Plans to scale up production, invest in R&D partnerships in automotive, aerospace & defense industries.
OTTAWA, Ontario — Equispheres, a materials science innovator based in Ottawa, Canada, today announced they have raised Series B investment and a new round of funding totaling $30 Million (CDN), at an undisclosed valuation. This round of funding was led by advanced materials and sustainable technology investor, HG Ventures, with participation from Sustainable Development Technology Canada (SDTC), BDC, Canada’s bank for entrepreneurs, and other undisclosed contributors.
“We are extremely excited to have HG Ventures as a partner,” says Kevin Nicholds, President and CEO of Equispheres, “their extraordinary combination of research capability and venture capital experience made them an ideal partner to understand both the technical and market potential of our product across the transportation industry. We are also grateful to have the support of the Canadian government, enabling us to leverage investor financing to achieve our objective of providing a high-quality product at volume levels the marketplace demands.”
The round was comprised of $10 million in equity investment from HG Ventures, an $8 million-dollar grant from SDTC, $5 million-dollar subordinated financing from BDC (previously announced and now released under conditions met with this raise) and an additional $7 million in undisclosed funding. Equispheres had previously announced the $8 million grant contribution from SDTC in a release on January 15th, 2020. Equispheres was one of 14 Canadian cleantech companies that received support from SDTC in a strategic investment to “position Canada as a global leader in innovation” and create jobs.
This new round of funding will largely be used to scale up production capacity and facilitate R&D efforts with strategic industry partners. Specifically, the areas the company will focus on are:
Improve reactors for higher volume and lower cost production
Accelerate research and development projects with strategic partners in the automotive, aviation, space and defense industries
Hire and develop talent, creating high quality jobs
Develop application support services for the automotive, aviation, space and defense industries to facilitate advanced manufacturing opportunities made possible with the materials Equispheres has developed
Within the last year Equispheres has released two major reports on the results of testing on its unique metal powders. One outlined how their powder out-performed in additive manufacturing aerospace-ready quality tests, and another revealed they had been successful in developing an aluminum alloy powder suitable for binder jet printing, a high-demand combination that was previously unfeasible. With the new funding, further tests underway, and exciting new partnerships, more significant developments are expected on the horizon.
About Equispheres:
Equispheres is a materials science technology company focused on additive manufacturing applications. Equispheres focuses on engineering and providing ultra-high-performance, mono-sized metal powders and invests heavily in R&D around metallurgy and alloy development.
About HG Ventures:
HG Ventures is the corporate venture arm of The Heritage Group. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with private companies developing new technologies and approaches in both our core and adjacent markets. We leverage the world class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to our portfolio company partners.
About Sustainable Development Technology Canada:
Sustainable Development Technology Canada (SDTC) is a foundation created by the Government of Canada to advance clean technology innovation in Canada by funding and supporting small and medium-sized enterprises developing and demonstrating clean technology solutions.
About BDC:
BDC is the only bank devoted exclusively to entrepreneurs. It provides access to financing, both online and in-person, as well as advisory services to help Canadian businesses grow and succeed. Its investment arm, BDC Capital, offers a wide range of risk capital solutions. For 75 years and counting, BDC’s purpose has been to support entrepreneurs in all industries and all stages of growth. For more information and to consult more than 1,000 free tools, articles and entrepreneurs’ stories, visit bdc.ca.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
