About the Business
To increase the adoption of low carbon energy systems in British Columbia, Dana Westermark founded Connect Thermal Energy Solutions – a private utility company that owns and operates thermal energy systems for new developments. Connect’s thermal energy systems serve as the energy source for heating, cooling, and domestic hot water supply in multi-family, condominium, townhouse, and mixed-use developments. The installation of these energy-efficient systems has resulted in a proven reduction and stabilization of operating and maintenance costs, relative to similarly designed buildings without this technology.
About the Loan
Vancity Community Investment Bank (VCIB) provided a senior secured loan to support Connect’s acquisition of a low-carbon thermal energy system at One Water Street, a strata development in Kelowna, BC. Once this purchase is complete, this energy-efficient system will be the sole source of heating and cooling within the building.
About the Impact
As a values-based bank, VCIB is the only Schedule 1 bank in Canada that partners exclusively with organizations that drive social, economic, and environmental change. Connect’s thermal energy solutions are improving each building system’s energy efficiency and sustainability.
The equipment that Connect is acquiring includes air source heat pumps which are a fully electric, high efficiency, and low carbon heating and cooling option. By maximizing the use of onsite energy through technology and effective energy management protocols, Connect is facilitating British Columbia’s clean energy transition one building at a time.
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