Sparq, a Canada-based cleantech, has raised $2.75m in a round led by the MaRS Cleantech Fund, with participation from the Investment Accelerator Fund and the Ontario Centres of Excellence.
The spin-out of Canada’s Queen’s University is commercialising microinverters used in solar panels, which are used to turn power from the renewable fuel source into usable grid power for home systems. Sparq’s next generation microinverter will be of a lower cost yet more reliable than its counterparts.
Randall MacEwen, Sparq’s recently appointed chief executive, said: “2013 has been a transformational year for Sparq. We have successfully commercialised our first generation microinverter with sales in Canada, the United States and Mexico. With our recent financing, we have strengthened our management team and are commercializing our next generation microinverter — a product we believe will reset the industry standard for cost, reliability, performance, ease of installation and advanced grid functions.”
