Sydney (December 15, 2004) - DynaGen Technologies Inc., a Sydney-based company that designs and manufactures digital control systems for the distributed power market worldwide, is expanding its research and development activities and its product line with the help of Nova Scotia Business Inc. (NSBI).
Having already filed two patents for its innovative technologies, DynaGen is now developing new generator control systems and automatic transfer switches, primarily for small-scale generators. These products are designed to capitalize on the growing global market for secure alternatives to traditional power generation systems.
NSBI will provide an equity investment of $1-million to support these activities. The loan will be converted into common shares within a 12-month period.
The venture is expected to allow DynaGen to create an additional 24 highly-skilled jobs by 2008.
"The North American market alone for electronic systems in 2002 was estimated at $1-billion U.S.," said Paul Wareham, president and chief executive officer for DynaGen. "Investment in research and development will allow us to continue delivering unique solutions for each of our customers, with reliability, efficiency and value. This will effectively position us for even greater success and growth in the coming years."
"The potential for growth in the distributed power market is great," said Stephen Lund, president and CEO of NSBI. "With DynaGen's innovative ideas and engineering capacity, the company is poised to capitalize on the opportunities available in this growing market. NSBI is pleased to be a part of the team that will make this happen."
"Growing companies, such as DynaGen, are creating more high-skilled jobs for Nova Scotians," said Ernest Fage, Minister of Economic Development. "We're proud DynaGen and NSBI have created a business partnership in support of our common goal: the growth of innovation and R&D in the province."
Nova Scotia Business Inc. is the province's business-development agency. Private-sector led, it is an organization that works with companies to provide tailored business solutions for business growth. The agency works to attract new businesses to the province and helps those already in Nova Scotia expand through services such as export development and financing.