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Amended and Restated NI 43-101 Technical Report on the Mineral Resource Estimates Crawford Nickel-Cobalt Sulphide Project: Main Zone (Update) and East Zone (Initial) Deposits

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TORONTO, Jan. 18, 2021 /PRNewswire/ – Canada Nickel Company Inc. (TSXV: CNC) (“Canada Nickel” or the “Company“) is pleased to announce the filing on SEDAR of an amended and restated independent National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) entitled: “Independent Technical Report and Mineral Resource Estimates Crawford Nickel-Cobalt Sulphide Project: Main Zone (Update) and East Zone (Initial) Deposits” prepared by Scott Jobin-Bevans (Ph.D., PMP, P.Geo.), John Siriunas (M.A.Sc., P.Eng.) and David Penswick (P.Eng.) (the “Amended Technical Report“).

The Amended Technical Report can be found under the Company’s profile at www.sedar.com. The Amended Technical Report has been filed further to a review by staff of the Ontario Securities Commission (the “OSC“). The OSC review is now complete.

The Amended Technical Report includes a conceptual pit envelope constraint in order to demonstrate reasonable prospects for eventual economic extraction and updated mineral resource tables. Prior mineral resource estimates, as previously disclosed in the December 4, 2020 Technical Report, were not constrained by conceptual pit envelopes.  The addition of a pit constraint resulted in no change to the Measured & Indicated resource in the Higher Grade Core of the Main Zone, a 1.5 kt reduction in contained nickel in the overall Measured and Indicated resource to 1,690 kt, and a 335 kt reduction in contained nickel from the original Inferred resource to 1,183 kt. 90% of the overall reduction in Inferred resources occurred at depths below 300 metres.

In addition, the gram per tonne (g/t) assay values for Palladium (Pd), Platinum (Pt), and Palladium + Platinum (Pd + Pt) included in Table 10-2 of the Amended Technical Report have been corrected for holes CR19-05 to CR19-13.

Disclosure of explorations targets for the Main Zone Pd + Pt reef, two East Zone Pd + Pt reefs and the East Zone nickel domains was also revised to comply with subsection 2.3(2) of NI 43-101.

Table 1 – Amended Total Mineral Resource Estimate for the Crawford Nickel-Cobalt Sulphide Project, Ontario

Mineral Resource Estimate


Contained

DOMAIN

CLASS

TONNES (Mt)

Ni (%)

Co (%)

Fe (%)

S (%)

Pd (g/t)

Pt (g/t)


Ni (kt)

Co (kt)

Fe (Mt)

Pd (koz)

Pt (koz)

MAIN HIGHER
GRADE
ZONE

Measured

151.7

0.32

0.013

6.25

0.20

0.029

0.012


482.2

19.9

9.5

141

57

Indicated

128.6

0.30

0.013

6.37

0.16

0.027

0.013


391.8

16.5

8.2

111

52

Mea+Ind

280.2

0.31

0.013

6.31

0.18

0.028

0.012


873.9

36.4

17.7

252

108

Inferred

109.9

0.29

0.013

6.66

0.09

0.026

0.013


315.0

14.0

7.3

93

47

MAIN LOWER
GRADE ZONE

Measured

62.5

0.22

0.013

6.83

0.05




135.1

8.2

4.3



Indicated

263.2

0.21

0.013

6.90

0.04




557.0

34.6

18.2



Mea+Ind

325.6

0.21

0.013

6.89

0.04




692.1

42.9

22.4



Inferred

210.2

0.21

0.013

6.87

0.06




444.9

27.1

14.4



EAST ZONE

Measured

25.8

0.26

0.012

6.02

0.04




67.4

3.2

1.6



Indicated

21.8

0.26

0.013

6.20

0.04




56.2

2.7

1.3



Mea+Ind

47.5

0.26

0.013

6.11

0.04




123.6

6.0

2.9



Inferred

176.7

0.24

0.013

6.63

0.04




423.5

22.6

11.7



TOTAL

Mea+Ind

653

0.26

0.013

6.58

0.10

0.028

0.012


1,689.6

85.2

43.0

252

108

Inferred

497

0.24

0.013

6.74

0.06

0.026

0.013


1,183.3

63.8

33.5

93

47



1.

