Latest news with #BDCCapital
Cision Canada
13-05-2025
- Business
- Cision Canada
SRTX FINALIZES US$40M NEW EQUITY FUNDRAISING TRANSACTION LED BY BDC, EDC, H&M Group, IQ
MONTREAL, May 13, 2025 /CNW/ - SRTX has announced that it has reached the first close of a US$40 million fundraising round investment led by its largest shareholders: BDC Capital, Export Development Canada, H&M Group and Investissement Québec. This funding will support SRTX' strategy to scale its Montreal-based manufacturing operation, doubling production capacity in 2025. In 2023, the company expanded its operations into a new 300,000-square-foot, state-of-the-art facility in Pointe Claire (Montreal) where it has established a highly automated, vertically integrated manufacturing plant with room to expand to meet its tremendous growth opportunities in North America and Europe. This facility is unique, where UHMWPE powder is converted into finished products under one roof, and enables SRTX to continuously drive its unit costs down as it scales the production of its market-leading tights product, Sheertex. As part of this financing round, Katherine Homuth, founder of SRTX, has transitioned out of her day-to-day responsibilities as CEO. The Board has launched a recruiting process to identify a new CEO and Timothy Leyne, who has been CFO of SRTX for the last 3 years, has been named interim CEO. "This new equity injection will reinforce SRTX' capital base as we pursue the plan to scale our production to capture a growing share of the tights market in the face of uncertain trading conditions," said Timothy Leyne, Interim CEO of SRTX. "The success of this financing round is a testament to the tremendous conviction of our shareholders to the pursuit of SRTX' strategy," he added. "Katherine's exceptional drive and vision built this innovation-based vertical manufacturing platform, and the Lead Investors, Board and management team are committed to realizing its full potential," concluded Timothy. "We're excited to support SRTX's journey as they enter this next stage of growth. We see strong potential in their vision and product, and believe the company is well-positioned to develop in a meaningful way. We'd like to thank Katherine Homuth for her dedication and the foundation she helped build at SRTX, and we wish her the best of luck in her next chapter." says lead investors BDC Capital, Export Development Canada, H&M Group and Investissement Québec. SRTX is the holding company of Sheertex Inc., the manufacturer and leading brand of rip-resist tights. Established in 2017, SRTX moved to its first facility in Montreal in 2019. SRTX has built an integrated technology platform that outcompetes traditional manufacturing by leveraging proprietary materials, intelligent automation, and a vertical manufacturing infrastructure.
TechCrunch
05-05-2025
- Business
- TechCrunch
Layoffs hit General Fusion as the fusion power startup runs short on cash
General Fusion laid off at least 25% of its employees last week, just days after hitting a key milestone for its latest fusion demonstration device. CEO Greg Twiney posted an open letter on the company's website Monday saying that while its new LM26 device had been able to compress a plasma — something necessary for fusion conditions — General Fusion was running short of money. He wrote, 'today's funding landscape is more challenging than ever as investors and governments navigate a rapidly shifting and uncertain political and market climate.' The 23-year-old company, which many still describe as a startup, is Canada's leading entrant in the race for commercial fusion power. It has raised $440 million, according to PitchBook, including a $22.66 million round that closed in July. Backers include Jeff Bezos, Temasek, and BDC Capital. But that money hasn't been enough for the company to show that its unique approach to fusion is viable. General Fusion's plight highlights the challenges that face the fusion industry. To date, only one device has been able to hit so-called scientific breakeven, a milestone that's significant historically, but not commercially. To hit commercial breakeven, reactors need to produce dozens of times more energy than has been demonstrated so far. The road to those milestones has proven extraordinarily costly. Though General Fusion's tally may seem impressive, it is middle of the pack. Commonwealth Fusion Systems has raised over $2 billion, Helion has pulled in over $1 billion, and upstart Pacific Fusion has been pledged $900 million in its Series A alone. Part of General Fusion's challenge is that its taking a different approach than many of its competitors. Techcrunch event Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | BOOK NOW Most fusion startups follow one of two paths: magnetic confinement or inertial confinement. The former uses magnetic fields to control plasma, squeezing it until it reaches the conditions for nuclei to fuse. The latter approach typically uses lasers to compress a fuel pellet. General Fusion, on the other hand, has been trying to use steam-driven pistons to compress fusion fuel. The U.S. Navy tried something similar in the 1970s to no avail, but General Fusion thinks that modern computers could solve some of the timing problems that plagued earlier attempts. It has yet to show that's the case, but it has said that if completed, LM26 should be able to reach scientific breakeven. Now, the company will have to raise more money — and quickly — if it wants to prove its approach is a viable competitor.
Reuters
18-03-2025
- Business
- Reuters
Summit Nanotech receives $25.5 million in funding for lithium extraction tech
March 18 (Reuters) - Summit Nanotech said on Tuesday it had secured $25.5 million in funding from a consortium of investment funds, bolstering its work on direct lithium extraction (DLE) technologies. Lithium, the metal used to make electric vehicle batteries, has been produced using water-intensive evaporation ponds or open-pit mines. However, DLE technologies intend to change that. DLE is described as a faster, more efficient and eco-friendlier process of extracting lithium, contrasting with traditional methods known to cause habitat disruption. Advertisement · Scroll to continue Report This Ad Privately-held Summit Nanotech is developing DLE projects in South America and has BHP as an investor. The funding round was led by Canadian clean technology investment fund Evok Innovations, BDC Capital's Climate Tech Fund, Xora Innovation and Capricorn Investment Group, with participation from Mitsui Kinzoku – SBI Material Innovation Fund and LG Technology Ventures ( opens new tab. "The demand for electric vehicles will soon outpace growth in lithium supply. Summit's technology addresses this challenge by optimizing lithium extraction from brine to produce high-quality lithium at a lower cost," said Cheri Corbett, partner at BDC Capital's Climate Tech Fund.
