Sustainable investments powering the future via AlumaPower’s innovative long duration clean energy while creating benefits for Ontario
AlumaPower, located in Sarnia, Ontario, is making strides in energy innovation, focusing on air-aluminum battery technology that utilizes scrap aluminum. First introduced to Bioindustrial Innovation Canada (BIC) in 2021, AlumaPower was seeking capital to expand its operations. Recognizing the company's potential, BIC made three investments starting in early 2022, helping AlumaPower secure over $19 million, including an impressive oversubscribed Series A round of $12 million USD.
In 2021, AlumaPower was developing prototypes for two key applications: cold-chain transportation and soldier-worn telecom batteries. BIC's thorough evaluation and due diligence included a deep dive into the technology, facility tours, and discussions with partners providing project support. As with all of our investments, BIC continues to share its evaluations and technical due diligence with other investors, knowing that these technologies are not only novel but also highly specialized from a chemistry and engineering perspective, making them overly complex for many traditional investors.
BIC’s first investment in early 2022 focused on boosting AlumaPower’s research and development (R&D) capabilities and expanding its team. This initial support was crucial in closing AlumaPower's seed round, which included strong backing from Martinrea, setting the stage for future growth.
Between early 2022 and late 2023, AlumaPower shifted its focus from cold-chain transport to mobile power generation systems, a move that led to successful field trials with a major "last-mile" courier. This strategic pivot attracted additional investments from Martinrea, Starbridge VC, and the Business Development Bank of Canada (BDC). BIC’s third investment played a catalytic role, triggering further investment from BDC.
AlumaPower's journey showcases the synergy between innovative technology and strategic investment. Today, the company is well-funded, has created 46 direct jobs, and is on the cusp of commercial production for its air-aluminum battery systems.
The investments have also fortified BIC’s relationships with BDC and Kingston Process Metallurgy (KPM). On BIC’s recommendation, AlumaPower engaged KPM, resulting in extensive collaborative work that has significantly advanced AlumaPower’s technological capabilities.
AlumaPower’s evolution from a concept to actual energy solutions highlights the importance of visionary investments and strategic technical support. As AlumaPower continues to innovate and expand, it is well positioned to make a lasting impact on the energy landscape in Canada and around the world, paving the way for a more sustainable future.
BIC has been able to support companies and accomplish some amazing results with Government of Canada funding, through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), to support green, clean and sustainable technology companies, like AlumaPower, by providing strategic investment to early-stage companies through its Sustainable Chemistry Alliance fund.
For more information:
Meaghan Seagrave Fiona McDonald
Executive Director Marketing and Communications Manager
Bioindustrial Innovation Canada Bioindustrial Innovation Canada
Email: mseagrave@bincanada.ca Email: fmcdonald@bincanada.ca
About FedDev Ontario
For 15 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our investment profiles, our Southern Ontario Spotlight, and FedDev Ontario’s X, Facebook, Instagram and LinkedIn.
About Aluma Power
AlumaPower is a Canadian-based cleantech startup founded in 2017. AlumaPower’s innovative long duration energy source turns scrap aluminum into the world’s newest clean fuel. They are comprised of a team of experienced product developers and committed new professionals dedicated to delivering a first-in-kind solution to help Canada and the world combat the growing climate crisis by creating applications for clean, powerful energy that provides sustainable humanitarian value.
About Bioindustrial Innovation Canada (BIC)
Bioindustrial Innovation Canada (BIC) is a nationally focused not-for-profit business accelerator that provides critical strategic investment, advice, and services to business developers of clean, green, and sustainable technologies.
BIC focuses on critical strategic capital investment in SMEs with compelling business plans where innovation in science and engineering can bring about major advances in sustainable chemistry. Sustainable chemistry is playing an important role in the development of solutions to the impacts of climate change, peak oil, energy security, the need for safe water and the use of scarce natural resources. The increasing global demand for green and safer products offers the opportunity to create thousands of new jobs for Canadians.
For more information about Bioindustrial Innovation Canada (BIC), visit www.bincanada.ca or connect directly with Executive Director, Meaghan Seagrave: mseagrave@bincanada.ca; www.linkedin.com/in/meaghanseagrave.