Feb 2 2007
Metafoam® Technologies Inc., a leading edge manufacturer of innovative open-cell metal foam for applications in thermal management, electrochemistry, energy, acoustics and environmental solutions, is proud to announce that it has received a multi-million dollar investment from BDC Venture Capital, FIER ID, MSBi Capital, and M&M Investments. This important injection of capital completes a $3.4M first round of financing. It will allow the company to pursue its development & commercialization efforts, establish new partnerships and set up a larger facility for the production of metal foam prototypes and products.
“The financial backing by such reputable investors is the recognition of the competitive advantages of our platform and of its wide range of applications”, said Dominic Pilon, Metafoam’s Founder, Vice-President R&D, and CTO. “Our metal foams possess the highest specific area in the industry, high manufacturing process repeatability, and significantly lower production cost. This allows us to go after markets that until recently could not even contemplate using metallic foams. The company is presently looking to develop strong relationships with players in electronics cooling and electrode manufacturing, including for hydrogen production.”
“For me, this investment is first and foremost the result of the determination of a young entrepreneur, Dominic Pilon, with whom M&M Investments has partnered in the past two years. Metafoam inherits what it worked for: financial supporters that will make a difference”, declared Michel Brûlé, Chairman of the Board of Metafoam and President of M&M Investment.
“The success of this first round of financing and the fact that a number of investors became involved attest to Metafoam’s potential,” said Réjean Asselin, Director, Technology Seed Investments at BDC.
“ID Capital believes that metallic foams are poised to provide break-through performance enhancements to a variety of industrial processes and high-end products, in particular the areas of thermal management and electrochemistry show great promise”, added Daniel Cyr, Managing Partner ID Capital.
“MSBi is proud to lend its support to a company looking to establish strong partnerships with global players in the $5B electronics cooling market and has a strong upside in cleantech and energy applications”, said Chris Arsenault, Partner at MSBi Capital. “We have high expectations of Metafoam’s capabilities to deliver innovative metal foam products into rapid-growth markets such as the energy market”.