What happened: Cleantech firm Ionomr secures additional seed funding
Why it matters: The SFU spinoff says money will help with market expansion of its technology
A B.C. cleantech company targeting improvements to everything from fuel cells to batteries has locked up additional seed funding as it seeks to ramp up commercialization.
Ionomr Innovations Inc. announced Tuesday (December 17) the close of a $3 milling funding round led by Vancouver-based Pallasite Ventures Inc.
The Simon Fraser University spinoff specializes in the development of ion exchange membranes and coatings for energy storage, clean energy generation and water treatment applications.
The membranes help eliminate the use of expensive precious metals and fluorinated compounds that can damage the environment — advancements Ionomr said could help boost implementation of hydrogen fuel cells and battery technologies.
Co-founder Benjamin Britton told Business in Vancouver last year the tech has the potential to drive global energy usage down 2-3% “in addition to scaling something that isn’t going to be toxic and bioaccumulative on the planet.”
Since Ionomr launched as a spinoff in 2015, it’s gone on to raise $3.2 million in private investment and $2.6 million in grant commitments prior to the latest seed-funding round.
CEO Bill Haberlin said in a statement the $3 million in new funding would help the company expand its work with international companies and product developers.