12 Aug, 2020
Flyscan Systems Announces Strategic Financing Round with Enbridge, BDC and INO
Canadian Startup Breaking New Ground in Airborne Monitoring of Energy Infrastructures
QUEBEC CITY, Aug. 11, 2020 /CNW Telbec/ – Flyscan Systems announced today the closing of a $4.3 million USD venture capital financing with strategic investor Enbridge (TSX: ENB) (NYSE: ENB), together with Business Development Bank of Canada’s (BDC) Cleantech Practice and Canada’s National Optics Institute (INO). The funding will enable Flyscan to bring to market its innovative airborne platform that automates detection of small leaks of hydrocarbons, as well as a series of visual inspection functions currently performed solely with human observers.
“We are extremely fortunate to have a strategic investor that not only operates the longest and most complex crude oil and liquids pipeline system in the world but is also a known market leader for the adoption of new technologies. Enbridge’s contribution to our development will go beyond financial support, to include defining the industry’s needs and providing a real-life business case demonstration,” said Eric Bergeron, Founder and CEO of Flyscan.
“Enbridge is committed to protecting the environment. In collaborating with Flyscan we are building new ways to advance pipeline leak detection and improve right-of-way monitoring,” said Bhushan Ivaturi, Senior Vice President and Chief Information Officer who leads Technology, Information Services and Digital at Enbridge. At Enbridge, we are harnessing the power of data, technology and innovation to further advance pipeline safety.”
“Canadian cleantech companies are best in class but scaling up to global markets still remains their biggest challenge. As Canada’s development bank, part of our mission is to support the growth of companies with huge transformational potential, such as Flyscan. We are pleased to co-lead this investment by supporting Eric Bergeron, an entrepreneur that has a track record of successfully bringing to market technologies that can point the way forward for the industry”, added Benoit Forcier, Director, Cleantech Practice at BDC.
“INO is proud that a technology developed by its experts contributes to the international growth of a company which will help the petroleum industry to protect the environment”, added Mr. Alain Chandonnet, President and CEO at INO.
Flyscan Systems Inc. is a spin-off from Canada’s National Optics Institute founded in 2015. Its mission is help energy companies to better protect their infrastructure and the environment with a positive financial return. Based in Quebec City, the company has benefited from substantial financial support from Canada’s Sustainable Development Technology Canada (SDTC), Investissement Quebec and the City of Quebec.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; Gas Distribution and Storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 MW of net renewable power in North America and Europe. The Company’s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.
BDC is the only bank devoted exclusively to entrepreneurs. It provides access to financing, as well as advisory services to help Canadian businesses grow and succeed. Its investment arm, BDC Capital, offers a wide range of risk capital solutions. For more than 75 years, BDC’s only purpose has been to support entrepreneurs in all industries and all stages of growth. For more information and to consult more than 1,000 free tools, articles and entrepreneurs’ stories, visit bdc.ca.
INO is the largest centre of expertise in optics and photonics in Canada. For the past 30 years, it has created and developed customized solutions to meet the needs of companies working in various lines of business throughout Quebec and Canada. As a high-tech leader, INO has implemented more than 6,500 solutions, carried out 74 technology transfers, and contributed to the creation of 35 new companies, providing employment to more than 2,000 people. INO’s activities are made possible thanks to ongoing partnerships with the Ministère de l’Économie et de l’Innovation and Canada Economic Development for Quebec Regions.
Sustainable Development Technology Canada (SDTC) helps Canadian companies develop and deploy competitive, clean technology solutions, to help solve some of the world’s most pressing environmental challenges: climate change, clean air, clean water and clean soil. By taking a cross-Canada approach, from seed to scale, and in partnership with the best peers and experts, SDTC is the global benchmark for sustainable development innovation programming. As an independent federal foundation and flagship program, SDTC’s funding of Canadian entrepreneurs has created jobs, growth and long-term prosperity for Canada. Since inception, SDTC has invested over $1.15billion in 400 companies, creating 13,000 jobs. SDTC companies have reduced greenhouse gas emissions by an estimated 18.1 megatonnes annually, equivalent to the energy it takes to heat 600 million homes.
For further information: Media Inquiries: Flyscan Systems Inc., Eric Bergeron, Email: [email protected]
SOURCE : https://www.newswire.ca/news-releases/flyscan-systems-announces-strategic-financing-round-with-enbridge-bdc-and-ino-886639466.html