news & events

News & events

PRESS RELEASE

TORONTO – The shareholders of Enwave Energy Corporation (“Enwave”), the City of Toronto and Ontario Municipal Employees Retirement System (“OMERS”), have directed the Board of Directors of Enwave to solicit proposals for a sale of 100% of the shares of Enwave through a competitive auction process. The Board of Directors of Enwave will create a special committee of the Board and retain a financial advisor to assist in their oversight of the process.

On November 30, 2011, Toronto City Council authorized the City of Toronto to sell its interest in Enwave. In connection with the proposed sale of their interests in Enwave, the City of Toronto and OMERS have waived their right of first refusal to purchase Enwave shares from a selling shareholder pursuant to the shareholders agreement between Enwave, OMERS and the City of Toronto. The change was made to promote an open auction process that maximizes the potential return to the two shareholders.

Enwave Energy Corporation is a leading provider of innovative, sustainable energy services. With district energy operations in Toronto and Windsor, Ontario, the company provides environmentally friendly heating and cooling to many of the most prestigious buildings and landmarks in both cities. In Toronto, 40 km of underground pipes interconnect over 140 buildings to three steam plants and to the company’s world-renowned Deep Lake Water Cooling system. Customers include all the major downtown hospitals, multi-residential and class A commercial office towers, entertainment facilities and government buildings. In Windsor, the Enwave managed system supplies hot and chilled water to the City’s Utilities Commission and the Windsor Casino.

With over 2,000 district energy systems operating in the United States and over 100 in Canada, the industry plays an important role in the broader energy sector – especially with respect to stated government objectives of achieving greater energy efficiency. Leveraging its proven reputation of bringing sustainable energy projects to market and drawing on its strong and stable financial base in Toronto, Enwave is well positioned to capitalize on many prospective growth opportunities both within the City of Toronto and throughout North America.

For more information, contact:
Dennis Fotinos, President & Chief Executive Officer Enwave Corporation 181 University Ave. 17th floor, P.O. Box 105 Toronto, Ontario M5H 3M7 Tel: (416) 338-8912 Fax: (416) 363-6052

IDEA System of the Year Award—2011

2011 IDEA AwardCreated in 1992, the IDEA System of The Year Award is the highest honor IDEA can confer on a district energy system. It recognizes an exemplary district energy system providing high-level performance and service that further the goals of the district energy industry.

The 2011 winner was Enwave Energy Corporation, announced at the 102nd IDEA Annual Conference, held jointly with the Canadian District Energy Association, in Toronto, Ontario.The 2011 winner will be announced at the 103rd IDEA Annual Conference in Chicago, Illinois, June 30-July 3, 2012.

The IDEA System of the Year Award serves to:

  • Provide an industry benchmark for overall excellence.
  • Provide a platform for sharing ideas and efforts that have made systems successful.
  • Identify and recognize systems that illustrate the overall importance of district energy in the marketplace and in the long-term energy picture.
  • Further publicize district energy as a progressive industry that seeks constant improvement in the services it provides.

Enwave's President & CEO invites IDEA members to the 2011 Annual Conference and Trade Show in Toronto

President & CEO Dennis Fotinos extends IDEA members an invitation to the 2011 Toronto event, and describes how Enwave's proven success with district energy systems sets the stage for these technologies to be successfully applied in other cities. Click here to watch video.
http://www.districtenergy.org

Enwave's Cool Idea

Market Morning, August 19, 2010

While touring Enwave's Deep Lake Water Cooling facility, BNN reporter Pamela Ritchie speaks to company President & CEO Dennis Fotinos about the big idea the company is ready to export.
Click here to watch video.

 

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