Ontario-based Temporal Power’s high-speed flywheel energy storage units are used by utilities and power generators to smooth out supply and balance the load of their output. Now the company has raised USD$10 million in Series B funding from Enbridge Emerging Technology and Northwater Intellectual Property Fund, a fund managed by Northwater Capital Management, reports Reuters.
According to the press release, Hydrogenics Corporation of Canada of has entered into an agreement with Enbridge Inc. to jointly develop utility scale energy storage in North America. The non-renewable energy giant has also made an equity investment of CAN$ 5 million in Hydrogenics.
The PR explicitly mentions Hydrogenics’ expertise in water electrolysis combining with Enbridge’s interest in natural gas pipeline networks and renewable energy generation.
This fact is highlighted in a commentary in The Toronto Star, which opines that Enbridge’s motive for the investment centre is not around energy storage and renewables, but Hydronic’s expertise in this area of electrolyser technology which is an essential element in the ‘Power-to-Gas’ business that interests Enbridge.