Airex Energy, a Montreal, Canada-based company that develops and delivers decarbonization solutions, raised $38M in funding.
The round was led by Cycle Capital, with participation from Investissement Québec, Desjardins-Innovatech, and Export, Development Canada (EDC).
The company intends to use the funds to expand its growth initiatives, including a Quebec biochar project tying in with its partnership with Suez, which aims to boost biochar production in Europe and North America by 2035.
Led by CEO Michel Gagnon, Airex Energy develops and delivers decarbonization solutions having the capacity to significantly reduce GHG emissions. CarbonFX, its proprietary technology, transforms biomass into environmentally friendly products such as biochar, biocoal and biocarbon. Since 2016, the company has operated the first industrial production facility in Canada specializing in biocoal. Airex Energy now exports its products around the world, in particular to the US, Europe and Asia.
Thanks to this funding round, the company will be fast-tracking its growth initiatives, including a Quebec biochar project tying in with its partnership with Suez, which aims to boost biochar production in Europe and North America by 2035. Other initiatives include the conclusion of agreements in Quebec’s biocarbon and Asia’s biocoal sector, as well as continuous improvements in the underlying technology.
FinSMEs
15/03/2023