SDTC Awards Sigma Energy Storage $2.4 M Funding in support of its Hybrid CAES Project

Montreal, (Quebec) March 30, 2016 – Sigma Energy Storage (SES), whose mission is to design, build, and commercialize a green energy storage solution at the cutting edge of innovation, gratefully acknowledges Sustainable Development Technology Canada’s $2.4 M financial commitment. This hybrid (thermal and mechanical) energy storage technology allows microgrids, such as in remote northern communities and mining sites, to better use the electricity that they already produce while potentially integrating more intermittent renewable energy, leading to significant economic and environmental benefits.

New, clean technology leading to greenhouse gas emission reduction is an excellent solution in the fight against climate change. In particular, the hybrid Compressed Air Energy Storage (CAES) system that Sigma has developed solves multiple problems across diverse scenarios. It is the missing piece in the puzzle of integrating intermittent renewable energy sources by giving them predictability. Sigma technology also minimizes electricity waste in diesel generation systems, thereby considerably reducing fossil fuel consumption and preventing associated greenhouse gas and soot emissions. For complex electric distribution systems, Sigma technology offers the option of infrastructure investment deferral by handling infrequent demand peaks via storage rather than adding costly production facilities.

“Yes! It is indeed possible to store energy and redistribute it easily and at the right time! Our technology is portable, long-lasting (25+ year lifespan), it stands up to our harsh Canadian climate, and it offers a low levelized cost of energy (LCOE),” stated Mr. Martin Larocque, Sigma Energy Storage co-founder and CEO.

This project, whose budget is over $7.4 million, is the natural progression following the successful small-scale prototype build. It will allow Sigma to focus on the construction of a 500 kW/ 2MWh commercial system which will prevent the emission of over 1000 tonnes of CO2e annually. The company can serve particular target markets such as Canadian remote communities (including the Arctic) as well as industrial camps (mining, forestry, military); Sigma CAES technology is scalable, however, so future systems can be adapted for smaller or larger applications, depending on client needs. Sigma has the support of a diverse project consortium composed of trusted experts including Natural Resources Canada’s CanmetENERGY, Hydro-Québec, Beacon 406, Hatch, BC Hydro, Technocentre Éolien, and Hydro-Sherbrooke.

“Sustainable Development Technology Canada (SDTC) is incredibly proud to support Sigma Energy Storage,” said Leah Lawrence, President and CEO. “Our mission is to help Canadian cleantech
entrepreneurs move their ground-breaking technologies to commercialization by bridging the funding gap between research and market entry.”

The Honourable Marie-Claude Bibeau, Minister of International Development and la Francophonie, commented, “Sustainable Development Technology Canada’s support of Sigma Energy Storage further highlights the expertise and the dynamism of this young company. It is a beautiful acknowledgement of the innovative nature of the technology that they are developing in the green energy storage field.”

“We are thrilled to have earned SDTC support following their rigorous selection and evaluation process. Their financial support validates our belief that our technology has the potential to tackle current energy issues in the context of climate change. Not only does SDTC’s support allow us to reach our short term goals, but it further validates our technology’s viability and market potential to our partners and investors,” added Mr. Larocque.

About SDTC
Sustainable Development Technology Canada (SDTC) acts as a primary catalyst in building a sustainable development technology industry in Canada, funding and supporting Canadian cleantech projects across a number of sectors. SDTC invests in Canadian companies that through their innovative technologies bring positive contributions to Canada: creating quality jobs, driving economic growth, and preserving our environment. SDTC is a foundation funded by the Government of Canada. For more information, please visit sdtc.ca.

About Sigma Energy Storage
Since its inception, Sigma Energy Storage has been working towards its goal of developing, building, and commercializing a cutting-edge green energy storage solution. This novel technology is a durable hybrid (mechanical and thermal) system that is suitable for use in the harsh Canadian climate.
Alongside its management team with extensive business experience, Sigma has a multidisciplinary tech and business development team combining expertise in mechanical and chemical engineering, physics, and project management to deliver a system that will provide more people better access to cleaner, more affordable energy, worldwide.
Sigma’s SDTC project consortium and knowledge network includes major research organizations and pancanadian industrial partners.

SDTC Awards Sigma Energy Storage $2.4 M Funding in support of its Hybrid CAES Project