A renewable energy company based in Whitehorse is shifting its focus from the U.S. market to Yukon markets due to increased export costs. Solvest Inc. is set to receive over $260,000 in funding from the Government of Canada to support this transition.
CEO Ben Power explained that Solvest initially targeted the Alaskan market, recognizing a significant opportunity there given the high number of diesel-powered communities. However, escalating import tariffs in the U.S. have made it financially unsustainable for the company to continue operating there.
Power highlighted that the recent tariffs imposed by the U.S. have raised export costs by 65%, leading to a substantial impact on Solvest’s business operations. As part of a federal initiative to assist businesses affected by these tariffs, Solvest is among four Yukon companies receiving financial support from the government.
Federal Northern Affairs Minister Rebecca Chartrand, responsible for overseeing the funding allocation, emphasized the importance of aiding businesses in adapting to market challenges. This support aims to equip Yukon companies with the resources needed to take advantage of opportunities in various sectors, including infrastructure, energy, housing, and economic development.
Solvest’s co-founder, Power, mentioned that the funding will be utilized to develop an enhanced design tailored for the placer mining industry. The company has been refining its technology over the years, focusing on creating more powerful and cost-effective solutions. Solvest is now redirecting its efforts towards meeting the specific energy needs of placer miners in Yukon.
The company’s innovative “power pods” serve as modular battery and control systems, enabling the integration of solar energy into isolated diesel grids. This technology aims to reduce reliance on diesel fuel and pave the way for future commercialization through sales and leasing opportunities.
Solvest is planning to launch its new design later this year, with an increased power output capacity of up to 500 kilowatts. Additionally, the company intends to establish a manufacturing facility in Whitehorse to produce these systems locally. The first placer unit is expected to be operational by the spring of 2027, catering to the upcoming mining season.
The shift towards local markets aligns with Solvest’s strategy to address the challenges posed by the U.S. trade policies while leveraging opportunities in the Yukon region’s growing energy sector.