The independent Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is Dr. Scott Jobin-Bevans (P.Geo., APGO #0183), of Caracle Creek International Consulting Inc. and Atticus Chile S.A.  The effective date of the Mineral Resource Estimate is December 11, 2020.

2.

These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured, however it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

3.

A cut-off grade of 0.15% Ni was used for the low-grade domains (Main and East zones) and cut-off grades of 0.25% Ni (Main Zone) and 0.21% Ni (East Zone) were used for the high-grade domains. Cut-offs were determined on the basis of core assay geostatistics and drill core lithologies for the deposit, and by comparison to analogous deposit types.  Given the current stage of the Project, the mineral resources contained within the Main and East zone deposits have not been constrained by open pit optimization. The Company is planning to complete open pit optimization and present pit-constrained mineral resources as part of its Preliminary Economic Assessment (“PEA”) scheduled to be completed by the end of the first quarter, 2021.

4.

Geological and block models for the Mineral Resource Estimate used data from a total of 62 surface drill holes (51 in the Main Zone and 11 in the East Zone), completed by Spruce Ridge Resources (4 holes in 2018) and Noble Mineral Exploration and Canada Nickel Company (58 holes in 2019-2020). The drill database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks, core duplicates and commercial certified reference material inserted into assay batches by CNC and by comparison of umpire assays performed at a second laboratory.

5.

Estimates in Table 1 have been rounded to two significant figures.

6.

The mineral resource estimates have also been revised in the Amended Technical Report to include a conceptual pit envelope constraint that was developed using the optimization parameters included in the Amended Technical Report. Metal prices used (US$) were $7.75/lb nickel, $15/lb cobalt, $90/tonne magnetite $1,600/oz Pd, and $800/oz Pt. Different pit slopes were used for each layer (in degrees): 9.5 in clay, 21.8 in gravel and 45 in rock. Exchange rate utilized was US$/C$ of $0.75. Mining costs utilized different values for overburden (clay, gravel), selective mining and bulk mining ranging from C$1.75 to C$3.15/t mined. Processing costs and G&A for 100ktpd operation were C$6.18/t. Based on the range of grade and ratio of sulphur to nickel at Crawford, recovery could be expected to range from 10% – 60%. It has also been assumed that 30 – 40% of total iron would be recovered to a saleable magnetite concentrate.

7.

The Mineral Resource Estimate was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019).



MAIN ZONE:

8.

The geological model as applied to the Mineral Resource Estimate for the Main Zone comprises three mineralized domains hosted by variably serpentinized ultramafic rocks: a relatively high-grade core (largely dunite) and two northern and southern lower grade envelopes (combination of dunite and peridotite). Individual wireframes were created for each domain.

9.

The block model was prepared using Micromine 2020. A 12 m x 12 m x 9 m block model was created and samples were composited at 4.5 m intervals. Grade estimation from drill hole data was carried out for Ni, Co, Fe, S, Pd and Pt using the Ordinary Kriging interpolation method.

10.

Grade estimation was validated by comparison of input and output statistics (nearest neighbour and inverse distance cubed), swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.

11.

Density estimation was carried out for the mineralized domains using the Ordinary Kriging interpolation method, on the basis of 3,270 specific gravity measurements collected during the core logging process, using the same block model parameters of the grade estimation. As a reference, the average estimated density value within the high-grade is 2.64 g/cm3 (t/m3), while low-grade domains of the resource model yielded averages of 2.63 g/cm3 (t/m3) in the north and 2.71 g/cm3 (t/m3) in the south.



EAST ZONE:

12.

The geological model as applied to the Mineral Resource Estimate for the East Zone comprises three mineralized domains hosted by variably serpentinized ultramafic rocks: a relatively high-grade core (largely dunite) and two northern and southern lower grade envelopes (largely peridotite). Individual wireframes were created for each domain.

