Solace Power Inc. is celebrating today after the company graduated from Memorial Universitys Genesis Centre. The Genesis Centre is Memorials business support network for technology-based ventures that have high-growth potential, and are seeking business guidance and capital.
Solace Power has recently received significant private investment, and an experienced business leader has joined the management team. The success of Solace Power was recognized at a ceremony attended by representatives of government, the university and the local business community.
Solace Power was founded by Kris McNeil, who has more than a decade of experience in different wireless sectors, from mobile phones to marine communications systems. Solace is developing wireless power technologies for use in military and paramilitary markets. Earlier this year, Neil Chaulk joined the company as a co-owner and vice-president of business development. Mr. Chaulk is the founder and former director of International Communications and Navigation (ICAN), which he sold to the Holland Institute of Traffic Technology B.V., a surveillance company from the Netherlands.
The primary needs that can be satisfied by Solaces wireless power technology are in reducing the burden on soldiers on foot and improving the
effectiveness of soldier technology by making the charging of powered components easier and more reliable. The concept of a wearable wireless power system with a single rechargeable battery is quite appealing to the military. This type of market pull has generated significant interest from the prime contractors and other suppliers.
Dr. Gary Kachanoski, president and vice-chancellor of Memorial University, said Solace Powers success is an excellent example of how the Genesis Centre and Memorial University can drive economic growth in Newfoundland and Labrador.
The Genesis Centre is an important part of the Memorial community. Their work to help client companies translate ideas into successful business ventures is building Newfoundland and Labradors knowledge-based economy, said Dr. Kachanoski. Memorial University is proud of the success Solace Power has achieved and of the support provided by the Genesis Centre.
Solace Power is very excited to celebrate its graduation from the Genesis Centre, said Mr. McNeil, president, Solace Power. The Genesis Centre has been instrumental in helping Solace succeed at the various stages of its early growth. The experience and knowledge of the staff at the centre have proven to be extraordinarily helpful and we appreciate all of the encouragement and support provided over the past years.
Solace Power is the 31st company to graduate from the Genesis Centre since 2000, and the centre is currently working with 10 other clients. It has helped its clients raise more than $23 million in private equity, 60 per cent of that amount coming from outside the province. Graduates include Rutter Technologies, Verafin, Genoa Design, Virtual Marine Technology and ClearRisk. The Genesis Centre was named Canadian Incubator of the Year in 2011.