CALGARY, March 22 /PRNewswire/ - DIRTT Environmental Solutions Ltd. ("DIRTT") is pleased to announce the completion of a major partnership and financing led by Expansion Capital Partners ("ECP") for $22 million. Expansion Capital invests and supports leading clean technology and sustainability-focused companies in the U.S. and Canada. Joining Expansion in their investment in DIRTT are NGEN Partners, Apex Venture Partners, Export Development Canada and North Sky Capital. In addition to their strategic investment, Diana Propper de Callejon, General Partner of Expansion, joined DIRTT's Board of Directors. She has been the General Partner of Expansion since January 2004. Previously she was Managing Director of EA Capital. Ms. Propper de Callejon is a Director of Tiger Optics and former Director of Orion Energy, CPower and SensorTran.
"DIRTT distinguishes itself as a market leader of sustainable solutions for commercial interiors," said Ms. Propper de Callejon. "The company is using its game changing software to bring IT into interior construction in ways that provide unprecedented value to its customers. In every aspect of their operations DIRTT's commitment to sustainability drives business innovation and growth."
Proceeds from the financing will be used to establish DIRTT's new manufacturing facility for modular walls in Phoenix, Arizona. The plant is expected to be fully operational by the summer of 2011. "Expansion Capital is a leader in supporting viable green businesses for their investors," says DIRTT CEO Mogens Smed. "They spent a lot of time with us doing their due diligence and discovering the meaningful way DIRTT and ICE® software demonstrate profitable environmental sustainability." Case in point, DIRTT's new Phoenix facility is only possible because ICE software eliminates human error and facilitates real-time communication among all project stakeholders, regardless of location. The 3D experience used to communicate design with clients contains all the information for the production facility to build the design in DIRTT Walls. Glenn Williamson, CEO of the Canada Arizona Business Council, is enthusiastic about DIRTT coming to Phoenix. "We are thrilled to see another Canadian company expanding into Arizona and bringing with it such a sustainability footprint." DIRTT Phoenix will complement the existing Calgary, Alberta and Savannah, Georgia manufacturing locations.
DIRTT's rapid growth is also supported by the opening of two new Green Learning Centers in California. The Los Angeles space is entertaining small client tours now and the San Francisco space will be opening later this spring. These spaces are for potential clients and design professionals to discover the sustainable, aesthetic and performance abilities of the DIRTT walls, modular electric, modular data, flooring and the way ICE software communicates their vision.
DIRTT—'Doing It Right This Time' refers to creating unique workspace interiors with responsive, Agile Architectural Solutions. Self-expression and dynamic sustainability combine to produce customized, productive office solutions that are award winning, sustainable, long-term assets. Further improving the process, DIRTT uses real-time, interactive 3D software called ICE®; a single software application for a fluid flow of information, from design and point-of-sale to the manufacturing floor, eliminating order entry errors and inter-application conflicts. Headquartered in Calgary, Alberta DIRTT also is proud to call Savannah, GA, Chicago, IL, Kelowna, BC, Salt Lake City, UT, New York City and soon Phoenix, Los Angeles and San Francisco home.
Headquartered in New York, NY, Expansion Capital was founded in 2002. A pioneer in Cleantech venture capital, it is respected for its leadership in developing the Cleantech sector. In this respect, in 2002 Expansion Capital was the sole VC organization to be a Founding Investor of the Cleantech Group, one of the leading conference and data providers to the Cleantech investment community.
Forward Looking Statements:
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SOURCE DIRTT Environmental Solutions