Ottawa-based Panacis Inc. is expanding its local presence to go full-steam ahead with commercialization of its new military battery system following financial contributions from investors and taxpayers.
“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,” stated Panacis CEO Janet Mason.
After raising a funding round of $1.2 million from members of the Capital Angel Network, Panacis attracted $613,457 from the Federal Economic Development Agency for Southern Ontario, known as FedDev Ontario, through its program that matches 50 per cent of investor contributions.
The funding will be used to fund the Soldier Sharepack, a wearable energy storage system that garners additional battery power from a user’s movement and renewable sources such as solar.
Panacis also plans to hire up to 15 additional full-time employees in Ottawa to scale up its manufacturing capabilities, according to the release.