Energy storage provider NRStor receiving $11M in financing from pension fund
The Toronto-based company is receiving financing from LiUNA for battery storage projects in the commercial and residential sectors
TORONTO—NRStor Inc., a Toronto-based energy storage project developer, announced Feb. 6 that it received an $11 million equity financing commitment and access to $200 million in additional capital from Labourers’ Pension Fund of Central and Eastern Canada (LiUNA), for its various projects.
NRStor builds apparatuses that store power from the grid and dispatch it when needed.
Founded in 2012, NRStor has secured multiple contracts with Ontario’s Independent Electricity System Operator for energy storage projects and is working with Ontario-based companies Hydrostor and Temporal Power to deploy their technologies.
In the residential space, NRStor has partnered with Opus One Solutions to launch MPower, which is bringing the Tesla Powerwall to Canada.
NRStor is also providing commercial and industrial solutions, and working with remote indigenous communities to develop energy solutions that will reduce their dependence on diesel fuel.
“Our partnership with LiUNA shows that pension funds and infrastructure investors also understand the importance of financing clean energy infrastructure,” said NRStor founder and CEO Annette Verschuren.
LiUNA is a pension fund with $5.7 billion in assets under management. Fengate Real Asset Investments will manage LiUNA’s investment in NRStor.
“LiUNA sees immense opportunity in financing energy storage infrastructure. We believe energy storage is a key enabler of our future energy system, and welcome the opportunity to invest capital into low carbon assets on behalf of our pension fund,” said Joe Mancinelli, LiUNA international VP and regional manager for Central and Eastern Canada.