13.

The block model was prepared using Micromine 2020. A 20 m x 20 m x 15 m block model was created and samples were composited at 3 m intervals. Grade estimation from drill hole data was carried out for Ni, Co, Fe and S using the Inverse Distance Squared method.

14.

Grade estimation was validated by comparison of input and output statistics (nearest neighbour), swath plot analysis, and by visual inspection of the assay data, block model, and grade shells in cross-sections.

15.

An average bulk density value for each mineralized domain was calculated on the basis of 244 specific gravity measurements collected during the core logging process. Blocks within the high-grade were assigned a single bulk density value of 2.62 g/cm3 (t/m3), while low-grade domains of the resource model were assigned single bulk density values of 2.66 g/cm3 (t/m3) in the north and 2.72 g/cm3 (t/m3) in the south.

Assays, Quality Assurance/Quality Control and Drilling and Assay Procedures

William E. MacRae, MSc, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the on-going drilling and sampling program, including quality assurance (QA) and quality control (QC). The core is collected from the drill in sealed core trays and transported to the core logging facility. The core is marked and sampled at 1.5 metre lengths and cut with a diamond blade saw. Samples are bagged with QA/QC samples inserted in batches of 35 samples per lot. Samples are transported in secure bags directly from the Canada Nickel core shack to Actlabs Timmins, an ISO/IEC 17025 accredited lab. Analysis for precious metals (gold, platinum and palladium) are completed by Fire Assay while analysis for nickel, cobalt, sulphur and 17 other elements are performed using a peroxide fusion and ICP-OES analysis. Certified standards and blanks are inserted at a rate of one QA/QC sample per 32 core samples making a batch of 35 samples that are submitted for analysis.

Qualified Person and Data Verification

Dr. Scott Jobin-Bevans (P.Geo., APGO #0183), independent of the Company and a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical content of this news release, and is responsible for the Mineral Resource Estimate.  The Quality Control-Quality Assurance review was conducted by independent engineer Mr. John Siriunas (P.Eng., APEO #42706010), a Qualified Person as defined by NI 43-101.

About Canada Nickel Company

Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific TimminsCochrane mining camp.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, drill results relating to the Crawford Nickel-Cobalt Sulphide Project, the potential of the Crawford Nickel-Cobalt Sulphide Project, timing of economic studies and resource estimates, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future  demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals, and the impact of COVID-19 related disruptions in relation to the Company’s business operations including upon its employees, suppliers, facilities and other stakeholders.  There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Canada Nickel Company Inc.

Related Links

https://canadanickel.com/

Source: https://www.prnewswire.com:443/news-releases/amended-and-restated-ni-43-101-technical-report-on-the-mineral-resource-estimates-crawford-nickel-cobalt-sulphide-project-main-zone-update-and-east-zone-initial-deposits-301209828.html

Blockchain

Neptune Digital Assets Corp. Is Ready to Mine Some Crypto

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Canadian company Neptune Digital Assets Corp. is partnering up with Link Global Technologies to engage in crypto mining operations.

Neptune and Link Are Hooking Up to Mine Crypto

As the price of bitcoin has exploded in recent months, the prospects of mining crypto are suddenly looking rather positive. The higher the price of a certain coin, the more profitable it is to mine, so right now, one can assume that anyone extracting new coins is making a nice living for themselves. It seems like Neptune wants to get a piece of the action.

Link Global is set to provide the firm with the power, facilities and rack space it needs to house its whopping 1,500 ASIC mining machines. It is estimated by Neptune that as many as 0.7 bitcoins will be produced each given day, though at press time, details are scarce regarding the company’s scaling operations and initial mining deployment.

