Elexicon, the electricity distribution company serving nearly 200,000 customers in communities in Belleville, the Durham Region and beyond, announced that several of its shareholders have agreed through a memorandum of understanding to invest more than $62 million of additional equity in the company. This move demonstrates a commitment from Whitby, Clarington, Belleville and Ajax to enable Elexicon to increase its investment in the local grid to meet the needs of the fastest-growing communities in Ontario and provide customers with safe and reliable energy.
Belleville’s investment is reportedly 7.8 million dollars, which will likely result in a slightly larger ownership of the company once all details are ironed out. Currently, Belleville has a 9.04 percent stake in Elexicon.
“The equity investment enables us to increase the capacity and capabilities of our grid in order to keep pace with growth and better serve customers in all of our communities,” said Amanda Klein, Elexicon’s Chief Executive Officer. “This is a key building block for Elexicon to provide customers, communities and investors with sustainable growth and value.”
The additional equity will be used to increase investments that will support the needs of the communities Elexicon serves and provide customers with safe and reliable electricity for the long term.
About Elexicon Energy
As the fourth largest municipally owned electricity distributor in Ontario, Elexicon Energy proudly provides safe and reliable electricity to nearly 200,000 residential and business customers in Durham Region as well as Belleville, Brock, Gravenhurst and Port Hope. Elexicon is owned by five municipalities: the Town of Ajax, the City of Belleville, the Municipality of Clarington, the City of Pickering and the Town of Whitby. Learn more at elexiconenergy.com.
(PAUL MARTIN)
