Equispheres secures $14.6 million funding round led by Martinrea International
April 23, 2024
Metal powder producer Equispheres, Inc, based in Ottawa, Ontario, Canada, has completed an initial close on its Series B financing totalling around $14.6 million (CA $20 million). The financing was led by Martinrea International Inc., a global automotive supplier specialising in the design, development, and manufacturing of highly engineered, lightweight structures and propulsion systems. The financing round also saw participation from new institutional investors and will remain open until June 30, 2024.
Equispheres offers a range of aluminium powders for Additive Manufacturing, produced with its innovative atomisation technology. The company’s aluminium powders are reported to increase building speeds up to nine times higher than industry standards, thereby lowering production costs by up to 80%.
“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,” said Kevin Nicholds, President and CEO of Equispheres. “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.”
“We believe our path to success lies in partnering with our customers to reduce the overall cost of Additive Manufacturing,” shared 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 aluminium alone is approximately CA $100 billion annually.
Funding will reportedly be used to bring on multiple new reactors in 2024 to support existing production programmes, 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,” stated Pat D’Eramo, Chief Executive Officer of Martinrea International.
“Martinrea is the ideal lead investor for our Series B financing,” Nicholds commented. “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.”
“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.
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