Panacis attracts FedDev Ontario funding for commercialization of Soldier Sharepack system
OTTAWA—The Canadian government’s Federal Economic Development Agency for Southern Ontario is investing in an Ottawa-based lithium battery firm looking to break into the defence market.
According to FedDev Ontario, it is investing as much as $613,457 in Panacis Inc. as the company looks to commercialize its Soldier Sharepack, a wearable lithium-ion energy storage system.
FedDev Ontario says the firm has also been able to attract up to $1.23-million from members of the Capital Angel Network.
The commercialization project is expected to create up to 15 full-time jobs in the Ottawa area.
“By investing in Panacis Inc.’s new battery system, we are helping to ensure that soldiers have the resources they need to effectively protect people and goods,” Minister of State Gary Goodyear said in a statement.
“Our government’s support for innovations like these helps to foster competitiveness and creates opportunities for jobs and growth here in Ottawa.”
The Soldier Sharepack system is both a battery and energy management device that uses flexible energy sharing, harvesting and scavenging techniques that allow a user’s movement and renewable sources such as solar to supplement the battery charge and provide reliable power.
Panacis designs and manufactures advanced lithium battery systems for a broad range of devices and markets.
“Government support for small business innovation is critical for remaining competitive in the global marketplace,” Panacis CEO Janet Mason, said.
“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.”