc. is expected to create up to 33 jobs and is backed by $400,000 from federal government development agency FedDev Ontario and $800,000 from a number of angel investors.
The company makes control systems that use solar and wind to power outdoor lighting, security cameras or other devices that don’t necessarily need to be connected to the grid. Its smart grid systems can be remotely managed and monitored in real time.
Miriam Tuerk, the company’s CEO and co-founder, said the funds will help the company expand in markets worldwide.
“With as much as one quarter of the world without reliable sources of power, solar and wind energy are the basis for delivering critical services such as lighting and telecom voice and data,” Tuerk said in a statement.
Clear Blue’s clients include OEMs that integrate the company’s software into their own products. It also sells complete wind- and solar-powered lighting systems.
The company was founded in 2011 and now has clients in 30 countries.
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