TERIC Power Announces Transformational Investment & Addition of Renewable Energy Pioneers to the Team
Calgary, Alberta, Canada (May 16, 2022) TERIC Power Ltd. (TERIC) is pleased to announce that Idea Well Capital Partners (Idea Well) has made a transformational equity investment in TERIC, one of Canada’s largest developers of battery energy storage systems (BESS). This investment will position TERIC for significant long-term financial and operational involvement in the storage-enabled clean energy projects it develops and builds. Financial terms of the investment were not disclosed. Along with Idea Well’s investment, TERIC welcomes Kent Brown, Ross Keating and Glen Phelps to the team.
A pioneer of BESS, TERIC has a strong pipeline of short and long duration energy storage projects in development in Western Canada and most recently conceived and developed Alberta’s first commercially operational BESS projects of which the first 40 MW are in operation, 20 MW are under construction and an additional 60 MW are in development. All these projects have been or will be sold once operational.
“We are excited to have the financial backing and deep renewables and infrastructure experience that Idea Well brings to the table,” said Kevin Gilbank, President & CEO of TERIC. “Combined with renewables icon Ross Keating and our seasoned energy storage team, we have a powerhouse team to take TERIC to the next level as a leader in storage-enabled clean energy. We look forward to working alongside Idea Well and our new board.”
“TERIC’s impressive track record from conceptualization to execution of their energy storage projects, showed us the TERIC team is a successful first-mover in the energy storage space,” said Kent Brown, co-founder of Idea Well. “We see this as a match made in heaven and are excited to help TERIC achieve its goals of long-term financial and operational involvement in their storage-enabled clean energy projects”. As the largest developer of energy storage in Alberta and one of the biggest in Canada, TERIC has strong tailwinds of knowledge, expertise, and lessons learned successfully developing BESS projects, that are second to none.”
Appointment of Officers
Along with Idea Well’s investment, its co-founders, Kent Brown and Glen Phelps have joined the TERIC management team as Co-CFOs.
Kent has a long history of entrepreneurship and leadership in the Canadian climate tech sector with 20+ years of starting, scaling and maturing companies. Kent was the founding CEO of BlueEarth Renewables, CEO of Canadian Hydro developers, and has raised over $3 billion in capital.
Glen brings with him over 25 years of experience in private equity and corporate development, a track record of having raised over $2 billion in project and corporate finance and deep experience in a wide scale range of acquisitions. Prior to co-founding Idea Well, Glen was recently a VP at Graham and also brings a long history of director roles.
Appointment of Directors
Concurrent with Idea Well’s investment, Kent Brown and Ross Keating have joined the TERIC board of directors with Kent as Executive Chair. Kent brings with him significant board chair and director experience including Canary Biofuels, VEERUM and Calgary Municipal Land Corporation.
Ross co-founded Canadian Hydro in 1989, which was a pioneer and the largest renewable energy company in Canada until it was acquired by TransAlta in 2009. Ross was a founding board director with BluEarth Renewables from 2010 until 2019.
For more information about TERIC Power or Idea Well please visit www.TERICPower.com and www.ideawell.ca
About TERIC Power
TERIC is a pioneer of innovative storage-enabled clean energy projects driving the energy transition. Privately-held since 2013, TERIC has conceptualized and developed 120MW+ of BESS projects of which 40 MW are in operation and 20 MW in construction. TERIC currently has a strong development pipeline of projects planned over the next five years in Western Canada.
About Idea Well Capital Partners
Idea Well are partners in scaling and maturing climate tech & energy transition businesses. The team finds great opportunities, puts skin in the game alongside their co-investment partners, works hand in hand with management teams in meaningful ways to help achieve their vision & change the world. Idea Well contributes capital, knowledge & effort.
For further information:
Kevin Gilbank, President & CEO
3300 205 5th avenue SW
Calgary, Alberta T2P 2V7