NGIF makes additional investment in Kinitics Automation
SUMMARY
Shape memory alloy technology replaces methane-venting pneumatics. [Image credit: Kinitics Automation]
By Dale LunanPOSTED IN:
NGIF Capital, through its Cleantech Ventures Fund programme, said March 5 it had made a follow-on investment in Vancouver-based Kinitics Automation, which is developing shape memory alloy technology to replace methane-venting pneumatics and help oil and gas producers reduce emissions.
The investment was conducted as part of a larger seed financing round, led by a syndicate of angel investors in Vancouver.
NGIF Cleantech Ventures made its initial equity investment in Kinitics in 2022, while NGIF Industry Grants entered into a contribution agreement with the company in 2021. In 2020, Kinitics was a finalist in NGIF’s Round 5 funding competition.
“Kinitics has been a part of the NGIF ecosystem since 2019 and is one of only a handful of companies that are embedded in our full platform,” said John Adams, managing partner of Cleantech Ventures Fund. “They have tested their technology through the NGIF Accelerator’s Emissions Testing Centre programme for technology validation and accelerated the development of their technology through funding from its Industry Grants program.”
A leading company in the development of motion control products using shape memory alloy materials, Kinitics manufactures its own line of actuators and piston pumps based on the company’s bundled wire technology. Responding to the needs of the natural gas industry, the company has developed a spring-loaded electric valve actuator to replace methane venting equipment.
“We believe that NGIF’s continued support validates our implementation of shape memory alloy and bundled wire technology in our actuators and piston pumps,” Kinitics CEO Dean Pick said. “Their support is helping us scale our technology as we transition through to commercialisation.”
