The Quebec manufacturer of small wind turbines Eocycle has just stocked up on energy to continue its expansion in the United States and Europe.
The FTQ Solidarity Fund and Exportation and Development Canada are investing 10 million each while Investissement Québec grants a loan of 5 million. With these 25 million, Eocycle believes it will be able to accelerate its deliveries and more than double its revenues next year. The company’s workforce should also increase in the same proportion.
Eocycle’s small wind turbines provide energy to their users and can be connected to the electricity grid to resell surplus. This type of wind turbine is particularly popular in Europe, where space is limited and in rural areas. In the United States, the company intends to take advantage of the support offered for renewable energy production by the Inflation Reduction Act (IRA).
Eocycle offers a complete solution to its customers, from project feasibility studies to financing and maintenance of wind turbines. The market that the company founded in 2001 has tackled is estimated at US200 billion, according to the president and CEO of Eocycle Technologies, Richard Legault.