Generating New Growth and Innovation
Ideas come naturally to Paul Wareham. As a boy growing up in Sydney, he regularly tinkered with ham radios and invented new and better antennas to improve reception. While working on his master’s degree in engineering at Queen’s University, Paul Wareham designed a cost-efficient back up system for generators and engines. The resulting technology was the Automatic Engine Controller, which became the catalyst for the inaugural product of his company, DynaGen Technologies Inc.
Since releasing its first product in 1997, DynaGen has created a full spectrum of products for the distributed power market, a market estimated at $1 billion in the U.S. In the last two years, DynaGen Technologies has tripled its revenues and was the first manufacturer to provide robust microprocessor-based control systems that replaced the older discrete logic technology that was both inflexible and very limited in features.
The company’s innovative control systems serve as the nerve-centre for small-scale generator systems and reflect DynaGen’s mission: To be #1 in the world market by providing the most integrated, adaptable, and cost effective power control solutions.
Business Result Achieved:Growth
In 2004, NSBI provided DynaGen with an equity investment of $1 million, which will be used to grow the company’s research and development activities and its product line. This investment is also expected to create an additional 24 jobs by 2008.
"With DynaGen's innovative ideas and engineering capacity, the company is poised to capitalize on the opportunities available in this growing market,” said Stephen Lund, President and CEO of NSBI. “NSBI is pleased to be a part of the team that will make this growth happen.”