Stromcore Energy Inc. offers emissions-free technology for forklifts
Consumers are increasingly hitting the “purchase” button on virtual shopping carts, creating a higher demand for massive warehouses and distribution centres that are buzzing with conveyor belts, pallet jacks and forklifts.
Most of those forklifts run on either combustion engines or lead-acid batteries, both of which can produce byproducts potentially harmful to the environment.
Export Development Canada (EDC), the country’s export credit agency, is proud have come together with RBC to provide support for Stromcore Energy Inc., a Canadian company producing emissions-free clean technology in the form of lithium-ion battery systems adaptable to any forklift brand or class.
Most of Stromcore’s sales are exports, and that’s been the case since they launched four years ago, said Stromcore Chief Business Officer, Max Vidricaire.
“Most of our competition is from the United States, and there’s no way we’d have been able to grow to meet customer demand and remain competitive without EDC’s support,” he said.
Already, about 60 per cent of the forklift fleet in North America is electric, but almost all of those – approximately 99 per cent – are using lead-acid batteries, so there’s a lot of room for growth.
“Our mission is to make 100 per cent of the forklift fleet electric and help transition the industry from lead-acid batteries traditionally used in forklifts,” said Vidricaire. “Those batteries aren’t as efficient as lithium-ion – they don’t allow the vehicle to drive as long, taking time from the workers’ day to replace batteries – and often use metals that can be harmful to the environment.”
The hesitancy he and his colleagues have noticed from those organizations still relying on combustion engines stems primarily from the fear of lost productivity and the inability of a battery-operated forklift to keep up with demand – a real problem Vidricaire says Stromcore’s 24/7 runtime lithium-ion batteries mitigate.
The USD$600,000 bonding facility announced today, to support Stromcore’s working capital needs, isn’t the first time EDC and RBC partnered in support of Stromcore.
At the early 11-month mark of the company’s life, the two came together to provide Stromcore an operating line of credit based on strong management information systems, the relevant previous experience of management and strong orders in hand from well-established customers. Since then, EDC and RBC have together provided solutions to help free up capital.
With this support in hand, Stromcore’s sales more than tripled in as many years.
“Stromcore is a fantastic example of an innovative Canadian cleantech company that has the keys to exporting success but requires some support that EDC is uniquely positioned to provide,” said Dan Mancuso, EDC’s Senior Vice-President of Financing and Investments.
“EDC is pleased to be a part of supporting Stromcore’s international growth by providing them with financial solutions they need to grow and compete globally.”
Stromcore is the leading designer and manufacturer of Lithium-Ion forklift batteries. We offer intuitive plug-and-play solutions for almost all existing Class I and Class II forklifts. By applying the latest in Electric Vehicle (EV) technology, we are redefining productivity with ever faster charge rates, longer run times, remote monitoring and servicing, active heating for freezers and industry beating cycle life and energy efficiency.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 84,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to more than 16 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business.