NS: Seaforth Energy secures $2 million venture capital investment

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By Staff, The Daily Business Buzz

Wind turbine maker looking to expand foriegn markets

Hubert Legge, left, and Earl Gouthro of Seaforth Energy in Dartmouth work on the lattice tower of a windmill being installed at Forbes Lake this winter. SUEANN MUSICK – THE NEWS

[HALIFAX, NS] – Seaforth Energy Inc., a wind turbine developer and manufacturer, will pursue growing opportunities in the global wind energy market after an investment from the province.

Seaforth Energy Inc. has secured $2 million in equity financing from Innovacorp.

"This investment comes at an ideal time for our company. Governments at home and abroad are implementing feed-in tariffs designed for small wind projects, significantly enhancing the market for our products," says Mike Morris, president and CEO of Seaforth Energy. "This investment will allow us to accelerate our pursuit of export market opportunities in countries such as the United Kingdom, Italy and Greece, and scale up production capacity accordingly."

Based in Dartmouth, Seaforth Energy manufactures, installs and maintains the AOC 15/50, one of the most proven and longest-running 50kW wind turbines in the world. With more than 150 units installed in 13 countries, the AOC 15/50 is used for institutional, commercial, industrial, agricultural and remote applications.

"Investing in promising clean-technology companies like Seaforth Energy creates good jobs and helps our environment," says acting Economic and Rural Development and Tourism Minister John MacDonell. "This investment supports the innovation and competitiveness priorities of jobsHere, our plan to grow the economy."

Seaforth Energy employs 20 people in Dartmouth, who are involved in the design, manufacture and sale of the turbines. To help meet customer demand in Nova Scotia, Europe, the United Kingdom and United States, some of the company's wind turbine blades are being manufactured by DSTN at the former TrentonWorks facility. Control systems for the turbines are assembled at MilAero Electronics in Dartmouth.

Last year, Seaforth Energy began a $2.9-million research and development project to enhance its product and expand the product line.

"Seaforth Energy's progress to date and its aggressive plans for future growth make it an attractive investment for Nova Scotia," says Patrick Keefe, vice president of investment at Innovacorp. "We're really looking forward to the next stage of development for this team and business."

Innovacorp has previously invested $550,000 in Seaforth Energy.

 

Organizations: Seaforth Energy, TrentonWorks, MilAero Electronics

Geographic location: Dartmouth, United Kingdom, Nova Scotia Italy Greece Europe United States

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