New company Enervate Limited started operation on Tuesday

A new joint venture company, Enervate Limited, has been formed by listed companies, CAC 2000 and Tropical Battery Company Limited, which will be providing energy saving solutions to the Jamaican marketplace.

Enervate Limited, which is 50-50 owned by the joint venture partners, was duly incorporated in Jamaica on April 29 and began offering its product and services as of Tuesday (June 1).

Enervate Limited is led by former CEO of CAC 2000, Steven Marston, who is a qualified air-conditioning and energy engineer and accomplished businessman, and supported by a board elected by the joint venture partners.

Joint statement released to stock exchange

In a statement posted today (June 3) on the website of the Jamaica Stock Exchange, where both companies are listed, CAC 2000 and Tropical Battery say the joint venture company will adopt a unique approach to establishing energy saving solutions for commercial customers in Jamaica and the Caribbean. This will be done by focusing on real-time measurement and monitoring of energy consumption and using the resulting data to identify, design, and execute energy and water-saving opportunities.

The goal is to work with customers to achieve minimum savings of 25 per cent, with the ultimate achievement being net zero consumption. Enervate plans to develop innovative financing solutions for qualified customers through the issuance of a green bond along with equity capital.

According to the statement, “this joint venture is in line with CAC 2000 Limited’s strategy to develop complementary partnerships which are in keeping with its purpose of improving people’s lives by excelling, as the leading experts on energy and Indoor Environmental Quality (IEQ)”.

This is being done by engineering solutions and providing products and services that sustain healthy, comfortable and productive indoor environments, actively generating energy savings for customers, whilst improving and diversifying our revenue streams.

Tropical Battery, which has over 70 years of experience in the energy storage business, started this new company, recognising 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.

In the joint statement, the two companies say: “We (CAC and TROPICAL) are both passionate about the planet, people, and profits, and 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.”