The Labourers’ Pension Fund of Central and Eastern Canada has invested $11 million in NRStor Inc., a private Toronto-based energy storage project developer.
In addition to its equity financing, the multi-employer pension plan will provide $200 million in capital to support the developer’s project pipeline.
The pension fund’s union, the Laborers’ International Union of North America, sees great opportunity in financing energy storage infrastructure, said Joe Mancinelli, international vice-president and regional manager for central and eastern Canada at the pension fund, in a news release.
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“We believe energy storage is a key enabler of our future energy system, and welcome the opportunity to invest capital into low carbon assets on behalf of our pension fund. NRStor has developed an innovative model to finance, own and operate energy storage projects that aligns with our union’s priorities of creating economic, social and environmental value.”
Founded in 2012, NRStor has already secured multiple contracts for energy storage projects in Ontario, according to the release.
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“. . . The development of energy storage technologies represents an exciting opportunity for innovation,” said Annette Verschuren, founder and chief executive officer of NRStor.
“Our partnership with LiUNA shows that pension funds and infrastructure investors also understand the importance of financing clean energy infrastructure, and the business case around the industry.”
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