Solace Power Ramps up Growth Plans for Wireless Power Technology
Support for local clean technology business accelerates product development and commercialization
December 17, 2018 – Mount Pearl (NL) – Atlantic Canada Opportunities Agency
Clean technology promotes sustainable economic growth, helps diversify the economy and opens up opportunities in new markets. To that end, the Government of Canada is helping Solace Power Inc. to increase its capacity to provide wireless power solutions to benefit sectors such as aerospace and defence, automotive and medical technology.
Over the next two years, Solace Power will acquire specialized equipment to reduce the timeframe for developing customized prototypes based on its EquusTM platform, a recharging solution that removes the need for cables, wiring and batteries. The company will increase commercialization activities through business and product development, as well as marketing activities, to access opportunities in international markets.
The Honourable Seamus O’Regan, Minister of Veterans Affairs, Associate Minister of National Defence and Member of Parliament for St. John’s South-—Mount Pearl, 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 announced a conditionally repayable investment of $1 million from ACOA’s Business Development Programfor Solace Power. The funding will enable the company to accelerate its commercialization efforts and growth plans.
Established in 2007, Solace Power Inc. provides clean technology solutions to customers using wireless power transfer. The company currently employs 30 people, most of whom are located at its Mount Pearl office.
This investment supports the Atlantic Growth Strategy, one way the Government of Canada is working to achieve its Innovation and Skills Planoutcomes in this region by supporting innovative, clean technology businesses that are creating well-paying jobs for the middle class and those working hard to join it.
“The Government of Canada recognizes that the global clean technology market presents many opportunities for companies like Solace Power. We are proud to support this innovative business, which is increasing its efforts to further commercialize its products and tap into opportunities in international markets.”
– The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA
“The best minds from around the world are at Solace Power creating the future of wireless electricity and it’s happening right here in Mount Pearl. Home-grown businesses like Solace Power continue to demonstrate that our Province has the expertise that can take on the world. Their energy and hard work are helping to commercialize new technologies, spur clean growth and create jobs in our community.”
– The Honourable Seamus O’Regan, Minister of Veterans Affairs, Associate Minister of National Defence and Member of Parliament for St. John’s South-—Mount Pearl
“Solace Power acknowledges the support from ACOA as we accelerate commercialization of the Equus wireless power, sense and data platform. Solace has uniquely unlocked novel technology to safely deliver decoupled power at usable distances. ACOA funding will enable Solace to hire additional skilled, passionate talent and ensure higher volume Equus manufacturing.”
– Michael Gotlieb, CEO, Solace Power Inc.