Oct 25, 2006 -- Triacta Power of Almonte – which makes "smart" electricity metering systems – has landed up to $1 million in new investment from the Business Development Bank of Canada.
Triacta will use the money to expand its marketing, sales and manufacturing capacity.
"These funds will help us in a number of important areas including enhanced sales and marketing activities," says Triacta CEO Rob Brennan. "We are seeing a surge in demand for our meters and this funding from BDC will help us organize to meet and satisfy that demand."
Triacta is capitalizing on the growing market for power meters that monitor electricity use based on the time of day the power is used. Ontario is introducing time-of-day pricing – where consumers pay more to use electricity during peak demand times – as part of its energy conservation program.
Recent changes to the Landlord Tenant Act include introducing smart meters to rental apartments, a move that doubled Triacta's addressable market. Currently, 85 per cent of apartment and condominiums buildings use a bulk electricity meter.
Ontario plans to install 800,000 smart meters by 2007 and wants smart meters installed in all homes and small businesses by 2010. The province of Quebec is also moving toward the use of
