CAC 2000 Limited (CAC) and Tropical Battery Company Limited (TROPICAL), both listed on the Junior Market of the Jamaica Stock Exchange, have announced a new joint venture named ENRVATE Limited, which will target the regional market for energy solutions.
Neither company disclosed the investment amount for the joint venture. However, in a joint notice they said “…we anticipate this 50-50 partnership will help us achieve our goals faster and make our Caribbean paradise a better place to live and work.”
Though ENRVATE Limited was incorporated on April 20, 2021, it began offering its product and services on June 1, 2021.
“ENRVATE will adopt a unique approach to establishing energy-saving solutions for our commercial customers in Jamaica and the Caribbean by focusing on real-time measurement, monitoring of energy consumption, and using the resulting data to identify, design, and execute energy- and water-saving opportunities,” the notice read
“We recognise the global trend of lower price energy storage solutions (batteries) and how this fact makes becoming energy independent more affordable, practical, and just better for the environment”
“The goal is to work with customers to achieve minimum savings of 25 per cent, with the ultimate achievement being NET ZERO consumption. ENRVATE plans to develop innovative financing solutions for qualified customers through the issuance of a green bond along with equity capital,” it continued.
The companies also announced that Steven Marston, the former CEO of CAC 2000 Limited and qualified air-conditioning and energy engineer, will lead the joint venture with the support of a board of directors.
Tropical Battery, meanwhile, brings to the joint venture over 70 years of experience in the energy storage business.
CAC noted that the venture was, “in line with [its] strategy to develop complementary partnerships which are in keeping CAC’s purpose of improving people’s lives by excelling as the leading experts on energy and indoor environmental quality (IEQ), by engineering solutions and providing products and services that sustain healthy, comfortable, and productive indoor environments, actively generating energy savings for our customers, whilst improving and diversifying our revenue streams”.
CAC added, “We recognise the global trend of lower price energy storage solutions (batteries) and how this fact makes becoming energy independent more affordable, practical, and just better for the environment.”