By Anne Servidad, Altitude Accelerator Communications Intern
The age of clean technology is on the rise and with the announcement from the Minister of Innovation, Science and Economic Development, Navdeep Bains, over $206 million in funding will be awarded to 36 clean technology projects across Canada.
NextGrid, a Altitude Accelerator client and one of the 36 clean tech businesses chosen, will be receiving $300,0000 in funding from the Sustainable Development Technology Canada (SDTC) in partnership with the Canadian Gas Association.
The interconnected network in which electricity from suppliers is delivered to businesses and consumers is known as the “grid”. This model is aging and no longer sustainable. According to the American Society of Engineers, a $673-billion investment by 2020 will be required to fix the national grid in the United States. As a result, electricity prices will steadily increase to accommodate for the insufficient, deteriorating model of delivering electricity. Renewable energy is the only solution.
NextGrid aims to bring their revolutionary combined heat and power system (CHP) to the North American market. The platform is centred around the Green Turbine; it’s a micro-steam turbine that uses steam to generate heat and electricity. Unlike most CHP systems on the market, the average maximum efficiency ranges from 75%-80% while NextGrid’s technology converts up to 95% of all fuel that is used, into either heat and/or electricity.
Higher efficiency of the system translates into lower operating costs for owners, which estimates savings from 50%-60% of their usual energy bills. NextGrid’s CHP systems also have the lowest carbon emissions at 0-3 PPM and demonstrate a 47% reduction in greenhouse gas emissions in comparison to current technologies on the market.
Other CHP systems currently available don’t come close to NextGrid’s one-of-a kind offering. With proven and measureable results, their system could substantially benefit the commercial market such as casinos, hotels, and apartments, who often use a lot of energy, heating, and cooling in their facilities.
Despite NextGrid’s transition from incubators to graduates, RICC continues to provide an overwhelming amount of support in NextGrid’s journey to bring their CHP system to market and to advocate for more cleantech solutions.
“Being at the Altitude Accelerator imposed structure on us and allowed us to focus on what we were good at, which is developing sales organizations and finding customers. Since our product is unique and in high demand, it allowed us to stay focused on our business plan,” states Brent MacKinnon, founder and CEO of NextGrid.
“We also found the peer-to-peer meetings very useful at the Altitude Accelerator. Everyone was engaged and helped each other. The other incubator tenants exchanged pieces of information with each other, especially advice from personal experiences. We all supported each other and it was very interactive,” explains John Ulanowski, COO of NextGrid.
The $300,000 raised from the SDTC and the Canadian Gas Association will be put towards a pilot project. The next step in NextGrid’s plan is to commercialize their technology;they will be installing a system in a commercial property in Toronto and begin manufacturing.
For more information about NextGrid and their innovative CHP system, click here.