Montreal, June 8, 2011—Cycle Capital Management (Cycle Capital) Inc. today announced a $2.5 million Cycle Capital Fund I LP investment in a new company, American Aerogel Corporation (AAC), that develops and commercializes Aerocore®, a more efficient thermal insulation.
“At Cycle Capital, we’re committed to finding outstanding entrepreneurs in the cleantech sector and identifying the most promising innovations that have the potential to transform their market,” said Andrée-Lise Methot, founder and senior partner of Cycle Capital. “Today’s announcement is a confirmation of that commitment. Once again, we are pleased to participate in the development of such an innovative organization.”
‘’American Aerogel is very excited to have Cycle Capital as a new partner. Cycle Capital’s investment will allow AAC to expand its manufacturing capacity to meet demand in current and future markets,’’ said Jay McHarg, General Manager of American Aerogel. ‘’ In addition to the funding, our Company looks forward to the strategic value that Cycle Capital will add through its extensive network of industry partners and its experience in accelerating the growth of cleantech companies ‘’.
With this first investment, American Aerogel Corporation becomes the 10th company to receive funds from Cycle Capital. Today’s announcement is in line with Cycle Capital’s investment strategy for all of north-eastern North America. Cycle Capital intends to deploy its platform across this territory while remaining a leader in financing innovation in Quebec companies in the cleantech sector. As of May 31 of this year, Cycle Capital has invested $42.9 million, of which $35.6 million is in Quebec.
About American Aerogel Corporation (AAC)
ACC has developed, manufactures and sells an aerogel-based insulation product that significantly outperforms other thermal insulation materials in the market, with an R-value greater than 50 per inch. Aerocore® is an advanced insulation used, among others, in the shipping of temperature-sensitive biomedical and pharmaceutical products. In addition to refrigerated containers, AAC is expanding its market by developing insulation products specifically designed for refrigerated trucks and intermodal containers. Some of the benefits of using Aerocore®
include increased energy efficiency, greater payload space, a reduction in the deterioration of shipped goods and reduced shipping and transportation costs. American Aerogel Corporation is headquartered in Rochester, New York.
About Cycle Capital Management (Cycle Capital)
Cycle Capital is a pioneer among Canadian venture capital funds focused on the cleantech sector. The fund invests in companies developing and commercializing clean technologies and projects in renewable energy generation that are focused on reducing greenhouse gas emissions, optimizing resources use, and decreasing impacts over their entire life cycle.
With nearly $125 million under management, Cycle Capital invests primarily in the north-eastern of North America. The fund has assembled a team of investment professionals, advisors and strategic partners, internationally respected for their combined experience in building, nurturing and growing world class companies. Cycle Capital benefits from a privileged relationship with its strategic partners including Brookfield Renewable Power, Rio Tinto Alcan, Cascades, The Master Group L.P, Lonza, Gaz Métro and Systemex Energies.
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