Lockheed Martin, Bethesda, Maryland, USA, is reported to have invested US $5 million in Equispheres, a materials science company based in Ottawa, Canada. Under the Industrial Regional Benefits (IRB) and Industrial Technological Benefits (ITB) Policy, the investment is intended to enable Equispheres accelerate its growth in the provision of high-quality spherical metal powders required for technologies such as Additive Manufacturing and cold spray deposition.
Equispheres is said to have created a unique technology for producing perfectly spherical metal powder with the specific characteristics desired within the aerospace and automotive industries, yielding higher performance and maintenance capabilities. Lockheed Martin’s investment is expected to allow Equispheres to grow from its existing workforce of twenty 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,” stated Kevin Nicholds, President and CEO of Equispheres.
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 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,” added the Honourable Navdeep Bains, Canada’s Minister of Innovation, Science and Economic Development.
Charles Bouchard, Chief Executive of Lockheed Martin Canada, commented, “We are very pleased to see our Investment Framework grant going to such an innovative industry leader like Equispheres. 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.”