Airex Energy Completes $38M Funding Round

Canada-based biomass carbonization technology provider Airex Energy Inc. announced it has concluded a Series B funding round valued at $38 million Canadian, which Airex Energy states will fast-track its growth initiatives, including a Québec biochar project tying in with its partnership with France-based environmental quality developer, Suez, which aims to significantly boost biochar production in Europe and North America by 2035.

Led by Canada-headed “cleantech” venture capital and impact investor Cycle Capital Management, the most recent round welcomed the FTQ Fonds de solidarité, which joined the syndicate of existing investors including Investissement Québec, Desjardins-Innovatech, Export Development Canada (EDC), and Cycle Capital.

Using proprietary technology Airex Energy produces biochar, which sequesters carbon in the ground and in other materials; biocarbon, which is used to produce green steel and other metals; and biocoal, an environmentally friendly fuel and coal replacement.

“From the outset, we have been convinced of decarbonization’s potential, particularly in polluting industries, as well as of Airex’s patented technology. As we get ready to launch the large-scale commercialization of biochar and biocoal, we look forward to contributing to Airex’s growth, alongside Airex’s team, strategic partners such as Suez, and renowned investors like the Fonds de solidarité FTQ, Investissement Québec and Desjardins,” notes Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.

“We are proud to count on the support of recognized local investors. Their backing is a wonderful acknowledgment of our shared sustainable development ambitions, as well as a sign of confidence. Thanks to our one-of-a-kind technology, we are poised to become a leader in the area of innovative and environmentally friendly decarbonization solutions both inside and outside Canada,” adds Michel Gagnon, CEO of Airex Energy.