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RBC invests in Endurance Wind Power Inc. for clean energy for generations to come
$1 million investment helps grow Canadian manufacturer and developer of wind turbines
TORONTO, June 26, 2014 -
The International Energy Agency has been very clear in its forecasts - global demand for energy will continue to grow, which means more greenhouse gas emissions and increased risk of destabilizing our climate. But the forecast is not entirely bleak. One bright light is the global renewable energy market, which is experiencing rapid growth as environmental and geopolitical concerns drive governments around the world to create ambitious targets for renewable energy generation. Innovators like Endurance Wind Power Inc. (Endurance) are finding ways to help drive down the cost of renewable energy, expand its use, and reduce climate-changing emissions.
Today, RBC announces that it is investing $1 million in Endurance through the RBC Generator, the investment arm of RBC’s Social Finance initiative. This investment is a part of RBC’s multi-million dollar social finance initiative, designed to help drive social and environmental change through private investment activity.
Endurance is a designer, manufacturer and owner of small and medium (50-225kW) wind turbines, designed specifically for distributed generation applications. Since 2007, Endurance has focused on the creation of advanced induction-based small and medium wind turbines, which produce energy at an industry-leading levelized cost of energy. In 2012, the company expanded into Distributed Energy Solutions (DES) by owning and operating its own highly efficient turbines on leased land. RBC’s investment will go towards expanding this high growth business segment.
“This is the fifth investment made by the RBC Generator,” says Sandra Odendahl, Head of RBC's Social Finance initiative. “We are pleased to know that it will help grow an innovative Canadian company that is reducing greenhouse gas emissions created from electricity generation.”
“This level of institutional investment in distributed wind power not only demonstrates the market leadership of RBC’s Social Finance Initiative but it underscores the growing confidence in, and bankability of, the market segment,” observes Glenn Johnson, CEO of Endurance Wind Power Inc. “This investment in Endurance enables us to advance our distributed energy solutions model, create jobs and continue expanding our business in global markets.”
About Endurance Wind Power
Endurance Wind Power is a Canadian-based manufacturer/developer of advanced medium sized wind turbines, both 50kW and 225kW in size, designed specifically for distributed wind power applications. Their line of modern, induction-based wind turbines brings efficient, reliable, safe and quiet, renewable energy within reach of homeowners, farmers, businesses and institutions.
Founded in 2007, Endurance is headquartered in Surrey, Canada and privately held. At its head office in Surrey, BC and at its UK plant in the West Midlands, Endurance manufactures its 50 kW E Series and its larger X-Series 225KW turbine. Key markets for Endurance include the United Kingdom, the United States, Italy and the Province of Nova Scotia.
Endurance wind turbines back rural economies by generating reliable revenue to farmers, land owners and communities from owning or hosting wind turbines and enabling them to invest in their businesses, creating jobs and supporting their local economy. Unlike the massive utility-scale wind farms, Endurance turbines are much smaller and are typically installed either individually or in pairs per farm, where they better blend with the landscape while providing clean energy to farms, homes and nearby communities.
About RBC Social Finance
The RBC Social Finance initiative, launched in 2012, is a multi-million dollar commitment to help ignite social and environmental change through investment activity. This commitment includes the $10-million RBC Generator, a pool of capital dedicated to financing enterprises addressing social and environmental challenges; a significant investment of RBC Foundation assets into socially responsible investments; and strategic partnerships to catalyze the growth of social finance in Canada. RBC is recognized among the world’s financial, social and environmental leaders and is listed on the 2014 Dow Jones Sustainability World Index, the DJSI North American Index, the Jantzi Social Index and the FTSE4Good Index. RBC is one of Canada’s Greenest Employers, and one of Canada’s 50 Most Socially Responsible Corporations. For more information, visit www.rbc.com/socialfinance
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For media enquiries, please contact:
Randeep Dosanjh, Endurance Wind Power Inc., 604-579-9467
Elynn Wareham, Communications, RBC, 416-313-5778