First Closing of Airex Energy Series D Funding Round

Montreal, June 18th, 2024 – Airex Energy, a global leader in decarbonization technologies, announces the first closing of a Series D funding round, attracting investors from North America and Europe. This funding round includes increased cooperation from SUEZ, a global leader in circular solutions for water and waste, as the lead investor, along with renewed commitments from Cycle Capital, Fonds de solidarité FTQ and Investissement Québec, as an intermediary of the Québec government.

Airex Energy is renowned for its climate change innovations, offering solutions such as biochar, biocarbon, and biocoal, which are utilized worldwide. Biochar is a prime solution for carbon sequestration, biocarbon plays a crucial role in green steel production, and biocoal offers a sustainable alternative to traditional coal for thermal power plants and sustainable aviation fuel production.

With this strategic funding, Airex Energy is well positioned to accelerate its ambitious growth projects with major initiatives planned in Quebec/Canada and Europe.

"On behalf of the team, I am grateful for the continued support from our partner SUEZ and from our investors. It is a testament of our ability with our proprietary technology, to tackle some of the most pressing challenges. It also allows us to strengthen our leadership in decarbonation and gives us the necessary resources to increase commercialization and pursue our ambitious goals globally," said Michel Gagnon, CEO of Airex Energy.

Sabrina Soussan, SUEZ Chairman and CEO, said: “Carbon capture and storage can play a key role in rising to the challenges of climate change. We are pleased to support the development of Airex Energy. This investment opens avenues for various synergies. Acquiring a stake in Airex Energy offers evidence of SUEZ’ desire to incorporate complementary technologies into its value chain to provide its clients with ever more resilient and innovate solutions in water and waste services.”

“Cycle Capital has long supported Airex Energy. We are pleased to see strategic partners like SUEZ, a longtime partner of ours, lead the round and investors like the Fonds de solidarité FTQ and Investissement Québec continue their commitments,” noted Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital.

“Our reinvestment in Airex Energy demonstrates our commitment and willingness to support this innovative company which is playing a positive role in the environmental transition. Their technology and effective solutions for reducing GHG emissions will have a direct impact on future generations. Notice that the Fonds investment qualifies for its objective of reaching $12 billion in sustainable development by May 31, 2027,” said Dany Pelletier, Executive Vice-President, Private Equity and Impact Investing at the Fonds de solidarité FTQ.

“It’s key that we develop innovative technologies to drive economic growth and meet our environmental targets. By supporting Airex Energy, Québec is gearing up to become the first jurisdiction in North America to decarbonize its economy, all while recovering forestry waste. It’s a win-win all around,” mentioned Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Metropolis and the Montréal Region.

“With the upgrades to the biochar plant in Port-Cartier, Airex Energy can showcase the true power of its biomass-to-biochar technology while creating new jobs. As it stays rooted in Québec, the company will leverage its expertise to boost productivity and actively contribute to growth and economic diversification in the Côte-Nord region. I’m proud that Canada’s first biochar plant will be built right here in Port-Cartier,” said Kateri Champagne Jourdain, Minister of Employment, Minister Responsible for the Côte-Nord Region and Member for Duplessis.

This funding round also highlights a significant announcement: Microsoft has chosen Carbonity, a flagship project by Airex Energy and its partners, for its carbon credits, confirming the global recognition of our technology. By 2026, this first biochar plant in Canada will have North America's largest annual production capacity and one of the most significant worldwide. This is the first project resulting from the partnership between SUEZ and Airex Energy, which aims to produce 350,000 tonnes of biochar by 2035.

About Airex Energy

Airex Energy is an innovative leader developing and providing world-class decarbonization solutions capable of significantly reducing GHG emissions. With its proprietary CarbonFX™ technology, Airex Energy transforms biomass into high-value ecological products such as biochar, biocarbon, and biocoal. Since 2016, the company has operated the first and only industrial biocoal production plant in Canada and now exports its solutions globally, including to the United States, Europe, and Asia. In 2023, the company and its partners Groupe Rémabec and SUEZ have also announced plans to build Canada's first biochar plant.

Ancoris Capital Partners, a New York City-based investment bank, acted as the exclusive financial advisor to Airex Energy for the Series D financing.


Contact Information

Mathilde St-Vincent CASACOM 514-242-6852