Solace Power aims for rapid growth, penetration of addressable markets
Newfoundland firm starts process of seeking strategic partners
Solace Power Inc., a leading developer of intelligent wireless power-based solutions featuring proximity sensing and data, has announced its plans to seek the support of one or more strategic partners to assist the Mount Pearl NL-based firm in achieving its growth aspirations.
In conjunction with this process, Solace Power also announced that its CEO – Michael Gotlieb has stepped down, and Neil Chaulk, one of the founding shareholders and directors of the company, has moved into this role.
“Solace Power has a highly differentiated technology that is considered mission critical by blue-chip customers in several high-growth industries, including telecom (particularly with the advent of 5G), aerospace & defense, automotive and healthcare,” says Gordon Conlin, on behalf of the firm’s board of directors. “Under the leadership of its management and the Board, Solace Power has brought its technology through the proof-of-concept phase and has proven out its commercial application and value. It is now time to work in collaboration with a world class strategic partner to take the company and its technology to the next level. The ideal strategic partner would be one that covets our differentiated technology as an opportunity to further penetrate not only our blue-chip customer base, but also the end markets that we are pursuing. Such a partner could participate with Solace Power in a variety of ways, including through an acquisition of control of Solace Power or a capitalized long-term licensing agreement.”
“Our technology has proven its efficacy to be a best-in-class solution and is primed for growth across several verticals,” says Solace Power CEO Chaulk. “I am excited about the opportunity to work closely with a strategic partner, and together, we can achieve very strong outcomes.”