Exterra raises $20M to repurpose asbestos waste into carbon-storing minerals, aiming for a massive clean tech facility in Québec by 2027.

A New Vision for Mine Waste

Montréal-based cleantech startup Exterra has secured $20 million in Series A funding to revolutionize how we deal with one of Canada’s most toxic legacies: asbestos mine tailings. Instead of treating mining byproducts as disposable waste, Exterra is converting them into valuable resources that actively help fight climate change.

“Mining must become part of the circular economy if we want to tackle the climate crisis,” said Exterra CEO Olivier Dufresne.

The fresh capital brings Exterra’s total funding to $32 million, with major backing from Clean Energy Ventures, BDC Capital’s Climate Tech Fund, and support from Investissement Québec, MOL Switch, and Karpowership.

From Asbestos Waste to Industrial Gold

Exterra’s breakthrough lies in two innovative technologies:

• Mineral Extraction: Their process treats asbestos-laden mine tailings with acid, neutralizing hazardous fibres and extracting silica, nickel, and magnesium oxide. These materials are highly sought-after in fireproofing and electric vehicle (EV) battery supply chains.
• Carbon Mineralization: Magnesium oxide from this process is further used to absorb and lock away CO₂, forming magnesium carbonate. Each tonne of magnesium oxide can capture 1.1 tonnes of carbon dioxide—making Exterra a player in the carbon credit economy.

The Hub One Vision for 2027

With the new funding, Exterra aims to build Hub One, a commercial-scale asbestos waste processing plant by 2027. The proposed site will either be in Thetford Mines or Val-des-Sources—formerly Asbestos, Québec, once a global asbestos capital.

The plant is expected to process up to 400,000 tonnes of asbestos tailings annually, marking the world’s largest facility of its kind.

Economic & Environmental Promise

Despite still being in the pre-commercial scoping phase, the roadmap is clear. Exterra plans to:

• Scale pilot operations to industrial levels.
• Finalize engineering studies.
• Secure contracts with long-term industrial clients.
• Grow its current 13-member team to 20 over the next year and a half.

Their revenue strategy is diversified:

• Selling magnesium oxide to industrial firms.
• Supplying nickel to EV battery manufacturers.
• Marketing carbon credits—already pre-purchased by Frontier Climate and MaRS.

Navigating the Carbon Credit Landscape

While many companies are scaling back their green pledges, Dufresne remains optimistic. He emphasized that Exterra isn’t solely reliant on carbon credits—a move that shields them from volatility in the sustainability market.

A Growing Ecosystem of Clean Mining in Canada

Exterra isn’t alone in this space. Other Canadian cleantech innovators like BAIE Minerals in Newfoundland and Deep Sky in Québec are also exploring different methods of mining waste valorization and carbon capture.

But as Dufresne puts it, “We’ll need every solution possible” to address the scale of the climate crisis. And Exterra’s approach could be a key piece of that puzzle.

Stay tuned to Maple News Wire for more updates on Canada’s cleantech breakthroughs and green industrial transitions.

Over 60 events set to energize Vancouver Startup Week 2025, including a headline fireside chat with Clio’s CTO and CMO.

A Week of Innovation, Insight, and Entrepreneurial Energy

Vancouver’s thriving tech ecosystem is about to get a major boost as Vancouver Startup Week (VSW) 2025 returns with a lineup designed to inspire, educate, and connect. Running from May 20 to 23, the event will host over 60 programs—from hands-on workshops to high-impact panels—bringing together the brightest minds across startups, investment, and innovation.

But the week’s biggest highlight? A fireside chat with Clio’s executive duo—a must-attend moment for legaltech watchers and entrepreneurs alike.

Clio’s CTO and CMO Set the Stage with Purpose-Driven Growth

On the evening of May 21, attendees will get front-row access to an exclusive session titled “Scaling with Purpose: Clio’s Journey and the Future of Legal Tech.”
In this candid discussion, Jonathan Watson (CTO) and Reagan Attle (CMO) of Burnaby-based legaltech unicorn Clio will reflect on the company’s evolution from a scrappy Vancouver startup to a global industry leader.

The conversation will delve into:

• Building with purpose and community at the core
• Developing inclusive teams in tech
• Innovating products for the next era of legal services

This session is expected to draw a significant crowd—and serve as a playbook for startups looking to scale with meaning.

The Road to Web Summit: Preparing BC’s Startups for the Global Stage

VSW 2025 also serves as a launchpad for Innovate BC’s Road to Web Summit Vancouver—a strategic effort to prepare local startups for the Web Summit coming to the Vancouver Convention Centre from May 27 to 30.

Expect a diverse menu of tactical sessions, including:

• Venture Financing 101 hosted by Angel Forum
• Accessing Venture Capital panel and social by Osler
• Reverse Pitch Series, where investors pitch to startups
• How to Win Any Pitch with Web Summit co-host Casey Lau, including brutally honest “Gordon Ramsay-style” feedback

These sessions are tailored to help founders refine fundraising strategies, sharpen their storytelling, and stand out in high-stakes pitch arenas.

