21 July 2020
Calogy Solutions Receives Initial Funding of $1.2 Million
PRESS RELEASE – Calogy Solutions, a young Sherbrooke company, is accelerating its product development after a successful pre-seed round bringing $1.2 million in funding for the company. Its goal: to commercialize an innovative lithium-ion (Li-ion) battery thermal management technology that will have significant impact on the electric transportation industry.
This first round of funding involved several private and government partners: Natural Resources Canada, through Impact Canada’s Charging the Future Challenge, the Québec Ministry of Economy and Innovation, through the Innovation Program – Component 1 (Support for Innovation Projects), Aligo Innovation, the Ecofuel Fund, the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), and Sherbrooke Innopole.
Founded at the Université de Sherbrooke in 2017 and with support from ACET-Banque Nationale, Calogy Solutions has developed a thermal management solution to address the global issue of overheating Li-ion batteries used in almost all electric vehicles. The patent-pending technology makes it possible for batteries to be cooled or heated at a low production cost compared to other alternatives currently on the market. Ultimately, this will be significant for the industry: by maintaining the optimal temperature range for the battery’s cells, the Sherbrooke innovation will improve safety and extend life cycle while reducing the initial cost of electric vehicles.
Additional funding will allow Calogy Solutions to continue field trials with an industrial partner, as well as to accelerate their product development process. The company plans to bring its innovation to market in 2021, prioritizing the commercial vehicle market, before focusing on penetrating the more competitive electric passenger vehicle segment.
Calogy Solutions has five highly qualified employees, four of whom were hired as a result of this round of funding, as well as two recently recruited part-time interns. The company continues its expansion with plans on hiring three more employees for engineering positions next fall.
“This first round of funding is a great source of pride and motivation for the whole Calogy Solutions team. We would like to thank all the investors for their confidence in our young company’s ability to help create a safer and more efficient future in electric transportation through our technology. The COVID-19 crisis has not slowed down our hard work as we discovered creative ways to continue our R&D efforts.”
– Mahmood Shirazy, President and Co-Founder, Calogy Solutions
“This project will offer highly interesting development opportunities by allowing Calogy to show their battery thermal management technology as well as establish contact with potential clients, but also by offering their industrial partner in the collaborative product development a competitive edge on the electric transportation market. Calogy Solutions’ innovative product is part of our vision for a green economy that sustains the growth of clean technology and the implementation of innovative solutions, such as electric vehicles that are designed and have their roots here in Québec. The Québec Government is proud to support this young business.”
– Pierre Fitzgibbon, Minister of Economy and Innovation, and Minister Responsible for the Lanaudière Region
“After supporting a first technology readiness project, Aligo Innovation is happy to be the main private partner in a new round of financing with significant leverage for the company to go through major steps of its development.”
– Pierre des Lierres, Director of Business Development, Aligo Innovation
“Innovation and growth are key priorities of the Ecofuel Fund, and investing in Calogy will allow the company to continue developing its thermal management product, including with electric vehicle battery manufacturers, to reduce their environmental impact.”
– Richard Cloutier, Managing Partner of the Ecofuel Fund
“By responding to an obvious need of the industry, Calogy Solutions is transforming the sustainable mobility sector. This young innovative company is an important link in the Sherbrooke value chain for electric vehicles. Sherbrooke Innopole is proud to provide strategic and financial support through its Seed Fund. Through technologies for battery thermal management such as this, it will be possible to increase the performance and adoption rate of electric vehicles in our society.”
– Myriam Bélisle, Director, Business Services – Cleantech, Sherbrooke Innopole
About Calogy Solutions
Calogy Solutions is a cutting-edge technology company offering innovative solutions in industrial thermal management for the electrical transportation including cars, trucks, and drones.
Sources: Calogy Solutions and Sherbrooke Innopole
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