N.S. startup raises $10M to go global with paint to make ships more fuel-efficient | 24CA News
A Dartmouth, N.S., startup firm is taking the subsequent step to scale up manufacturing of its tremendous slick hull paint to 1,000,000 litres a yr.
On Thursday, Graphite Innovation & Technologies introduced it has raised $10 million in so-called sequence A financing — cash invested after a startup demonstrates the potential to develop and generate revenues.
“This is a great opportunity for the company to go globally,” CEO Mo AlGermozi advised 24CA News.
The firm makes anti-fouling marine coatings that it says cut back drag and improve gasoline effectivity with out harming the setting.
The product has been used — and examined — on vessels as small as Nova Scotia fishing boats and as massive as tankers.
“The shipping industry needs to reduce CO2 emissions, but also they need to be less harmful to the environment. So we bring those two competitive edges,” AlGermozi mentioned.
Where the cash is coming from
The Business Development Bank of Canada led the fundraising spherical with a worldwide syndicate of traders that features France-based Seventure Partners’ Blue Forward Fund, Stolt Ventures of the U.Okay., the funding arm of Stolt-Nielsen, Norway’s Farvatn Ventures, Canadian agency Melancthon Capital and Invest Nova Scotia.
The provincial crown company Invest Nova Scotia put in $2.5 million. It has beforehand invested $500,00 within the firm since 2018.
“Graphite Innovation & Technologies’ strategic vision is for every vessel in the world to use its technology,” mentioned Peter MacAskill, Invest Nova Scotia president and CEO.
“In addition to this latest round of venture capital funding, the company and Invest Nova Scotia have focused on conducting market research and recently getting into trade markets in Europe, Singapore, and the Middle East.”
Global demand
AlGermozi mentioned there’s world demand for a product that may minimize carbon emissions from the transport trade.
The firm plans to construct a net-zero emissions facility within the province 5 to 6 occasions larger than its present area on the Invest Nova Scotia’s expertise hub in Dartmouth.
AlGermozi mentioned its operation will probably be able to producing upwards of 1,000,000 litres of marine paint per yr.
Earlier this month, the corporate introduced a cope with a Norwegian tanker firm to coat propellers on 25 ships in 2023.
