Airex Énergie secures $10M funding

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By Ted Liu

Airex Énergie Inc. has raised over $10 million in equity and grant from existing investor Cycle Capital Management (Seed Fund Cycle-C3E), Desjardins-Innovatech, S.E.C., and new investors, TechnoClimat, and Sustainable Development Technology Canada (SDTC).

Airex Energy raised $3 million in funding from Seed Fund Cycle-C3E and Desjardins-Innovatech in June 2014.

Airex Énergie, spin-off of Airex Industries Inc., is a technology company that develops and markets biomass torrefaction systems. Its patented CarbonFX™ technology converts any type of biomass into biocoal, a clean and renewable alternative to coal.

The new investment will be used to expand the commercialization of the CarbonFX™, and to finance the new plant operations, which will showcase the company’s biomass torrefaction technology.

“In the context of global warming, energy producers are now coping with new challenges with the adoption of environmental constraints. As such, Airex Energy’s technology is a promising solution which makes the company an indispensable player on a wide variety of markets in North America and overseas,” said Andrée-Lise Méthot, founder and Managing Partner at Cycle Capital Management.

“We are very proud to be an actor in the international deployment of a technology that was developed in Quebec and which will help reduce the carbon footprint of thermal power plants worldwide,” said Luc Ménard, Chief Operating Officer of Desjardins Business Capital régional et coopératif.

“The commercialization of a new technology is a critical step for a company like Airex Energy. Supported by our partners, we will able to deploy our technology and stimulate exports worldwide,” added Sylvain Bertrand, CEO of Airex Energy.

photo credit: Airex Énergie