Vancouver, Jan. 26, 2021 (GLOBE NEWSWIRE) --
News Summary
- Total funding raised to date more than $66M CAD ($52M USD)
- Company now valued at $620M CAD ($484M USD)
- F. William McNabb, former CEO of Vanguard and Dr. Ronald Sugar, Chairman of Uber, Join Nexii Board of Directors
Green construction technology company Nexii Building Solutions Inc. (Nexii), today announced that it has raised nearly $33M CAD ($25M USD) in its fourth round of funding, which closed in the fall of 2020. The funds will be used to expedite the opening of its production facility in Squamish, B.C., expand its manufacturing partner program, and continue product innovation and development. Total funding raised to date by Nexii is now more than $66M CAD ($52M USD).
Nexii is committed to tackling the global environmental crisis by accelerating the supply of more sustainable and durable buildings. The company’s innovative green technologies allow for the rapid development of sustainable, cost-efficient, durable and disaster-resilient buildings.
Nexii is growing rapidly to meet skyrocketing market demand for cost-efficient green buildings. Currently, Nexii has one fully operational plant in Moose Jaw, Saskatchewan, with three new production facilities in development in British Columbia, Alberta, and Ontario, Canada and one in the U.S. in Pennsylvania. Nexii’s clients, companies leading the charge to design, build and operate sustainable buildings, include Starbucks, Popeye’s and A&W Restaurants. The company is now valued at $620M CAD ($484M USD), a direct result of Nexii’s vision, innovative product and forward-looking clients.
“The construction sector has a staggering effect on the environment and is just at the brink of a new revolution in green technology,” said Stephen Sidwell, CEO of Nexii. “Not only must we consider the construction or retrofitting of a building, but also the environmental costs of ongoing maintenance. Our material technology and building systems are a huge step forward in reducing climate pollution and we are motivated by the opportunity to be a driving force in the green economy. We are grateful to our investors, partners, customers and employees who are on our journey to reinvent the way the world builds.”
New Nexii Board Members
Nexii also announced that F. William McNabb, former Chairman and CEO of Vanguard has joined its board of directors as Vice Chairman, bringing his expertise to help fast-changing industries scale.
“Nexii’s approach to tackling the climate crisis and reinvigorating economies with green technology is exactly where we need to be right now,” said McNabb. “Facing a global pandemic, devastating hurricanes, fires and floods, amidst a housing crisis with tens of thousands of buildings needing critical retrofitting, we need innovative companies like Nexii to pave the way forward.”
In addition, Dr. Ronald Sugar, Chairman of Uber Technologies and board director at Apple, is joining Nexii’s board. Dr. Sugar has served on the company’s Advisory Board since June 2020.
Buildings and construction together account for 39% of global CO2 emissions, according to the United Nations Environment Global Status Report 2019, making it one of the world’s worst polluting industries. The construction industry is also the world’s largest contributor to solid waste, filling 33-50% of landfill sites. With the volume of buildings globally doubling in the next 40 years, the industry desperately needs to innovate to reduce its environmental impact.
About Nexii:
Through its innovative building solutions, Nexii’s mission is to create sustainable, durable, cost-efficient and disaster-resilient buildings. Nexii engages in ongoing third-party testing to ensure the quality and safety of its products across a range of test categories, including strength, durability, and structural integrity. Nexii is well-suited for most building options, including industrial/commercial/institutional, mixed-use, multi-family residential, single-family homes, as well as for the growing retrofit market.
As a company concerned with environmental and social impacts, Nexii is committed to building a vibrant future for people and the planet by manufacturing and retrofitting truly sustainable buildings.
Attachments
- Nexii constructs first-of-its-kind sustainably built Starbucks Store in Canada
- F. William McNabb joins Nexii's Board of Directors as Vice Chairman