Toronto, ON, March 18, 2009 – ecobee has been chosen by the Ministry of Research and Innovation to host The Honourable John Wilkinson. Minister Wilkinson will be holding a press conference at the ecobee corporate offices to announce a $250 Million investment in green technologies, biotech and digital media. The new initiative is partly in response to the challenges that emerging technology companies are experiencing in raising venture capital due to tightening credit markets.
“Right now, in Canada, there are few pools of dedicated risk capital to finance early stage companies with innovative technologies like ecobee,” says Stuart Lombard, President and CEO of ecobee. “If there is no risk capital available, then one of two things happens – either the idea never comes to market or the entrepreneur moves to a location where risk capital exists and sets up their company there. This moves jobs and business outside of Canada.”
“The Emerging Technologies Fund supports the kind of investment that drives innovation, secures jobs today, and creates jobs tomorrow. We’re committed to supporting clean tech and other emerging technology companies in Ontario. Ontarians are looking to us to support investment in new technology, especially in this challenging global credit environment,” says John Wilkinson, Minister of Research and Innovation.
ecobee is a Canadian company that is the embodiment of innovation in technology and is employing an increasing number of Canadian workers as ecobee grows. ecobee’s vision and products provide strong support for this investment by the Ontario government and is dedicated to encourage and foster growth in the Canadian green technology sector.
“The Challenge in Canada is that there are virtually few funders of technology companies left and none with the heft to take a company from beginning to IPO,” Lombard states. “This is a very different situation than in the states or even Silicon Valley where there are hundreds of firms that could do just that.”
ecobee was founded in 2007 in Toronto to deliver intelligent conservation solutions. The company is building its product platform around The Leadership in Energy and Environmental Design (LEED) Green Building Rating System™. ecobee’s products are being sold for use in single family homes (both new and retrofitted) and multi-family dwellings. Last fall ecobee was selected as a Red Herring Top 50 Company, celebrating the most innovative and promising companies, and also chosen as a Canada Top 10 Technology Company. For more information, please visit www.ecobee.com.