Vancouver’s Discover Energy Corp. has secured US$15 million in financing from Export Development Canada to expand its battery manufacturing operations to reach international markets. The money will be used to acquire a production facility in South Korea.
In addition to expanding manufacturing, the company plans to use the EDC financing to introduce new battery technology. Discover says increasing production capacity is also needed so it can debut its latest electrochemical advancement in battery technology.
"The acquisition enables Discover to continue to expand its portfolio and introduce what we feel is the most significant improvement in performance, reliability, and life in starting, lighting and ignition batteries in 50 years," said Darwin Sauer, president of Discover. "This capital gives us additional resources to expand strategically and competitively into new markets, innovate rapidly, and deliver our vision."
Discover's growth is currently being driven by changes in the automotive sector. The company has developed a new system to extend the life of automotive and commercial batteries in the rapidly expanding start-stop and anti-idle vehicle sector.
"Acquiring this plant will not only help with Discover Energy's supply chains, but it will also help the company deliver on their innovation goals," says Mairead Lavery, senior VP of business development at EDC. "This new expansion positions Discover for real growth in a sector where advanced battery technology is required to support new fuel saving and reduced carbon emission vehicle technologies."