Cale Moodie – the CEO of Neptune – commented in a recent statement:

The economics of bitcoin mining have changed drastically in the past months, and as such, we see this as another accretive revenue stream for shareholders. The partnership with Link enables us to rapidly move into bitcoin mining with the ability to scale as quickly as our resources allow. We intend to operate a low cost and highly profitable mining operation using the expertise and turnkey setup of Link along with Neptune’s ASIC miners. As always, Neptune is committed to maintaining low overhead while adding digital assets to our balance sheet. We are rather excited to scale this operation to add maximum value for our shareholders.

Over the past year, as bitcoin’s price has increased tenfold, so have the number of miners entering the industry. As a result, many new reports have been initiated claiming that bitcoin energy usage has reached an all-time high, and mining operations are now using more electricity than most countries.

In addition, the industry itself appears to be garnering mixed results. On the one hand, we are seeing many crypto and crypto mining stocks shoot up alongside the price of bitcoin. At the same time, we are also seeing many regions say “no” to future mining projects, a big one being China’s Inner Mongolia region.

Shutting Things Down Early?

This was a real shock for many industry heads given how big mining has been within the area for some time. Inner Mongolia is known for low energy costs, and thus it plays host to many crypto extraction businesses. However, earlier in the week, a statement was issued that the Inner Mongolia region would be closing all mining companies to conserve energy and prevent further environmental pollution.

Neptune provides its customers with a crypto portfolio consisting of some of the world’s top digital tokens, along with proof of stake assets and associated blockchain networks.

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Source: https://www.livebitcoinnews.com/neptune-digital-assets-corp-is-ready-to-mine-some-crypto/

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Source: https://coingenius.news/neptune-digital-assets-corp-is-ready-to-mine-some-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=neptune-digital-assets-corp-is-ready-to-mine-some-crypto

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Energy

Enerkon Solar International (ENKS) Chairman Files with USG FARA Office in Support of Large National Projects

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New York, March 5, 2021 – OTC PR WIRE – Enerkon Solar International (OTC PINK: ENKS) announces today that Chairman Files with USG FARA Office as Lobby in Support of Large National Projects between ENKS, its companies and the Government of Ukraine.

ENKS Chairman Benjamin Ballout Stated: “We are pleased announce that we have signed our MOU with the Government of Ukraine Partners, via our new holding company the AMERICAN UKRAINE Green Energy and Telecommunications Holdings Inc., supporting transactions previously mentioned in the news and in compliance with Federal Regulations associated with representation or Lobby for Foreign Government or officials, we have filed as Official Lobby with the United States Government Department of Justice FARA Department in support of  our joint cooperation with the Government of the Ukraine and Others in relation to the large projects recently reported in the news”.

“Supported by our signed MOU – we are awarded, the ChNPP Solar Powered, Steam Boiler Turbine, CO-Generation facility which will produce up to 3 Gigawatts when completed and in addition, we are awarded the Hydrogen Electrophoresis Plant to produce industrial volume tonnage of Green Hydrogen for sale to the EU Market for which we already have Off take Purchase Guarantees from Germany and as to our award in the Telecommunications sphere, we have been awarded the National 5G network whereby our  partner,  is the state owned “UkrDorSvyaz” – The Ukrainian Road Telecommunication Systems Company –  for which ENKS will invite Major EPC Partners in  to complete the Network, in cooperation with the Government of Ukraine and our financial partners.”

“ENKS via Diplomatic Trade Ltd. (another of our companies) shall be organizing meetings for the Vice Prime Minister of Ukraine Oleg Urusky with SpaceX in relation to the Telecommunications segment of his trip to the United States on March 15-30th whereby he will discuss the signing of cooperation already ongoing with Spacex and his (Ukraine) design bureau, as to their small Communications Satellite already built and ready to launch.”

The meetings will be related to Ukraine Government signing a final contract with Spacex related to this matter which supports the 5G national network.

