OTTAWA, ONTARIO: Equispheres Inc. announces it has completed an initial close on its Series B financing totaling approximately C$20 million. The financing was led by global automotive leader, Martinrea International Inc, with participation from new institutional investors. The financing will remain open until June 30, 2024.
Equispheres enables the true potential of industrial additive manufacturing with its innovative atomization technology for metal powders. For instance, Equispheres Aluminum powders increase printing speeds up to nine times higher than industry standards, thereby lowering production costs by up to 80%. Equispheres further supports industrial adoption by improving the mechanical properties of printed parts while increasing energy-efficiency, reusability, and safety of metal additive manufacturing.
“The potential of additive manufacturing to transform traditional manufacturing is undeniable as evidenced by the fact that most of the top companies in the automotive, aerospace and defense sectors are actively engaged. Yet widespread industrial adoption requires a leap in productivity.” said Kevin Nicholds, President and CEO of Equispheres. “By working closely with global leaders in automotive, aerospace and defense, we have been able to use our technology to engineer materials that unlock new high-speed additive manufacturing processes and new applications.”
“We believe our path to success lies in partnering with our customers to reduce the overall cost of additive manufacturing” said Nicholds. “This will lead to tremendous growth potential, where metal powders will be the largest part of the value chain” noting that the global casting market for aluminum alone is approximately C$100 billion annually.
Funding will be used to bring on multiple new reactors in 2024 to support existing production programs, expand facilities and continue to expand collaboration on new materials with strategic partners.
“Equispheres’ continuing track record for driving performance improvements with additive manufacturing is truly impressive, opening doors to a wide variety of new and exciting higher-volume applications.”, said Pat D’Eramo, Chief Executive Officer of Martinrea International.
“Martinrea is the ideal lead investor for our Series B financing.,” Nicholds said. “Not only are they a highly successful global automotive leader who are experts in lightweighting of aluminum components, but they are also an innovative thought leader with a great culture. We can learn a lot from Martinrea on our journey to be the leader in what is forecast to be a multi-billion materials market for additive manufacturing.”
“We are also grateful to have the continued support of Business Development Bank of Canada and Sustainable Development Technology Canada at this critical growth stage.” he added.
INFOR Financial Inc. and Stifel Nicolaus Canada Inc. acted as financial advisors, and McCarthy Tétrault LLP acted as legal counsel to Equispheres in connection with the financing.
About Martinrea
Martinrea International Inc. (TSX: MRE) is a leader in the development and production of quality metal parts, assemblies and modules, fluid management systems, and complex aluminum products focused primarily on the automotive sector. Martinrea operates in 56 locations in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain, China, South Africa and Japan. Martinrea’s vision is making lives better by being the best supplier we can be in the products we make and the services we provide. For more information on Martinrea, visit www.martinrea.com
About Sustainable Development Technology Canada
Sustainable Development Technology Canada 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 Business Development Bank of Canada
The Business Development Bank of Canada is a partner of choice for all Canadian entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Its investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the country’s most innovative firms. They are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers.
