Report on TERIC Power Ltd.

Company Overview

TERIC Power Ltd. is a privately held developer, owner, and operator of battery energy storage systems (BESS) and clean power generation projects based in Calgary, Alberta. Founded in 2013, the company has emerged as the largest developer of energy storage in Alberta and one of Canada's most significant players in the battery energy storage sector.linkedin+1​

Core Business Operations

TERIC Power specializes in designing, developing, and constructing customized energy storage solutions that serve utility-scale, industrial, and renewable energy applications. The company pioneers the use of proven battery technologies in innovative commercial and technical applications to help customers reduce electricity costs while increasing revenue through strategic market participation. The company has been instrumental in advancing Alberta's transition toward renewable energy infrastructure, developing Alberta's first commercially operational battery energy storage projects.tericpower+1​

With a team of approximately 11-50 employees, TERIC has built a reputation for meticulous execution, strategic innovation, and technical expertise in the rapidly evolving energy storage landscape.linkedin​

Strategic Investment and Leadership

In May 2022, TERIC underwent a transformational equity investment from Idea Well Capital Partners, positioning the company for significant long-term financial and operational growth. This investment brought experienced energy pioneers into the organization. The company is led by Kevin Gilbank, President and CEO, alongside Vice President Craig Barnes and other seasoned professionals. The leadership team also includes new board members Kent Brown, Ross Keating, and Glen Phelps—all bringing deep renewable energy and infrastructure expertise.newswire+1​

Project Portfolio and Development Pipeline

TERIC has conceptualized and developed over 120 MW of battery energy storage capacity, with approximately 80 MW currently in operation and 40 MW under construction. The company maintains a robust pipeline of projects planned across Western Canada over the next five years.tericpower​

Operational and Near-Operational Projects:

The Raymond eBAR Project (15.4 MW capacity) has been successfully energized and is now operating adjacent to the Raymond Reservoir Hydro Plant south of Lethbridge, storing energy from both hydro generation and the Alberta grid system.tericpower​

Development-Stage Projects:

Saddle Hills Battery Energy Storage System – A 33 MW standalone project near La Glace and Grande Prairie, receiving power from and dispatching to the Alberta Interconnected Electrical System (AIES) under Alberta Electric System Operator (AESO) control.tericpower​

Sturgeon Battery Energy Storage System – A 23 MW standalone project located southeast of Valleyview in the Municipal District of Greenview No. 16.tericpower​

Keyera eLAB Battery Project – A 10 MW battery system co-developed with Keyera Corp at their Alberta EnviroFuels facility in Edmonton, providing both industrial backup power and grid support services. This project received approximately $6.5 million in funding from Emissions Reduction Alberta (ERA).tericpower+1​

Fluiditi Battery Storage Project – A multi-phase project designed to time-shift renewable energy and provide grid operating services. Phase 1 features 5 MW capacity with 20 MWh storage, while Phase 2 will expand to 28 MW with 112 MWh capacity.energyrates​

Pioneer Power Centre Project – A recently proposed hybrid facility in Lac Ste. Anne County combining 9 MW of natural gas-fired power generation with a 15.4 MW battery energy storage system for load balancing and grid support.alberta​

Recognition and Government Support

TERIC has been recognized as a significant innovator in clean energy. In 2024, the company won the largest allocation from Emissions Reduction Alberta's "Reshaping Energy Systems" funding competition, securing $11.7 million in grants representing 35% of ERA's total $33 million funding distribution. These awards support the eLAB Battery Project and Fluiditi Storage Project, demonstrating government confidence in TERIC's technical approach and commercial viability.linkedin+1​

Historical Context

In 2015, there was a proposed reverse takeover whereby Blacksteel Energy Inc. (TSX Venture: BEY) planned to acquire TERIC for $11,008,876.80 through share issuance. However, TERIC remained independent and has since evolved significantly through organic growth and the 2022 strategic investment from Idea Well Capital Partners.boereport​

Future Direction

TERIC's strategic vision centers on remaining at the forefront of energy storage innovation. The company plans to expand its portfolio of standalone battery projects, projects integrated with renewable generation, and behind-the-meter solutions for large industrial consumers. The organization emphasizes applying artificial intelligence and advanced data analytics to optimize energy storage deployment and predict market trends, positioning itself as a leader in Alberta's evolving electrical grid as renewable penetration increases.linkedin​

1. https://ca.linkedin.com/company/teric-power-ltd
2. https://tericpower.com/about-teric/
3. https://www.newswire.ca/news-releases/teric-power-announces-transformational-investment-amp-addition-of-renewable-energy-pioneers-to-the-team-867745544.html
4. https://tericpower.com/transformational-investment-addition-of-renewable-energy-pioneers-to-the-team/
5. https://tericpower.com/project/irrican-ebar-battery-storage-project/
6. https://tericpower.com/project/saddle-hills-storage-project/
7. https://tericpower.com/project/sturgeon-storage-site/
8. https://tericpower.com/teric-awarded-two-significant-grants-through-emissions-reduction-alberta/
9. https://energyrates.ca/albertas-current-battery-storage-projects-2024/
10. https://www.alberta.ca/system/files/epa-notice-of-app-001-510144-teric-power-epea.pdf
11. https://www.linkedin.com/posts/glenphelps_fluiditi-storage-project-enabling-renewables-activity-7179595578497019904-oTHK
12. https://boereport.com/2015/07/30/blacksteel-energy-inc-announces-letter-of-intent-to-acquire-teric-power-ltd/
13. https://www.saaep.ca/service-provider/teric-power
14. https://www.zoominfo.com/c/teric-power-ltd/371335654
15. https://www.d4tum.com/teric
16. https://www.enfinite.com/2020/10/06/wcsb-power-announces-the-construction-of-canadas-largest-battery-energy-storage-system/
17. https://www.youtube.com/watch?v=jhmaYhvsBLA
18. https://electricalindustry.ca/changing-scenes/government-of-alberta-invests-33m-through-era-to-reshape-how-energy-is-transported-managed-and-used/