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Solace Power Inc.
Solace was started by Kris McNeil in 2007 and initially operated out of his home. Solace was subsequently accepted into the Genesis Centre and spent approximately four years there before graduating in 2013. Solace has developed wireless power technology, and as an innovation leader in a new and exciting industry, is striving to reduce the burden of installing, maintaining or carrying power cables by delivering power wirelessly and efficiently. Our high performance technology is applicable to the defense and ocean technology sector as well as consumer electronics and electric vehicle markets. We have ongoing significant interest from potential customers across all market segments and are in discussions regarding customer requirements with several. We expect to sign our first development contract for a commercial application in Q4 2013 and we are active in an evaluation process with multiple defense industry companies.
At Solace, our technology itself is different. We also differentiate ourselves with continuous improvement and outstanding customer service. We are a B2B company with a licensing model, and our technology is applicable in some manner to virtually all advanced technology market sectors; however, we are approaching the markets with a strategy that takes advantage of market segments that have a high tolerance for risk, money to spend, and where early adoption is more common. As a result, our first market "bowling pins" are the defence and ocean technology segments. There are clear, funded, needs in both areas and we have generated an incredible amount of interest.
Today Solace occupies office space in Mount Pearl with our ten employees busy developing new leading edge solutions and commercializing the results for an ever growing group of engaged partners. We have a small office in Sweden and we expect continued, market driven growth in 2014 and beyond.
Our first major accomplishment was defining our unique wireless power technology and filing for a patent in 2011. Secondly, raising a substantial Angel Investment, successfully commercializing our technology to the point where we have demo prototypes that perform better than anything on the market and signing a MOU with a major international company in the defense sector, makes 2013 pretty much a success.
Being a NATI member
Being a NATI member has helped Solace in many ways, some of them unexpected. NATI keeps us advised of activities that could be helpful, and have a "business first" focus that keeps their initiatives pointed at delivering results in the form of market/channel development and sales. We have even benefited from participating in the NATI networking mixers where we started talking with another local business and realized that we can help each other generate more business.
Looking Forward: Future of the Advanced Technology Sector in NL
We believe that advanced technology business in general will continue to grow and that there will be an increased rate of growth over the next five years as our older company's mature and new entrepreneurs get started and old one start over again. It will be an exciting time.
Solace Power Inc.
1118 Topsail Road, Suite 201
Mount Pearl, NL