PRESS RELEASE
UNDER EMBARGO : Friday, December 16, 2011 9:00 AM
Cycle Capital Management (CCM) Inc. today announced a $1.250 million Seed Fund Cycle-C3E, LP first investment in YWire Technologies Inc. a Montreal based clean-tech manufacturer of energy saving control products.
Ms. Andrée-Lise Méthot, Founder and Senior partner of Cycle Capital Management (Cycle Capital) Inc., is very pleased with this first investment for the Seed Fund Cycle-C3E, LP. “This is an important step for us today. The Seed Fund invests in companies at the early stage of their life that have yet to establish business activities generating significant revenues. These companies require funding to conceptualize, develop and market their product. We are proud to finance this young company who is already a leader in environmentally friendly lighting control systems.”
“This key investment by Cycle Capital Management will allow us to generate a dozen new jobs in Montreal, as we develop our second generation of energy efficiency control products,” said YWire President and CEO, Omar Tabba. “Already, our products can improve lighting energy efficiency by up to 75 per cent in a standard commercial building for the same cost as installing a regular light switch.”
About YWire Technologies Inc.
Incorporated in 2009, YWire Technologies Inc. is the first manufacturer to implement Broadband over Powerline (BPL) data networks into building systems. YWire has embedded BPL technology into a simple to use, attractive light switch that is up to 80 per cent lower in installation costs than existing systems on the market. YWire’s clients include several Fortune 500 companies as well as various schools, colleges and commercial office buildings.
About Cycle Capital Management (CCM) Inc.
Cycle Capital is a pioneer among Canadian venture capital funds focused on the cleantech sector. The fund invests in companies developing and commercializing clean technologies and projects in renewable energy generation that are focused on reducing greenhouse gas emissions, optimizing resources use, and decreasing impacts over their entire life cycle.
With nearly $125 million under management, Cycle Capital invests primarily in Northeastern North America. The fund has assembled a team of investment professionals, advisors and strategic partners, internationally respected for their combined experience in building, nurturing and growing world-class companies. Cycle Capital benefits from a privileged relationship with its strategic partners including Brookfield Renewable Power, Rio Tinto Alcan, Cascades, The Master Group L.P, Lonza, Gaz Métro, Systemex Energies and the Centre d’excellence en efficacité énergétique C3E.
– 30 –
For more information:
Isabelle Perras, (514) 282-4630,
[email protected]