Links associates with the Telecommunications, Satellite deployment cooperation, ongoing with SpaceX and the Government of Ukraine Design Bureau and others are below for reference:

https://apnews.com.ua/ru/news/ideya-zelenskogo-ukraina-khochet-zapustit-sputnik-sich-raketoi-kompanii-ilona-maska/

and

https://en.thepage.ua/news/elon-musk-can-launch-the-satellite-sich-ukraine-is-already-negotiating-with-spacex

“In relation to the terrestrial segment of the project, ENKS via Diplomatic Trade, (for which I am also Chairman) shall organize meetings with companies such as Cisco Systems, Nokia, Erickson, and others as potential EPC partners with our AMERICAN UKRAINE Energy and Telecom Holding Company and in the Hydrogen Production Technology space, we shall contact several companies in support our Hydrogen Production Plant award in the Special Exclusion zone (ChNPP) in Ukraine as well”.

“The American Ukraine Green Energy and Telecom Holdings LLC SPV is the controlling legal entity of our ENKS projects in UKRAINE and our partner in this new company (registered in Wyoming) is the Director of the JSC Ukrainian Capital Bank Mr. Ryazantsev Anatoly CEO Kiev, Ukraine and Mr. Michael Vishmidt our Balkans Expert and Joint Venture Partner in the projects implementation as mentioned earlier and our now signed MOU gives us great optimism and motivation towards the final EPC contract Agreements and engagements.”

“ENKS are also today, in final talks to purchase Coviklear Intl Holdings Ltd. (UK) who owns the distribution rights to a new COVID 19 Test Device produced by Graphene Leaders Canada and KrowdX which is a rapid (15 seconds) Test Device Produced by Graphene Leaders Canada http://grapheneleaderscanada.com/wp-content/uploads/2021/01/GLCM-SARS-CoV-2-Insta-Test-Product-Use-Video.mp4”.

“ENKS since last year diversified into new technology acquisitions as a holding and investment company and since then we have acquired several important Trademarks and Patents related to the Pharmaceutical and Renewable Energy Markets as well as Law Enforcement technologies and others and the envisioned acquisition of Coviklear this next week will be another great addition to our growing ENKS Family of companies and diversified activities.”

“We have already identified a number of potential purchasers of this new device currently under approval application with the HC, FDA and WHO authorities via Graphene Leaders Canada and are optimistic that this will become a new and additional source of revenue to add to our already significant revenue and net profitability.”

Once the Coviklear acquisition has been signed next week, we shall post details on our new website www.enerkoninternational.com  release additional news to the general public.

Mr. Ballout also stated that ENKS will work with the GULF MENA International Hydrogen Association who is in cooperation with the intergovernmental organization the AREC (Arab Renewable Energy Commission headed Mr. Secretary General Mohammed Thanni and its Chairman who is the current  Minister of Energy and environment Morocco  –  (AREC is founded by Prince Asem Bin Nayef – Jordan) –  www.gmiha.org   – to support our new work in the  Green Hydrogen Industry and our global transition promotion efforts raising awareness globally as to Hydrogen being the new LNG and a replacement for LNG over the next period Globally.

Mr. Ballout continue that “Due to the Market Conditions, we will accelerate our Up-List Plans to NASDAQ and our Required 2 years Audit in compliance therewith as soon as we are able early this year and once listed on NASDAQ, we believe that the market will reflect a more realistic value for ENKS.”

“ENKS plans other positive reorganization steps in the near future, which shall include the sale of some performing assets owned by the company to foreign investors and other acquisitions and reorganization activities within the company, for further consolidation of value, as a benefit to our loyal shareholders”.

“Loyal ENKS Shareholders are the ‘ENKS ARMY’, and we will always support their best interests.”

The foregoing statements are forward-looking statements, and as such, they may or may not reflect the results which could transpire in the future which should be negative or not transpire at all due to circumstances or other reasons and investors, shareholders, or others should not rely on these forward-looking statements to ascertain any value if any of ENKS or to make any investment decisions and to take note that this is not an offer to buy or sell securities or an endorsement of ENKS for investment purposes as all investment carry a risk of loss sometimes a total loss of your investment in Micro cap shares markets or any market and therefore such statements or plans should not be relied upon for any business decisions of any kind – Approval and permissions required by federal regulations may or may not be approved and if not approved may result in the loss of all value and all investments in products requiring such regulatory permissions to market and sell. These statements are made as forward-looking statements for educational purposes only in accordance with the rules and regulations which pertain to the same.