From Gender Equity to Growth: Inclusive and Impactful Conversations

VSW’s programming doesn’t just focus on business—it challenges norms too. A standout this year is the return of Toast’s “Men in Tech” panel, where male executives face tongue-in-cheek versions of the irrelevant questions often posed to women in tech.

Meanwhile, growth-minded founders can explore sessions tackling:

• Pitch perfection
• Navigating growth-stage hurdles
• Scaling without compromising culture

The Festivities: Opening Night to Grand Finale

The week kicks off on May 20 with an opening reception and ecosystem showcase hosted by Google Cloud at Science World. VSW 2025 wraps in style with the Closing Party at D/6 Bar & Lounge in Parq Casino on May 23.

With its mix of strategic sessions, culture-shifting conversations, and dynamic networking, Vancouver Startup Week 2025 is shaping up to be a landmark moment for British Columbia’s innovation landscape.

Stay tuned to Maple News Wire for continuing coverage of Vancouver Startup Week and Canada’s emerging tech ecosystem.

General Fusion lays off staff as funding dries up; the BC-based firm seeks $125M USD to stay on track with its clean energy ambitions.

In a sobering turn for one of Canada’s most high-profile clean energy ventures, Richmond, BC-based General Fusion has confirmed layoffs and operational cutbacks due to sudden and urgent funding constraints. In an open letter, CEO Greg Twinney stated that the company is actively pursuing new investments and exploring strategic options with both governments and potential buyers.

“We’re not a shiny new startup with a drawing and a dream—we are experienced fusioneers,” Twinney emphasized, underscoring the urgency of the moment.

The funding freeze comes at a crucial point in the company’s development as it tries to bring fusion energy from concept to commercial viability.

Shifting Global Climate Hits Fusion Ambitions

General Fusion pointed to broader political and economic instability as a key reason behind investor hesitancy. Trade tensions, particularly between Canada and the U.S., are impacting the energy sector. Though the company had previously collaborated with the U.S. Department of Energy, changes in American policy—particularly the dismantling of clean energy plans—have cast uncertainty over future support.

Company spokesperson Dainelle Johnson noted that while interest remains, investor engagement has slowed significantly. “They’re stepping back and taking action a lot slower,” she said.

Fusion Progress Continues—But Needs a Financial Lifeline

Despite the turbulence, General Fusion continues to move forward. The company recently created its first magnetized plasma at its LM26 demonstration facility and completed a large-scale test in late April. The next milestone? Reaching a temperature of 100 million degrees Celsius, which is essential for achieving the energy threshold known as “scientific breakeven.”

The company is currently seeking $125 million USD (approximately $172.7 million CAD) to stay on track with its research and development goals. While the exact number of layoffs remains undisclosed, reports indicate roughly 25% of staff were let go.

The Technology and the Long-Term Vision

At the heart of General Fusion’s strategy is its Magnetized Target Fusion (MTF) technology. Unlike traditional Tokamak reactors, which rely on expensive superconducting magnets or lasers, MTF uses short energy pulses to replicate fusion conditions. The method is seen as more affordable and scalable, potentially enabling urban power facilities.

If successful, a single 300-megawatt fusion plant could power up to 150,000 Canadian homes—providing clean, continuous energy without carbon emissions.

Backed by Billionaires, But Needing More

To date, General Fusion has raised approximately $440 million CAD, including $69 million from the Canadian government. High-profile backers include Jeff Bezos, Shopify founder Tobi Lütke, and engineering giant Hatch. In April, former Blue Origin CEO Bob Smith joined as a strategic advisor, reinforcing the company’s credibility in high-tech circles.

Still, with rising costs and investor caution, even marquee names aren’t enough to guarantee sustainability.

Fusion Dreams at a Crossroads

Founded in 2002, General Fusion has weathered over two decades of scientific hurdles and market shifts. But today, its future hinges on immediate financial support. Twinney remains confident: “We just need the capital to finish the job.”

Whether the company will emerge stronger or fall victim to a brutal funding environment is still uncertain—but one thing is clear: the global race for clean fusion power won’t wait.

Stay tuned to Maple News Wire for updates on Canada’s clean energy breakthroughs and the future of fusion innovation.

Shakepay becomes the first crypto-native firm to join Payments Canada, gaining access to core infrastructure and a voice among Canada’s financial giants.

A Landmark Moment for Canadian FinTech

In a groundbreaking move, Montréal-based crypto platform Shakepay has become the first crypto-native company to secure membership in Payments Canada—the national organization that oversees the country’s core payments infrastructure.

This milestone marks a major shift in Canada’s financial ecosystem, traditionally dominated by banks and credit unions, and positions Shakepay alongside major players like Questrade and Wealthsimple, the only other FinTechs to achieve this recognition so far.

What the Membership Means for Shakepay

With this membership, Shakepay gains the ability to apply for direct access to Canada’s key payment systems, including the highly anticipated Real-Time Rail (RTR) network. While the membership currently applies only to Shakepay’s Canadian dollar services, it signifies a deeper integration into the country’s financial system.

