CALGARY, AB (December 6, 2023) NGIF Cleantech Ventures, a Canadian venture capital fund investing in cleantech innovation in the natural gas sector, today announced its role as the co-lead investor in Ionomr Innovations’ (Ionomr) USD$20MM Series A-4 financing round.
NGIF Cleantech Ventures led the round alongside Pallasite Ventures, the co-leads are joined by a world class syndicate of investors including N.V. Bekaert and Asahi Kasei. The financing round includes participation from existing investors Shell Ventures, the CVC arm of Shell PLC (NYSE: SHEL), Chevron Technology Ventures, the CVC arm of Chevron Corporation (NYSE: CVX), ArcelorMittal (NYSE: MT) backed Finindus and others.
Ionomr is developing a breakthrough lineup of polymer and membrane technologies that can provide cost, performance, and environmental advantages to many electrochemical applications including hydrogen production, low-emissions vehicles, and synthetic fuel production from CO2 capture and conversion processes. Ionomr’s Aemion+® anion exchange product has proven to be one of the most durable and high performing on the market, while its Pemion® proton exchange membrane is currently in advanced stages of development. Through these innovations, Ionomr continues to distinguish itself as a leader in this space and the team is currently working to fulfill large purchase orders from global original equipment manufacturers (OEM).
Image: Ionomr’s Pemion® and Aemion® polymers and membranes provide cost, performance and sustainability advantages for fuel cells, hydrogen production and carbon capture, use and conversion.
“NGIF has worked closely with Bill and his team over the past several years, and we have seen firsthand how their material science innovations are going to lead the way in the hydrogen economy,” said John Adams, NGIF Cleantech Ventures Managing Partner. “We couldn’t be more excited to continue on our journey with Ionomr and we look forward to our enduring involvement with a Canadian cleantech company that will scale globally.”
Ionomr’s membranes and polymers are leading the way in the clean hydrogen economy. Their materials enable partners to take fuel cell vehicles, electrolyzers, and CO2 conversion systems to market faster, more affordably, and with better performance.
“Ionomr was the first company to bring to market a highly stable and efficient membrane at sufficient scale for large industrial pilots,” said Bill Haberlin, CEO of Ionomr Innovations. “We couldn’t have done that without the unwavering support of partners such as NGIF Cleantech Ventures, and we are thrilled to have their ongoing investment as we continue scaling Ionomr into the membrane supplier of choice for the Hydrogen economy.”
“Canadians want and need the affordable, reliable, clean energy service offering they have come to expect from the natural gas and gaseous energy industry. Through investments in technology companies like Ionomr, this industry is laying the groundwork to make that service offering even better,” said Timothy M. Egan, President and CEO of the Canadian Gas Association (CGA).
About NGIF Capital
NGIF Capital is a venture capital firm and for-profit investment arm of NGIF with a dedicated team of professionals that operates current and future investment funds. NGIF Capital is unique in how it brings energy industry leadership to every investment with strong connections to every part of the value chain. NGIF Capital currently operates Cleantech Ventures Fund I.
About Cleantech Ventures Fund I
Cleantech Ventures Fund I is a $55 million industry-led venture capital fund that primarily invests in early-stage clean-technology companies. The objective of the Fund is to invest in technologies that lead to environmental performance in the energy industry. These solutions are typically focused on existing natural gas production, transmission, distribution, storage, and end-use applications, as well as increased production of renewable natural gas and hydrogen. Cleantech Ventures Fund I is operated by NGIF Capital. For more information, please visit ngif.ca
About Ionomr innovations
Ionomr Innovations is revolutionizing electrochemistry with newly developed ion-exchange membranes and polymers for clean energy. Ionomr’s Pemion® and Aemion® technologies provide cost, performance and sustainability advantages for fuel cells, hydrogen production and carbon capture, use and conversion. Leveraging technology developed at Simon Fraser University, Ionomr was founded in 2018 and employs 51 professionals in Vancouver, Canada and Rochester, USA. For more information about how Ionomr is helping to advance the clean energy economy, visit www.ionomr.com.
Fund Information:
John Adams
President and CEO, NGIF Capital
Managing Partner, NGIF Cleantech Ventures
613-748-0057
jadams@ngif.ca
Media and Fund Information:
Nancy McHarg
Ionomr Innovations
604-760-4366
nancy@mchargcommunications.com