Enerkon Solar International Inc.

www.enerkoninternational.com

info@enerkoninternational.com

New HQ Address in New York at:

Enerkon Solar International Inc

477 Madison Avenue

New York, NY 10022 USA

Tel. +1 (877) 573-7797

Tel. +1 (718) 709-7889

Tel. +1 5614317762

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Source: https://otcprwire.com/enerkon-solar-international-enks-chairman-files-with-usg-fara-office-in-support-of-large-national-projects/

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Energy

The future of renewable energy infrastructure investing remains bright despite Covid challenges

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Despite challenges brought on by the global coronavirus pandemic, the future of renewable energy infrastructure still lo

Checkout PrimeXBT
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Source: https://www.altassets.net/market-news/features/the-future-of-renewable-energy-infrastructure-investing-remains-bright-despite-covid-challenges.html

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Energy

BlocPower Raises $8M to Empower Building Owners to Make Their Properties More Sustainable

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Buildings generate 80% of New York City’s greenhouse gas emissions. Improving energy efficiency isn’t only important to the environment but it also reduces costs, making housing more affordable in the long run.  BlocPower is an energy technology startup that combines technology with structured finance solutions to encourage business owners to abandon their existing, obsolete heating and cooling solutions and replace them with sustainable alternatives.  The company leverages machine learning to identify the buildings that will benefit the most from energy savings. For building owners, there is no upfront cost and repayment comes directly from energy savings. The company has already retrofitted 1000+ buildings in NYC and is expanding its efforts nationwide with projects in progress in 24 cities.

AlleyWatch caught up with CEO and cofounder Donnel Baird to learn more about the company, how his work with the Obama administration sparked the idea for the business, the company’s future plans, recent round of funding, which brings the total equity funding raised to $13M, and much, much more.

Who were your investors and how much did you raise?

We just announced a Series A round for $63 million, which included $55 million in debt and $8 million in equity. The round was led by American Family Insurance Institute for Corporate and Social Impact (AmFam), AccelR8, and The Goldman Sachs Urban Investment Group, with participation from Kapor Capital, Elemental Excelerator, CityRock Venture Partners, The Schmidt Family Foundation, and Salesforce Ventures. To date, the company has raised $68 million from early anchor investors, including Kapor Capital, Andreessen Horowitz, MaC Venture Capital, Exelon, New York Ventures of the Empire State Development Corporation, Echoing Green, and The Schmidt Family Foundation. The funding will enable us to expand and scale our inner-city energy sustainability projects across the U.S., create green jobs, improve quality of life for urban residents and help save the planet.

Tell us about the product or service that Blocpower offers.

BlocPower is a Brooklyn-based climate tech startup that is focused on providing affordable sustainability upgrades to millions of buildings in underserved communities, to help turn buildings into Teslas. Through a combination of advanced technology and structured finance, we enable building owners in low- to moderate-income neighborhoods to upgrade their aging, inefficient heating and cooling systems with more modern, efficient “green” technologies, which improves property values, lowers or eliminates fossil fuel use, reduces energy consumption, helps the environment, improves the quality of life for tenants and lowers their utility bills.

What inspired the start of Blocpower?

