VANCOUVER, British Columbia--(BUSINESS WIRE)--The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, today announced that Illusense Inc. has secured a $1.6 million funding commitment from Sustainable Development Technologies Canada (SDTC).
Adrian Banica, Illusense Executive Chairman stated, “We are very pleased with the financial and strategic support we have received from SDTC. With fossil fuels expected to be part of the World’s energy mix for decades to come, we have to find new and effective ways to maintain the integrity of transportation infrastructure such as pipelines. Illusense’s novel technology employs the accuracy of multiple lasers to create a 3D profile of the pipeline interior as it travels through the system for 100’s of kilometers at a time. The collected data will be analyzed to identify various wall defects such as dents, cracks, corrosion etc. down to 10’s of microns in size. Based on the feedback and support we have received from our industrial partners, we believe that this high resolution information will allow pipeline operators to better identify the high risk defects and target their repair and maintenance efforts more efficiently.”
“Sustainable Development Technology Canada is very proud to support the commercialization of Illusense’s innovative technology,” said Leah Lawrence, SDTC President and Chief Executive Officer. “This project will create green jobs for the local economy, increase efficiency in the sector and provide economic and environmental benefits for all Canadians.”
With the technology successfully developed and demonstrated in a laboratory environment, this investment will support its productization and field testing followed by instrument manufacturing and commercial deployment. The funds will be received over a project development cycle anticipated to last 2.5 years.
Illusense Inc. (www.illusense.com) is developing an ultra-high resolution laser-based internal oil and gas pipeline inspection technology to enhance integrity management by proactively prioritizing pipeline maintenance actions. The resulting 3-D data sets will allow pipeline operators to capitalize on unprecedented intelligence to enhance the understanding of the condition of their assets and deliver on their zero-leak goals.
Sustainable Development Technology Canada (SDTC) (www.sdtc.ca) is an arm's-length foundation created by the Government of Canada to support innovative and entrepreneurial clean technology projects. Our portfolio of companies develop and demonstrate new technologies that address issues related to climate change, air quality, clean water and soil.
This press release includes certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including projections of future financial and operational performance; statements with respect to future events or future performance, estimated future revenues, anticipated operating costs and revenue and future demand for the Company’s products and services. All statements in this press release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.