Financing provides capital for growth
HAMILTON, Ontario – October 30, 2023— 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.
“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.
About Cycle Capital
Cycle Capital is a leading ClimateTech venture capital platform scaling impactful, sustainable innovation. Founded in 2009, Cycle Capital invests across North America, Europe and Asia in growing companies commercializing solutions to the major ecological challenges and contributing to a net-zero transition. Cycle Capital is the founder of Cycle Momentum Accelerator + Innovation Engine.Cycle Capital has developed an ESG and impact assessment methodology integrated into the investment workflow from the pre-investment phase to the exit of the portfolio company.
For more information on Cycle Capital, visit: www.cyclecapital.com.
Fibracast is a leading developer and manufacturer of advanced water filtration membranes and systems. Fibracast’s membranes and systems are used by municipal, industrial, institutional, commercial and developer clients worldwide. These membranes are used for efficiently treating water and wastewater to the strictest regulatory standards including reuse.