August 24, 2011 (207) 240-2581

Saco, ME – As the end of summer and Labor Day approach, Thermal Energy Storage of Maine, LLC (TESM), the Saco-Maine based company that markets electric thermal storage (ETS) units to heat homes and businesses today announced the completion of a capital raise and the appointment of Justin Schair as Vice President for Development.

TESM is a two-year old company founded by Sam Zaitlin, Arthur Adelberg, Adam Cote and Kimball Kenway. The company markets electric thermal storage systems which store lower cost, off-peak electricity as heat in specially manufactured ceramic bricks and then release it as needed over time.

Using TESM’s technology a typical home or business can lock-in for two years at a heating cost equivalent to $2.50 per gallon of traditional home heating oil. Home heating oil is currently being offered at lock in prices in the range of $3.66 per gallon for the coming winter only.

“Electric Thermal Storage is an important part of the answer to how we will end our dependence on foreign oil and provide Maine with cost effective home and business heating alternatives,” said Schair. “It is a win-win proposition and I am pleased to be joining an experienced group of leaders at Thermal Energy Storage of Maine.”

Schair will focus on business development with a particular focus on customers interested in lessening their dependence on fossil fuels for heating purposes.

“The addition of Justin’s business experience and the completion of the capital raise gives TESM momentum at just the right time,” said Adam Cote, CEO of TESM. “We have the people and resources in place to begin to promote the use and cost savings of electric thermal storage throughout Maine and New England – just as people are focusing on the approaching home heating season.”

Schair comes to TESM with experience as a Managing Partner of MaineAsia LLC, an investment and consulting company with a portfolio of international and domestic investments, and provides strategic advice about U.S., western and Asian markets to businesses and educational institutions. Prior to joining MaineAsia LLC, he served as the Finance Director for the 2010 campaign of Maine independent gubernatorial candidate, Eliot Cutler. He also served as a principal of the EJAG Corporation, a real estate holdings company and held similar positions in several other real estate ventures in Maine. Schair is a graduate of Hofstra University.

About Thermal Energy Storage of Maine LLC (TESM): TESM was established in 2008 to bring Electric Thermal Storage (ETS) technology to Maine. Currently used in 24 states and four Canadian provinces, ETS is an efficient, environmentally friendly technology used to provide space and water-heating in homes and commercial buildings in some of the coldest climates in the United States and Canada. ETS units are manufactured in the United States by Steffes Corporation, and range in size from single room units which can supplement a home's existing heating system to 'furnaces' which can entirely replace oil or gas fired systems, all the way up to commercial and industrial installations capable of heating apartment buildings, government facilities, including schools and sports complexes, as well as large office complexes.