When I was a child growing up in Brooklyn, our building had no functioning heating system and my family was forced to heat the apartment using our gas stove and vent the carbon monoxide out the open windows. During college, I was a community activist and also became much more aware of the close relationship between climate change and other social justice issues, such as health, education, and unemployment. After college, I worked on the Obama campaign, and after he won, I was offered a position as a consultant with the Department of Energy on the Green Jobs initiative – part of the American Recovery and Reinvestment Act — which was designed to spend more than $7 billion in federal subsidies and potentially $90 billion in pension fund investments to train union workers to green American buildings. While this was initially successful, it ultimately failed when the subsidies ran out because the projects were incredibly expensive, not scalable, and not profitable for investors. I went to Columbia Business School to figure out if and how we could achieve success in the model and met with top execs in banking and finance, technology, utilities, and other industries. Through these interactions, I realized that through the right combination of technologies and structured finance we could succeed where the Obama initiative failed. While still pursuing my MBA, I applied for and won a $2 million contract from the federal government. The caveat was that I had to raise an equal amount of money from the private sector, so I went out to Silicon Valley. That’s how BlocPower was born.

How is Blocpower different?

There are many great sustainability companies doing great things to help save the environment. However, green energy upgrades in buildings are extraordinarily complex and expensive, which puts them out of reach of most building owners in low- to moderate-income neighborhoods who don’t have access to capital or technical expertise to make improvements. BlocPower focuses specifically on these neighborhoods and market segments–because there are 35 million buildings across American that are a part of this segment. We use machine learning to partner with utilities, government agencies, and community organizations to identify neighborhoods and buildings to retrofit. We leverage advanced hardware and software technologies to determine which retrofits will produce the most energy savings at scale, and to dramatically lower the project costs. We use structured finance to make these projects affordable for building owners – with zero up-front investment and repayment coming entirely from the building’s energy savings. And finally, we only partner with contractors who hire and train workers from within their local communities. In short, BlocPower turns aging, inefficient buildings into Teslas, making them smarter, healthier, and more profitable by getting them off of fossil fuels, and creating highly-skilled, well-paying jobs in the process.

What market does Blocpower target and how big is it?

To give you a sense, aging, inefficient buildings produce 30% of America’s greenhouse gasses – that’s more than the entire US transportation sector. There are over 50 million aging, inefficient buildings in cities across America and 120 million buildings need upgrades. So far, we have greened more than 1,000 in New York City, with projects underway in 24 cities including Philadelphia, Oakland, Milwaukee, and others.

To give you a sense, aging, inefficient buildings produce 30% of America’s greenhouse gasses – that’s more than the entire US transportation sector. There are over 50 million aging, inefficient buildings in cities across America and 120 million buildings need upgrades. So far, we have greened more than 1,000 in New York City, with projects underway in 24 cities including Philadelphia, Oakland, Milwaukee, and others.

What’s your business model?

We partner with governments, utility companies, and building owners, and lenders.

How has COVID-19 impacted the business?

Naturally, COVID has slowed some projects down, as we have to be sensitive to the health and safety of our workers and the building tenants. That said, other projects have ramped up, such as our work to install free WiFi networks in underserved communities. We do this to address social justice issues, such as enabling families who cannot afford high-speed access to work or educate their children from home, but it also improves our ability to monitor energy use from buildings within those communities.

What was the funding process like?

Terrible.

What are the biggest challenges that you faced while raising capital?

Venture Capital historically invests less than 3% of its deployed capital into companies led by women and founders of color.

What factors about your business led your investors to write the check?

We are going to build a huge business, and we have the best investors in the world involved. There were several factors. The fact that BlocPower solved the challenges that caused Obama’s green initiative to fail – scalability, affordability and profitability – through the use of technology and structured finance. Also, because we are a technology and financing company, and not focused on the actual equipment, which makes us much more stable and attractive to our investors. Another factor is the market potential and our target market, which is woefully underserved. And finally, because we had proven that greening buildings can be done in 1,000 urban buildings, and that the process was replicable across the country.

What are the milestones you plan to achieve in the next six months?

Expanding to ten new cities.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

Focus on meeting your customers’ needs during this difficult time.

Where do you see the company going now over the near term?

IPO then save the planet.

What’s your favorite outdoor dining restaurant in NYC

Farm at Adderly on Cortelyou in Ditmas, near our home in Brooklyn.


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Source: https://www.alleywatch.com/2021/03/blocpower-sustainable-building-energy-heating-cool-financing-donnel-baird/

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