RICHMOND HILL, ONTARIO, EnerTech Capital announced the closing of its lead investment in a $3.85 million financing round, along with co-investor Export Development Canada (EDC), in Smart Grid cyber security company N-Dimension Solutions.
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EnerTech Capital is pleased to announce the closing of its lead investment in a $3.85 million financing round along with co-investor Export Development Canada (EDC) in Smart Grid cyber security company N-Dimension Solutions Inc. In conjunction with the financing, EnerTech Capital Managing Directors Wally Hunter and Scott Ungerer will join the Board of Directors and Eugene Siklos of EDC will become an observer to the Board of Directors.
Richmond Hill based N-Dimension provides Cyber Security solutions to the global critical infrastructure market (electric, water, oil and gas, transportation). N-Dimension provides Cyber Security Solutions for critical infrastructure operators that address today's increasingly sophisticated cyber attacks and increasing complex compliance regulations. The company has established a leading position in the North American Electric Utility market focused primarily on the over 2,200 public power companies and 900 cooperatives. The company has also been successful in establishing several key strategic relationships including HD Supply (largest distributor to the Utility industry), Hometown Connections, Quanta Technology, Survalent and a large U.S defense company.
"We have been looking for a Cyber Security investment for several years and we are very excited to have found and closed our investment in N-Dimension. The global opportunity for Cyber Security solutions for both the grid and other critical infrastructure assets (water, oil and gas and transportation) represents a significant market opportunity. There are mounting global concerns surrounding the protection of critical infrastructure from cyber attacks and the N-Dimension solution helps mitigate these risks and protect critical assets. We are pleased to be joined by co-investor EDC, who will be extremely helpful as the company expands on a global basis." said Wally Hunter, Managing Director EnerTech Capital.
"Energy is a sector of substantial growth worldwide, and Canadian companies providing critical services that enhance or protect energy investments have the opportunity to become global leaders," said Eugene Siklos, Lead Investment Manager, EDC. "Nurturing Canadian global companies is an important part of what we do at EDC, and we are proud to have partnered with EnerTech Capital to support N- Dimension's management team in implementing an aggressive business plan to address cyber security and enable safe and secure smart grids."
"EnerTech's significant experience and background in the Power and Energy industries combined with the strategic global market experience of EDC will provide significant value add and help build the company as we expand over the next several years." said Doug Westlund, CEO of N-Dimension Solutions.
With the recent first closing on its fourth fund (EnerTech Capital Partners IV L.P.), EnerTech is continuing its strong focus on the significant energy related opportunities in North America and N- Dimension fits squarely in the strategic focus areas within its latest fund.
About EnerTech Capital
EnerTech Capital is a private investment firm focused on innovation in the energy and power industries: early to mid stage companies that offer products or services that dramatically improve the profitability of producing or consuming energy. Founded in 1996, the firm has managed approximately $450 million and has delivered 31 exits. EnerTech Capital is currently investing out of its fourth fund and has offices in Philadelphia, Toronto, and Calgary (summer 2012).
About Export Development Canada
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 7,700 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.
About N-Dimension Solutions
N-Dimension Solutions is the leading provider of cyber security solutions for the critical infrastructure market. N-Dimension has developed and markets an advanced product family that protects operations systems via a comprehensive defense-in-depth approach. N-Dimension also offers professional services to assist critical infrastructure operators in understanding their risk profile and in implementing appropriate mitigative measures.