Equispheres has received a US $5 million investment from Lockheed Martin (NYSE: LMT) under the Industrial Technological Benefits (ITB) Policy.
Lockheed Martin’s investment will enable Equispheres, an Ottawa based materials science company, to accelerate its growth in the provision of high-quality materials required for advanced technologies such as additive manufacturing, 3D printing and cold spray deposition. This investment will allow Equispheres to grow from an existing workforce of 20 to more than 200 employees over the next five years.
Lockheed Martin’s investment is in direct support of the ITB obligations associated with Canada’s purchase of 17 CC-130J Super Hercules aircraft, which were delivered to the Royal Canadian Air Force in 2010. Lockheed Martin also delivers continued In-Service Support for the CC-130J fleet.
Lockheed Martin has so far provided funding to the following disclosed companies or project:
Mannarino Systems & Software, Inc.
$1.1 million into a University of Waterloo research project
Gastops Ltd.
Contextere,
Metamaterial Technologies Inc.
Solace Power Inc.
Originally known as the Industrial and Regional Benefits (IRB) Policy, the Industrial and Technological Benefits (ITB) Policy was launched in 2014. The ITB Policy requires companies that are awarded defence procurement contracts to undertake business activity in Canada equal to the value of the contract. The Policy applies to all eligible defence procurements with a value over $100 million.
photo credit: Equispheres
News Release
Lockheed Martin Invests $5 Million in Equispheres Metal Powder Atomization Development
OTTAWA, May 31, 2018 – Equispheres has received a $5 million USD investment from Lockheed Martin (NYSE: LMT) under the Industrial Regional Benefits (IRB) and Industrial Technological Benefits (ITB) Policy. This investment enables Equispheres, an Ottawa-based materials science company, to accelerate its growth in the provision of high-quality materials required for advanced technologies such as additive manufacturing, 3D printing and cold spray deposition.
Each of these technologies requires a unique spherical metal powder in the manufacturing process. Equispheres created a unique technology for producing perfectly spherical metal powder with specific characteristics desired within the aerospace and automotive industries because these powders yield higher performance and maintenance capabilities.
Lockheed Martin’s investment is in direct support of the ITB obligations associated with Canada’s purchase of 17 CC-130J Super Hercules aircraft, which were delivered to the Royal Canadian Air Force in 2010. Lockheed Martin also delivers continued In-Service Support for the CC-130J fleet. This investment will allow Equispheres to grow from an existing workforce of 20 to more than 200 employees over the next five years.
“We are very excited to have developed this relationship with Lockheed Martin and secured this investment as it enables Equispheres to offer a broader range of products to the metal powder market, which is doubling in size every 12-to-18 months,” said Kevin Nicholds, president and CEO of Equispheres.
Equispheres successfully developed the technology to atomize aluminum alloys. Lockheed Martin’s investment enables Equispheres to conduct the research, development and design work to build reactors that will produce powders of higher strength material such as inconel, steels and cobalt chrome.
“This is an excellent example of how the ITB Policy supports the development of new technologies and accelerates the growth of small and medium sized enterprises in Canada. We are using the purchasing power from defence procurement to create jobs and drive economic growth across the country,” said the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.
“We are very pleased to see our Investment Framework grant going to such an innovative industry leader like Equispheres,” said Charles Bouchard, chief executive of Lockheed Martin Canada. “The success of this investment is another great example of how large international aerospace companies such as Lockheed Martin can collaborate with smaller businesses in Canada to create opportunities for lasting growth in the Canadian economy.”
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 100,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
About Equispheres
Headquartered in Ottawa, Canada, Equispheres is a materials science company focused on advanced technologies such as additive manufacturing and cold spray applications.
Equispheres’ patent-pending atomization technology produces free-flowing, consistently sized, agglomerate and fine-free, spherical metal powders, designed to significantly improve manufacturing processes and safety, quality and reliability of customers’ end use products
For further information regarding Lockheed Martin, please contact:
Cindy Tessier, 613-762-5753, cindy.tessier@lmco.com
For further information regarding Equispheres,please contact:
Doug Brouse, 613-324-7956, doug.brouse@equispheres.com
Keelan Green, 613-220-2016, green@prospectus.ca