“It not only enhances our ability to deliver secure and seamless payment products… but empowers us to shape the future of payments in Canada,” said Eric Richmond, Shakepay’s General Counsel and Head of Business Development.

How Shakepay Reached This Milestone

To qualify, Shakepay first obtained investment dealer status from the Canadian Investment Regulatory Organization (CIRO) in early 2025, completing a rigorous two-year process. This regulatory milestone was a prerequisite for joining Payments Canada and further solidified Shakepay’s credibility within traditional finance circles.

In addition to its CIRO membership, Shakepay is also registered with FINTRAC as a money services business, adding another layer of regulatory compliance to its growing platform.

A Voice at the Financial Table

For Shakepay, the impact of this membership goes beyond infrastructure. It grants the company a voice in shaping Canada’s payment landscape, joining the same conversations as big banks and credit unions.

“This gives us a seat at the table to demand for change,” the company wrote in a blog post, signaling its commitment to helping modernize the national financial system from a crypto-native perspective.

From Bitcoin Startup to Financial Trailblazer

Founded in 2015 by Jean Amiouny and Roy Breidi, Shakepay started with a Bitcoin-loaded Visa card and has since evolved into a comprehensive crypto exchange. Today, it offers services including:

• Buying, selling, and earning Bitcoin
• Bill payments and direct deposits
• E-transfers and other banking features

With over one million Canadian users and $45 million CAD in funding from investors like BoxOne Ventures, QED Investors, and Boost VC, Shakepay continues to position itself at the crossroads of crypto and traditional finance.

What’s Next for Payments Canada and RTR

As Shakepay enters this new phase, the broader system it’s becoming part of is also undergoing transformation. Payments Canada’s RTR system, which promises instant payments across the country, is now 60% technically complete, with a launch targeted for late 2025 following testing phases.

Despite prior delays, the RTR system remains central to modernizing Canada’s payment framework—a mission that Shakepay is now officially part of.

Stay tuned to Maple News Wire for continued coverage of fintech innovation, crypto regulation, and the evolving Canadian payments landscape.

WonderFi co-founder Karia Samaroo to list xTAO on TSXV via merger, aiming to raise $10M USD and pioneer decentralized AI on Bittensor blockchain.

WonderFi Co-Founder’s New Venture xTAO Set to List on TSXV

Karia Samaroo, co-founder of Canadian crypto trading giant WonderFi, has announced the launch of his latest venture: xTAO, a startup designed to capitalize on the rapidly emerging decentralized AI ecosystem. The company is preparing to go public on the TSX Venture Exchange (TSXV) through a reverse merger with Vancouver-based Adrianna Ventures.

This bold move will make xTAO the first publicly traded company offering access to the Bittensor AI network, a blockchain-based marketplace for AI models and compute resources.

Bittensor and TAO: The ‘Bitcoin of AI’?

xTAO is built on Bittensor, a decentralized protocol that enables the buying, selling, and rewarding of artificial intelligence contributions using TAO tokens. Described by Samaroo as the “Bitcoin of AI,” the platform supports a permissionless network where developers exchange machine learning capabilities, computational power, and data.

“The longer I’ve spent building on Bittensor, the more conviction I have that TAO will become one of the most important assets in our generation,” said Samaroo.

xTAO’s listing could provide investors with a new gateway into decentralized AI and Web3 infrastructure—at a time when demand for alternative AI ecosystems is booming.

$10 Million USD Raise Through Private Placement

To support its growth and listing ambitions, xTAO plans to raise $10 million USD (approximately $13.8 million CAD) through a non-brokered private placement via subscription receipts. The capital raise is being supported by a roster of well-known crypto venture firms, including:

• Arca
• Cadenza Capital
• Contango Digital Assets
• Digital Currency Group
• EV3 Ventures
• Off the Chain Capital
• Nickel5 Investments
• The Venture Department

This investor interest highlights the strong market appetite for decentralized AI and blockchain-native infrastructure plays.

From WonderFi to Web3 Infrastructure

Samaroo’s journey through the world of crypto innovation began in 2021, when he co-founded WonderFi with Kartik Bajaj, Cong Ly, and Dean Sutton. WonderFi quickly rose to prominence, becoming the first Canadian-regulated crypto platform on the Toronto Stock Exchange by mid-2022.

However, the crypto market downturn posed significant challenges. As WonderFi navigated turbulent waters—acquiring rivals like Coinberry and undergoing leadership changes—Samaroo transitioned out of the CEO role, handing the reins to Dean Skurka in late 2022. Samaroo remained chairman of the board until December 2023.

Deepfake Detection and Dual Ventures

xTAO isn’t Samaroo’s only foray into Bittensor. In July 2024, he also co-founded BitMind, a startup focused on deepfake detection powered by the same decentralized infrastructure.

His latest ventures reflect a strategic pivot toward building solutions at the intersection of AI, blockchain, and public infrastructure—a space gaining momentum as traditional models face growing scrutiny.

Stay tuned to Maple News Wire for ongoing coverage of AI, crypto, and public listings in Canada’s innovation ecosystem.