TORONTO – (BUSINESS WIRE) – FirePower Capital (“FirePower”), Canada’s entrepreneurial lender, investor and M&A advisor, today announced the closing of a $10M credit facility for Toronto-based CleanDesign Income Corp. (“CleanDesign”).
CleanDesign purchases hybrid Energy Management System (hEMS) lithium-ion battery units from CleanDesign Power Systems once they are installed and running on drilling rigs. This hEMS technology significantly reduces fuel consumption and CO2 emissions.
Each hEMS generates ongoing cash flow throughout the life of the unit. This financing allows CleanDesign to fulfill contracts for additional hEMS units throughout North America.
“The electrification of drilling rigs and the impact on decarbonization initiatives in drilling operations across North America is accelerating the demand for hEMS units,” says Mark Lerohl, President and CEO of CleanDesign. “This credit facility will allow CleanDesign to aggressively ramp up purchasing power to meet the growing demand for our technology, which now leads the industry in the decarbonization of drilling rigs. With ninety-nine percent of CleanDesign’s revenue coming from the deployment of hEMS units, CleanDesign continues to positively impact environmental sustainability while providing an income-generating investment for our shareholders.”
“Cleantech is one of Canada’s fastest-growing sectors. FirePower is committed to understanding the demands and putting creative growth financing solutions to work, supporting the global potential of Canadian cleantech companies like CleanDesign,” commented Trevor Simpson, Associate Partner, Private Debt at FirePower.
About CleanDesign Income Corp.
CleanDesign Income Corp. is a dividend-paying company. On an exclusive basis, CleanDesign acquires hybrid Energy Management Systems (hEMS) from CleanDesign Power Systems, a related company. These purchases are realized only when the equipment is installed on the oil and gas company’s or rig operator’s equipment and is fully operational. The equipment then becomes a cash-flowing asset generating monthly revenue for CleanDesign. For more information, please visit: www.cleandesignic.com.
About FirePower Capital
FirePower Capital is a private capital and M&A advisory firm built for Canada’s entrepreneurs. Its team of 50+ deal professionals helps mid-market entrepreneurs complete mission-critical transactions by advising them or by investing in their companies directly. For more information, please visit www.firepowercapital.com.
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