Volatus Aerospace has successfully closed a total of $15 million in combined funding from Investissement Québec and Export Development Canada (EDC) (together, the New Financing).
This new financing will allow Volatus to expand its operations and accelerate the development of its aerial solutions across key core industries such as oil and gas, energy utilities, public safety, and infrastructure.
The total funding is comprised of $7.5 million from Investissement Québec in the form of a secured convertible debenture (the Debenture) and $7.5 million from EDC in the form of a term loan (the Term Loan).
This New Financing provides a strong foundation for Volatus to secure and advance its growth strategy. “We are honored to have the support of both Investissement Québec and Export Development Canada,” said Glen Lynch, CEO of Volatus. “These financings will enable the Company to achieve our near-term profitability goal and reinforce our base from which to resume our internal and external growth initiatives.”
Volatus has committed to move back its head office to Québec and further develop identified future new activities based in Québec. These include longer-term developmental initiatives such as AI-based aerial solutions as well as unmanned delivery and cargo developmental projects. The Company has already begun scoping such initiatives. The company felt that Québec’s unique industrial clusters, strengths and ecosystems in many areas such as aerospace, AI, air freight and cargo, as well as its R&D support programs, further supports this move to Quebec.
Bicha Ngo, President and CEO of Investissement Québec, said; “Investissement Québec is proud to support Volatus’s growth. This investment will enable the company not only to relocate its head office and most of its operations to Québec, but also to optimize its research and development initiatives and advance its artificial intelligence projects. This financing operation clearly reflects our desire to actively contribute to the development of strategic sectors of our economy.”
Guillermo Freire, Senior Vice-President, Mid-Market Group, said; “In collaboration with Investissement Québec, we are pleased to support Volatus with debt financing to help the Company advance the development of its cutting-edge aerial solutions.
“Through its innovative technologies, Volatus is shaping the future of aerospace operations for the benefit of an array of sectors, and we look forward to seeing the impact of their continued growth.”
According to Volatus, the New Financing marks a significant milestone as it continues to expand its presence in the global aerial solutions market. The company is said to remain focused on leveraging these funds to drive sustainable growth and advance its technology offerings.
