Financing provides capital for growth
Fibracast Ltd. (“Fibracast” or the “Company”), a leading developer and manufacturer of innovative membrane technologies for advanced water and wastewater treatment, announced today that it has closed a $44.6 million issue of Class A Preferred Shares.
Fibracast is pleased to announce that the raise included both existing shareholders and institutional investors for the first time. This investor group was led by Cycle Capital and included Export Development Canada (EDC). With this financing, the board will be revamped to reflect this institutional participation and to increase the number of independent directors.
Fibracast’s vision is to enable water sustainability through the disruptive development and manufacture of innovative membrane technology for advanced treatment and reuse. Fibracast is relentlessly committed to improving treatment efficiency, reducing the total cost of ownership, and optimizing operational reliability. The company serves industrial, institutional, commercial, municipal and developer clients worldwide.
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“Fibracast has been very fortunate to have a strong supportive base of existing shareholders. As Fibracast moves to the next phase of our growth, we welcome additional strategic support from our new investors along with existing shareholders. The new growth capital will enable us to increase our manufacturing capacity, expand our technology platform, and build up our marketing team. Cycle Capital and EDC are very much aligned with our vision, and each brings their unique strategic strengths in addition to capital to help Fibracast grow as a global leader,” said Steve Watzeck, CEO of Fibracast.
“Cycle Capital is pleased to see EDC join the syndicate. This round of financing will support technology commercialisation in wastewater treatment plants across North America, Europe, and Asia. Fibracast has become an industry leader with its innovative FibrePlate membrane technology that increases filtration performance, reduces energy consumption, and lowers GHG emissions in the wastewater industry. We look forward to supporting the team’s growth in the years ahead,” said Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.
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