SHERBROOKE, QC, Sept. 21, 2012 /CNW Telbec/ - In keeping with its commitment to foster industrial innovation in Québec, the Fonds de solidarité FTQ, through the new Fonds de solidarité FTQ Investissements technologiques (FSIT), today announced a $333,334 investment in E2Metrix. Gestion Allard et Dubé, a private investment firm and FSIT's partner, is investing $166,666. Located in Sherbrooke, E2Metrix has developed a reactor that uses an innovative electrocoagulation-electroflotation process to treat industrial and agrifood wastewater.
Created earlier this year by the Fonds de solidarité FTQ, FSIT is a partnership which has adopted a new approach of co-investing dedicated to financing the industrial innovations of Québec technology firms at the marketing or growth stage.
"Through FSIT, we are pleased to support Québec firms such as E2Metrix that need this type of financial backing to continue their innovation and growth efforts," said Alain Denis, Senior Vice-President, New Economy, at the Fonds de solidarité FTQ and president of FSIT. "Considering the new regulations for disposing of industrial waste in public sewer systems and in the environment, E2Metrix's solution is perfect for companies that have to treat their wastewater."
Founded in December 2010, E2Metrix recently completed successful testing of the second version of its reactor at Fromagerie Bergeron. The conclusive results give the dairy industry an important technological showcase. E2Metrix is now working on the third version of the reactor which it will ultimately bring to market. Electrocoagulation is a low-cost clean technology that is increasingly being used in the U.S. and Europe and demand is growing strongly.
"To further its growth, E2Metrix carries out R&D projects together with industries that financially contribute to validating the technology and developing operational processes," added Alain Allard of Gestion Allard et Dubé. "The positive results of the industrial tests are sparking a lot of interest in the environmental field because E2Metrix's product is the most cost-effective solution on the market right now in terms of initial investments and annual operating costs."
"We've decided to apply this new technology to the treatment of agrifood waste which we feel is a very promising niche," said E2Metrix President and CEO, Mohammed Laaroussi. "Our solution also has applications in other markets such as organic contaminants, oil and gas, and waste generated by the mining industry and companies specializing in decontamination and site restoration. Our partnership with FSIT will provide us with the capital we need to continue our R&D efforts so we can then penetrate these markets more effectively."
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $8.5 billion as of May 31, 2012, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in 2,239 companies. With its 594,287 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 168,577 jobs. For more information, visit www.FondsFTQ.com.
SOURCE: FONDS DE SOLIDARITE FTQ
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