Ontario Construction News staff writer
Green construction technology company Nexii Building Solutions Inc. says it has raised nearly $33 million 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, the company says in a statement.
The company says so far it has raised more than $66 million in investment funds.
The statement says 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,” the statement says. “Nexii is growing rapidly to meet skyrocketing market demand for cost-efficient green buildings.”
Nexii is currently operating a plant in Moose Jaw, Sask, with three new production facilities in development in British Columbia, Alberta, and Ontario, and one in the U.S. in Pennsylvania.
Nexii says its clients include Starbucks, Popeye’s and A&W Restaurants. “The company is now valued at $620 million, a direct result of Nexii’s vision, innovative product and forward-looking clients,” the statement says.
“The construction sector has a staggering effect on the environment and is just at the brink of a new revolution in green technology,” said Nexii CEO Stephen Sidwell said. “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,” he said.
Nexii also announced that F. William McNabb, former chairman and CEO of Vanguard has joined its board of directors as vice-chairman.
“Nexii’s approach to tackling the climate crisis and reinvigorating economies with green technology is exactly where we need to be right now,” McNabb said in the statement. “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 per cent 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 per cent of landfill sites, the statement said.