Pele Mountain has started a new, wholly-owned subsidiary called Sage Power Corporation.

Pele says the new company will be responsible for advancing its energy generation and storage projects in Northern Ontario.

Last September Pele and Elliot Lake signed a Sustainable Energy Development Agreement that made Pele the exclusive developer of energy storage projects on city lands until April of next year.

Pele President Al Shefsky says it makes good business sense to launch their new venture here in light of the company’s long-standing working relationships and the presence of the Eco Ridge project.