Ottawa-based Panacis Inc. is expanding its local presence to go full-steam ahead with commercialization of its new military battery system following financial contributions from investors and taxpayers, a government agency announced Tuesday.
After raising a funding round of $1.2 million from members of the Capital Angel Network, Panacis attracted $613,457 from the Federal Economic Development Agency for Southern Ontario, known as FedDev Ontario, through its program that matches 50 per cent of investor contributions.
The funding will accelerate the commercialization of Panacis’ new lithium-ion battery system for the defence market, according to a company release.
The Soldier Sharepack is a wearable energy storage system that garners additional battery power from a user’s movement and renewable sources such as solar.
Panacis also plans to hire up to 15 additional full-time employees in Ottawa to scale up its manufacturing capabilities, according to the release.
“The FedDev Ontario investment supports engineering and marketing development activities, which are both essential to the successful launch of the Soldier Sharepack product into international markets,” stated Panacis CEO Janet Mason.
Named one of Ottawa’s fastest growing companies in 2010 with three-year revenue growth of 215 per cent, Panacis was founded in 2002 and provides advanced power systems for the medical, aerospace and defence markets, as well as contract engineering services.