Quebec-based Vaperma, a developer of gas separation solutions for the cleantech sector, has received follow-on funding of CAN$6.9 million.
Quebec-based Vaperma, a developer of gas separation solutions for the cleantech sector, has received follow-on funding of CAN$6.9 million (£3.7 million).
AIM-listed Low Carbon Accelerator (LCA), an existing investor, contributed $2.3 million to the round, with the balance from Volvo Technology Transfer Corporation, Swiss venture capitalist Emerald Technology Ventures, and Canada-based funds BDC Capital and Fonds d’Investissement en Developpement Durable.
All investments were agreed at the time of LCA’s initial investment of $4.5 million in November last year, which Vaperma used to commercialise Siftek, its membrane-based ethanol dewatering system. The company claims that Siftek reduces the cost of ethanol production by seven cents per US gallon.
LCA chief investment officer Stephen Mahon says that Vaperma has made its first sales and built key partnerships with biofuels companies.
He adds, ‘It will use this additional funding to finance further opportunities in its sales pipeline, and to develop and commercialise second-generation membranes for use across a range of new applications and industries.’