Novarc Technologies Inc. has received $2,065,000 (Canadian) in funding from PacifiCan, Canada's economic development agency, to continue work on its robotic welding systems. The company said the investment, which equals $1,562,688 (U.S.), is expected to support over 50 new jobs at Novarc Technologies Inc. and generate increased revenues.
“Welding is needed to build key infrastructure, in a variety of industrial settings, such as hospitals, wastewater treatment plants, and shipyards,” the company said in a statement. “As such, the need for prefabrication has grown up to 20% for pipe welding. Novarc's solution automates the manufacturing process of welding - allowing welders of all skill levels to work collaboratively with the robot - increasing safety and productivity up to five times in carbon steel pipe welding and up to 12 times on stainless steel pipes.”
The North Vancouver-based company develops the Novarc's Spool Welding Robot (SWR), which it said was designed for “pipe, small pressure vessel, and other types of roll welding.”
“Companies that have invested in the SWR have increased their pipe welding productivity to 200-350 diameter inches per shift on carbon steel pipes, and 569-998 diameter inches per shift on stainless steel, and have dropped their repair rate to less than 1%,” the company said on its website.
Novarc Technologies recognized globally
The company has installed spool welding robot units in North America, Australia, the United Kingdom, Ireland, Germany, Saudi Arabia, and China and has plans for further expansion.
“We are excited and grateful to receive this funding as we accelerate our growth to reach new international markets with our automated welding solutions,” said Sorush Karimzadeh, CEO of Novarc Technologies Inc. “The funds will allow us to amp up our sales and marketing efforts and expand our team with the talent and resources required to provide support in these new markets.”
Novarc Technologies Inc. was named one of America's Fastest Growing Companies in 2023 by The Financial Times, for the second consecutive year. Novarc was also named to the Globe & Mail's Top Growing Companies for the third consecutive year, placing #132 on the 2022 Globe & Mail's Report on Business fourth-annual ranking of Canada's Top Growing Companies.
PacifiCan sees promise in Novarc
PacifiCan is the federal economic development agency dedicated to British Columbians. PacifiCan said it collaborates with partners who are building innovative businesses, creating quality jobs, and supporting inclusive growth throughout our province. The organization's Business Scale-up and Productivity program supports high-growth (at least 20% revenue growth year-over-year) businesses that are scaling up and producing innovative goods, services or technologies. It offers interest-free, repayable funding to incorporated businesses.
“The world can benefit from the innovative solutions and ingenuity happening right here in British Columbia. Today's investment will help Novarc Technologies Inc. find new global markets for its spool welding robots and demonstrates PacifiCan's ongoing commitment to helping B.C. businesses find success at home and abroad,” said Harjit S. Sajjan, minister of International Development and minister responsible for the Pacific Economic Development Agency of Canada (PacifiCan).
“There are innovative companies across British Columbia that are developing technologies that will help solve the challenges of today and tomorrow. Novarc Technologies Inc. is one of those companies, using advanced manufacturing to create solutions to global problems and they are based right here in North Vancouver,” said Jonathan Wilkinson, minister of Natural Resources and Member of Parliament for North Vancouver.
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