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SHARC Energy, Subterra Renewables join forces

Two Canadian clean-tech companies specialize in different types of heat exchange technology
SHARC Energy CEO Lyn Mueller. | Chung Chow

Two Canadian companies specializing in clean energy technology based on heat transfer – geo-exchange and wastewater heat recovery – are teaming up to decarbonize buildings in Canada.

Vancouver’s SHARC Energy (CSE:SHRC) and Toronto’s Subterra Renewables have entered a partnership to co-operate on up to $200 million worth of installations in new and existing buildings.

SHARC systems extract heat from water used in buildings and reuses it within the building. Subterra specializes in installing ground-source geo-exchange systems, which extracts heat from the ground to heat the building.

Subterra’s business model is service-based. Its Energy as a Service (EaaS) – based on the Software as a Service model -- means that customers do not need to buy anything.

Subterra covers the cost of installing geo-exchange systems, and the customer pays the company back over a fixed period by paying for heat.

It’s a kind of lease-to-own model in which the customer avoids the capital costs up front, pays the company back for the system over a fixed term, and eventually ends up owning the energy system.

Subterra will now start offering SHARC’s waste energy transfer systems as well in its installations. By integrating SHARC systems with Subterra’s geo-exchange systems, the cost of the ground-source geo-exchange systems is reduced, as it requires fewer boreholes and a smaller footprint, the companies said in a joint news release.

“We are thrilled to join forces with Subterra, a leader in the geothermal space, to create innovative, sustainable energy solutions that will revolutionize the North American market,” said SHARC Energy CEO Lynn Mueller.

Under the partnership agreement, SHARC Energy will be responsible for business development, client engagement and securing letters of intent, while Subterra will provide support in project management, engineering, finance, accounting, legal, and asset management.

“This partnership signals a definitive moment in the transition to sustainable cities,” said Subterra CEO Lucie Andlauer. “SHARC and Subterra together represent joint innovation, shared expertise and a mutual resolve to further geothermal exchange across North America’s infrastructure."

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