Ottawa-based aluminium powders producer raises $14.6 million in funding with Martinrea at the helm

Equispheres, a leading provider of tailored aluminium powders for Additive Manufacturing, has successfully concluded its Series B financing, securing a substantial $14.6 million (CA $20 million) in funding. This significant milestone, with Martinrea International Inc. as the lead investor, underscores Equispheres' growth trajectory and potential for further expansion.

With Martinrea and several new institutional investors on board, the ongoing financing, set to continue until June 30, 2024, is strategically earmarked for key initiatives. These include the deployment of multiple new reactors throughout 2024, a move aimed at fortifying support for existing production programs and ensuring a steady growth trajectory for Equispheres.

"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 defence sectors are actively engaged. Yet widespread industrial adoption requires a leap in productivity. By working closely with global leaders in automotive, aerospace and defence, we have been able to use our technology to engineer materials that unlock new high-speed Additive Manufacturing processes and new applications," said Kevin Nicholds, President and CEO of Equispheres.

Additionally, the financing will facilitate the expansion of facilities to accommodate growing demands. Moreover, it will fuel ongoing efforts to deepen collaborations with strategic partners to develop new materials, further enhancing Equispheres' innovative capabilities.

"We believe our path to success lies in partnering with our customers to reduce the overall cost of Additive Manufacturing. 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 aluminium alone is approximately CA $100 billion annually," added Nicholds.

About Equispheres

Equispheres offers a diverse range of aluminium powders tailored for Additive Manufacturing, all crafted through its cutting-edge atomisation technology. These powders are credited with dramatically enhancing building speeds, reportedly up to nine times faster than prevailing industry standards. As a result, production costs can plummet by as much as 80%, marking a significant advancement in additive manufacturing efficiency.

"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," stated Pat D'Eramo, Chief Executive Officer of Martinrea International.

"Martinrea is the ideal lead investor for our Series B financing. Not only are they a highly successful global automotive leader who are experts in lightweighting of aluminium 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," Nicholds commented.

"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.