Montréal-based power quality systems maker Power Survey and Equipment Ltd has raised about $24 million in Series A2 financing. The round was initiated by the company’s majority investor EnerTech Capital and Investissement Québec alongside new investors led by Cycle Capital Management joined by Fonds de solidarité FTQ and BDC Capital. Power Survey used part of the funds raised to buy Power Standards Lab Inc, a U.S. maker of electric power instruments, earlier in July.
Montréal, Québec – July 24, 2017 – Power Survey and Equipment Ltd. (PS), a leading manufacturer of power quality systems, today announced that it received $24 million USD in a Series A2 funding round, following on its recent acquisition of Power Standards Lab (PSL). The round was initiated by majority investor EnerTech Capital and Investissement Québec, along with new investors led by Cycle Capital Management, joined by Fonds de solidarité FTQ and BDC Capital. The funding will be used to support company growth, including the PSL acquisition, as well as geographic expansion and new product development.
“As the new investor lead, we collaborated with Fonds de solidarité FTQ to establish Power Survey’s market value,” said Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital Management. “The $24 million investment in Power Survey, in part, supported the acquisition of Power Standards Lab. The investor syndicate’s strategy with this investment and acquisition is to position Power Survey as a major player in the power quality industry, able to offer an expanded range of services to customers.”
“EnerTech’s investment thesis has focused on the increasing role that distributed energy resources play at the edge of the grid, leading us to invest in areas related to connectivity, optimization, and energy management,” said Scott Ungerer, Founder and Managing Director of EnerTech Capital. “We believe that the proliferation of distributed grid assets will increase disruption on both sides of the meter. Our initial investment in Power Survey was aimed at building the foundation for a scalable company, with the goal of expanding into a broader set of power management solutions. This new round of financing reaffirms our belief that Power Survey is well-positioned to capitalize on these opportunities, and the PSL acquisition is a strong move toward providing a more comprehensive solution set to the marketplace.”
“As original investor with EnerTech, we are delighted that new investors are joining us in this round of financing,” said Pierre Gabriel Côté, President and CEO of Investissement Québec. “Our investment enables a Québec-based company to expand by acquisition – a strategy that is consistent with our mission to create value for our businesses.”
“This transaction will solidify the position of PS in the market. This is a good example of an innovative Quebec company that ensures its sustainability by adopting strategies of growth based on acquisitions outside Quebec,” said Alain Denis, Senior Vice President, Innovation, of Fonds de solidarité FTQ.
“Investing in growing technology companies like Power Survey is an important part of BDC’s co-investment strategy,” said Phil Anzarut, Partner, co-investor at BDC Capital. “We look forward to working with Power Survey as it transforms into a growth company through acquisitions and product development, in partnership with EnerTech.”
“With this investment and our recent acquisition of PSL, we are well positioned to provide solutions to an even broader customer base,” said Mario Barbaresso, President and CEO of Power Survey / Power Standards Lab. “We are grateful to our group of investors for their strong support, and excited that our expanded organization will provide an end-to-end electric power quality solutions to our customers.”
About Power Survey and Equipment Ltd. Since 1948, Power Survey and Equipment Ltd., (PS) has been a market-leading provider of customized power factor correction and harmonic filtering technologies and solutions. PS serves customers in the United States and Canada, and supports projects around the world through a premium network of agents, value-added resellers and distributors. PS helps reduce high rate-based surcharges for commercial and industrial power users who experience power factor and harmonics issues. For more information, please visit: http://www.powersurvey.com