TriWest Capital Partners investment into HPC Energy Services

TriWest Capital Partners investment into HPC Energy Services


**HPC subsequently changed their name to Lithion Power Group**

April 18, 2018

TriWest Capital Partners (“TriWest”), is pleased to announce that it has invested in HPC Energy Services Ltd. (“HPC”). The investment was made in partnership with various members of HPC’s management team and existing shareholders. This investment represents TriWest’s eighth portfolio company in TriWest Fund V.

Founded in 1998 and based in Calgary, Alberta, HPC is in the business of designing, developing, manufacturing and selling primary lithium thionyl chloride, lithium sulfuryl chloride, lithium CFX and lithium CFX Mno2 cells and packs. HPC manufacture’s non-rechargeable primary lithium cells specifically designed to work in high vibration/shock environments with temperature ratings of up to 225°C. In addition to cells, HPC also assembles customized battery packs primarily using internally manufactured cells. HPC’s battery pack products include data monitoring and transmission capabilities specifically designed to allow oil & gas customers to monitor downhole drilling conditions. These cells and battery packs are primarily used in the oil & gas drilling industry. More recently and building off HPC’s newly developed cell technology, the Company has expanded into the pipeline pigging industry. HPC is a market-leading, mission-critical power solutions provider with a highly differentiated technology built over years of field research and development and close interaction with end users. For more information, please visit

“TriWest is very impressed with the leading market position HPC has established for its battery technology in the oil & gas sector.” said Jeff Belford, Senior Managing Director at TriWest Capital Partners. “With its continued focus on developing highly engineered primary cell and battery pack technology, HPC is well positioned to broaden its product offering to enhance its current market share while exploring opportunities to enter new markets outside the oil & gas drilling space. We at TriWest look forward to our new partnership with the HPC management team as we work together to capitalize on HPC’s tremendous growth potential.”

Tyler Armstrong, CEO of HPC said, “My team and I are excited to be partnering with TriWest. Their experience assisting companies develop business strategy and realize growth plans will be instrumental in leveraging HPC’s battery expertise in upstream oil & gas to expand into new markets. We look forward to our partnership with TriWest.”

About TriWest Capital Partners Founded in 1998 and based in Calgary, Alberta, TriWest is one of Canada’s leading private equity firms, having raised over $1.25 billion in committed capital through five funds. TriWest makes significant equity investments in profitable companies and works in partnership with management to generate superior financial returns through the pursuit of growth opportunities and a focus on operational excellence. TriWest provides more than just capital. The principals of TriWest have significant operational and financial expertise, making us effective partners in creating shareholder value. For more information about TriWest, please visit