Clear Blue Technologies Receives $5 Million Grant Funding from SDTC
Non-Dilutive, Non-Interest-Bearing Capital Grant for R&D Activities
TORONTO, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Clear Blue Technologies International Inc. (“Clear Blue” and the “Company”) (TSXV: CBLU), the Smart Off-Grid Company™, announces a $5 million grant from Sustainable Development Technology Canada (“SDTC”). Clear Blue Technologies is part of a cohort of six innovative Canadian companies who were selected to receive a cumulative $18.7 million in funding today, following a process that began at the beginning of 2022. SDTC will release these funds to Clear Blue in equal installments over the next 3 years. This funding will allow Clear Blue to launch its recently announced Pico-Grid product line and accelerate the Company’s market leadership in smart analytics via the use of machine learning and artificial intelligence technologies. Pico-Grid, which was announced earlier in 2022, is expected to begin shipping in early 2023.
“This non-dilutive, non-interest-bearing funding grant from SDTC will drive Clear Blue’s research and development activities, especially as we incorporate our next level of smart analytics and machine learning features into our product suite,” said Miriam Tuerk, co-founder and CEO of Clear Blue Technologies. “We also plan to allocate some of the funding to launch our Smart Pico-Grid product, a revolutionary design for mission-critical Wi-Fi satellite and IoT applications. On behalf of Clear Blue, I’d like to thank SDTC for their extensive analysis of our business and for selecting us for this generous funding, which will support us in bringing our innovative products to market. As many companies return to SDTC as they grow and scale, we are optimistic that this funding marks the beginning of a relationship, which could support our future growth projects.”
“Companies have the ideas that will help solve some of our planet’s most pressing environmental problems, but they cannot do it alone. SDTC is proud to support innovative companies like Clear Blue Technologies on their journey towards commercializing their sustainable solution that global markets want and need.”– Leah Lawrence, President and CEO of SDTC
Pico-Grid is a complete, smart off-grid power system that includes solar, batteries and smart controls that are fully managed remotely from Clear Blue’s operations centre. Integral to all Clear Blue products is enhancing power reliability by matching anticipated future energy generation to on-site loads. This is done through Clear Blue’s advanced data analytics and patented energy forecasting, which are provided to all customers as part of Clear Blue’s EaaS services.
Its remote management and control technology allows Clear Blue to provide smaller, more cost-effective power systems while still meeting operators’ availability targets. In a recent collaboration with Meta, a study found that Smart Off-Grid lowers the upfront cost of telecom site power by 40%. This grant provided by the STDC will help Clear Blue accelerate its AI Machine Learning roadmap for this technology, which will help the Company to scale with continued market leadership.
About Sustainable Development Technology Canada (SDTC)
At SDTC, we support companies attempting to do extraordinary things.
From initial funding to educational support and peer learning to market integration, we are invested in helping our small and medium-sized businesses grow into successful companies that employ Canadians from coast to coast to coast. We are relentlessly focused on supporting our companies to grow and scale in an increasingly competitive marketplace.
The innovations we fund help solve some of the world’s most pressing environmental challenges: climate change, regeneration through the circular economy, and the well-being of humans in the communities they live in and the natural environment they interact with. For more information, visit https://www.sdtc.ca.
About Clear Blue Technologies
Clear Blue Technologies International, the Smart Off-Grid™ company, was founded on a vision of delivering clean, managed, “wireless power” to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of Things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 37 countries, including the U.S. and Canada. (TSXV: CBLU) (FRA: 0YA) (OTCQB: CBUTF)
Investor Relations:Miriam TuerkCo-Founder and CEOemail@example.com://www.clearbluetechnologies.com/en/investors
Nikhil ThadaniSophic Capitalfirstname.lastname@example.org
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain "forward-looking information" and/or "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Clear Blue’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Clear Blue's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein may include, but is not limited to, the future phases of funding or the future value of this funding for any mentioned parties.
By identifying such information and statements in this manner, Clear Blue is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Clear Blue to be materially different from those expressed or implied by such information and statements.
An investment in securities of Clear Blue is speculative and subject to several risks including, without limitation, the risks discussed under the heading "Risk Factors" in Clear Blue's listing application dated July 12, 2018. Although Clear Blue has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
In connection with the forward-looking information and forward-looking statements contained in this press release, Clear Blue has made certain assumptions. Although Clear Blue believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release. All subsequent written and oral forward- looking information and statements attributable to Clear Blue or persons acting on its behalf is expressly qualified in its entirety by this notice.”
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.