Nexii Building Solutions Inc has completed a $45-million funding round the green construction company says gives it a valuation of more than $2-billion – nearly double its worth less than a year ago.
Vancouver-based Nexii manufactures concrete-like panels for residential and commercial buildings, but it uses a proprietary material that is less carbon-intensive and creates less waste. The company said the financing was led by Horizon Technology Finance Corp. and Trinity Capital Inc.
The two U.S.-based investors first bought positions in the private company last year. The new contribution is relatively small, but their resulting ownership stake indicates a valuation of $2.05-billion, Nexii said.
The new money will go to speeding up the company’s growth to meet demand for sustainable building solutions. Stephen Sidwell, Nexii’s co-founder and chief executive, said in a statement that expansion plans include marketing the technology worldwide.
Nexii says its products and building designs nearly eliminate construction waste, reduce build times and lower the embodied and operational carbon of buildings. According to corporate data, the construction industry is the largest contributor to solid waste globally, and buildings account for 37 per cent of carbon emissions.
Nexii markets its products as being resilient to floods, fires, earthquakes and hurricanes.
The company’s building products have been used in projects for customers that include Starbucks, Bank of Nova Scotia, Popeyes Louisiana Kitchen and Marriott International. This year it opened a new plant in Pennsylvania, its first in the United States.
In June, Nexii said it will build two fire-resistant homes in Lytton, B.C., as that village rebuilds following its destruction last year in a massive wildfire.
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