Export Development Canada (EDC) today announced USD 15M in financing to Discover Energy Corp. (“Discover”) to acquire a manufacturing facility in South Korea to expand its operations internationally.
Vancouver-based Discover develops and distributes battery products for transportation, motive, energy storage, and distributed power applications. The financing will be used to acquire and expand an existing battery manufacturing plant, as well as for working capital support. One of the primary reasons for Discover increasing its manufacturing capacity is to introduce the latest electrochemical advancement in battery technology with exclusive and patented 360° acid mixing technology.
“The acquisition enables Discover to continue to expand its portfolio and introduce what we feel is the most significant improvement in performance, reliability, and life in starting, lighting and ignition batteries in 50 years,” says Darwin Sauer, President of Discover. “This capital gives us additional resources to expand strategically and competitively into new markets, innovate rapidly, and deliver our vision.”
Discover’s growth is currently being driven by changes in the automotive sector. The company has developed a new system to extend the life of automotive and commercial batteries in the rapidly expanding start-stop and anti-idle vehicle sector.
“Acquiring this plant will not only help with Discover Energy’s supply chains, but it will also help the company deliver on their innovation goals,” says Mairead Lavery, Senior Vice President, Business Development, EDC. “This new expansion positions Discover for real growth in a sector where advanced battery technology is required to support new fuel saving and reduced carbon emission vehicle technologies.”
An increasingly important part of Canada’s trade story is the additional business activity generated by foreign investments. According to EDC research, Canadian companies with foreign affiliates have additional sales that create positive impacts on employment and revenue at the Canadian parent.
“Discover is a great example of a company ready to take its business to the next level,” added Lavery. “EDC’s unique value proposition is that we can help smaller companies manage the risks of investing in new markets and secure financing for their new international assets.”
About Discover Energy
Discover Energy Corp. works with the world’s leading manufacturers and users of Motive Equipment, Stationary Power and Renewable Energy Systems to supply advances in battery technology. The power of insight, combined with extensive market knowledge, drives innovation and optimization of battery technologies for worldwide distribution through trusted partners. Discover drives ingenuity in Lead Acid and Advanced Energy (Lithium) Solutions. Working to eliminate user related issues, reduce maintenance costs, and provide measurable productivity and performance gains. For more information, visit www.discoverbattery.com or call +1-604-766-3288.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.