Zero Point Cryogenics Secures $2.67 Million (CAD) in Funding to Fuel Growth

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Insider Brief

  • Zero Point Cryogenics is proud to announce that it has successfully secured $2.67 million CAD in non-dilutive funding.
  • The funding includes $1.95 million from PrairiesCan’s Regional Quantum Initiative and $723,500 from the City of Edmonton Edge Fund.
  • This funds will be used to strengthen the company’s market presence in North America and emerging quantum markets.

PRESS RELEASE — Zero Point Cryogenics is proud to announce that it has successfully secured $2.67 million CAD in non-dilutive funding to unlock the next phase of its rapid development plan. The funding comprises $1.95 million from PrairiesCan’s Regional Quantum Initiative and $723,500 from the City of Edmonton Edge Fund. This financial support marks a pivotal milestone in our mission to advance and scale our quantum-enabling cryogenic technology. This funding will be used to strengthen our market presence in North America and emerging quantum markets. The funding will help accelerate our research and development efforts, expand our team, and drive our global sales efforts.

“We are thrilled to be among those companies building quantum and quantum-enabling technology in Alberta. Both the City of Edmonton and Alberta are great places to grow a quantum technology company thanks to the skilled talent pipeline developed in institutions like the University of Alberta and the Northern Alberta Institute of Technology (NAIT). This funding solidifies the support for ZPC at municipal, provincial, and federal levels of government.” -Chris Cassin, CEO, Zero Point Cryogenics

Prairies Economic Development Canada’s Regional Quantum Initiative

Zero Point Cryogenics is honoured to announce that it has been selected to receive funding from Prairies Economic Development Canada (PrairiesCan). ZPC will receive funds amounting to $1.95 million. The PrairiesCan funding stems from Canada’s National Quantum Strategy’s Regional Quantum Initiative, aimed at advancing the commercialization of quantum products and solutions for domestic and global markets.

The funding from PrairiesCan will enable ZPC to enhance research and development efforts, scale our operations, and accelerate the commercialization of our dilution refrigerator technology. This support not only validates our work in cryogenics but also provides the financial backing needed to explore new applications and markets. The investment underscores the importance of collaboration between Canada’s government and innovative companies like ZPC to drive economic growth and technological progress.

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Edmonton Edge Fund Announcement at the Art Gallery of Alberta

On June 11, 2024, ZPC was featured at the official Edmonton Edge Fund Showcase Event at Art Gallery of Alberta. Representing Zero Point Cryogenics were ZPC’s CEO, Chris Cassin, Technical Sales Associate, Eric Daigle, and CAD Designer, Sophia Reyes. This event marked a significant moment for Edmonton’s innovation ecosystem, emphasizing the city’s commitment to supporting groundbreaking technological advancements. The Edmonton Edge Fund is a strategic initiative by the City of Edmonton designed to address funding gaps for innovators and entrepreneurs. By allocating $5 million in Phase 1, the Edge Fund aims to facilitate businesses’ start, scale, and growth, thereby driving economic growth and creating new job opportunities in the city’s region​​.

During the event, Mayor Amarjeet Sohi, along with Edmonton City Councillors, industry, and ecosystem partners shared insights into the importance and potential of these funds and funding recipients. The discussions highlighted how strategic technological investments can spur economic development and further position Edmonton as a hub for innovation.

The support from the Edge Fund is a significant endorsement of ZPC’s capabilities and potential to contribute to the local and global technological landscape. This funding helps us kickstart our vision of creating a quantum hub in Edmonton that will drive innovation, support cutting-edge research and development, and attract top global talent.

Economic Growth and Job Creation

The infusion of $2.67 million from PrairiesCan and the Edmonton Edge Fund will help Zero Point Cryogenics (ZPC) scale and grow. This funding will enable ZPC to expand our workforce, adding numerous highly skilled jobs that will drive economic growth. ZPC’s plan to invest in strategic marketing will enhance our brand visibility and market reach, attracting new clients and partnerships on an international scale. This increased exposure will further position ZPC as a leader in quantum-enabling cryogenics. The economic benefits of the funding will extend upstream and downstream, stimulating local suppliers and manufacturers while advancing Canada’s quantum technology landscape through our innovative cryogenic solutions.

“It’s an exciting time at ZPC and we are grateful for the support shown to us by the city of Edmonton and the province of Alberta in achieving our growth initiatives.” – Elise Usunier, CCO, Zero Point Cryogenics

Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

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