Saco energy co. raises $250,000
A Saco company that markets ceramic bricks to store electricity has collected $250,000 in a recent capital raise.
Thermal Energy Storage of Maine LLC was established in 2008 to bring the storage technology to Maine. Used in 24 states and four Canadian provinces, the electrical thermal storage units save off-peak electricity as heat and release it as needed over time. By capturing lower-cost electricity at times of decreased demand, the bricks allow home and business owners to lock in heating costs equivalent to $2.50 per gallon of home heating oil for two years, according to a company press release. The bricks range from single-room supplemental units to furnaces capable of replacing oil- and gas-fired systems, including commercial and industrial applications, and provide both space and water heating.
The company also announced the appointment of Justin Schair, an investment manager and former finance director for Eliot Cutler's 2010 gubernatorial campaign, as vice president for development. Its founders include CEO Adam Cote, a former Pierce Atwood energy attorney and 2008 1st District congressional candidate, and COO Sam Zaitlin, onetime chair of the Maine Turnpike Authority board, the Board of Environmental Protection and the Maine State Chamber.
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