Canadian clean-tech co Ionomr Innovations raises USD 2.3m in seed capital

Ionomr Innovations Inc, a Canadian company that develops ion-exchange membrane and polymer solutions for energy storage and clean energy generation applications, said on Tuesday it has raised CAD 3 million (USD 2.3m/EUR 2.1m) in seed capital.

The funding was led by British Columbia-based venture capital firm Pallasite Ventures LLC.

The company, which was founded in 2017, will use the funds to step up the development, production and market expansion of its products, according to the statement. Its environmentally friendly membranes and polymer products are used in advanced fuel cells, hydrogen production, batteries and renewable energy generation storage systems.

Ionomr's products will help developers of hydrogen fuel cells and battery technologies to overcome cost, performance and environmental constraints that have made their widespread implementation more difficult, the company said.

(CAD 1.0 = USD 0.76/EUR 0.69)

Choose your newsletter by Renewables Now. Join for free!