Connect with us

Technology

Vancouver International Airport, General Fusion leverage local innovative solutions through B.C.’s Integrated Marketplace

Published

on

VANCOUVER, BC, July 10, 2024 /CNW/ – Three new projects have been funded through B.C.’s Integrated Marketplace program led by Innovate BC, two of which will seek to bolster operational capabilities at Vancouver International Airport (YVR) through drone-based runway monitoring and an enhanced paging communication system in the terminal, and the other will support the development of a state-of-the-art diagnostics component for General Fusion’s new Magnetized Target Fusion (MTF) machine, called Lawson Machine 26 (LM26).

“Creating innovative ideas and solutions that reduce emissions, improve competitiveness and support local companies is essential for creating a strong economy that moves British Columbians forward,” said Brenda Bailey, Minister of Jobs, Economic Development and Innovation. “I look forward to seeing the contributions these three projects will make to people in B.C. and globally.”

Created to help drive innovation in the province, the Integrated Marketplace links strategic partners operating at testbeds (an industry site, such as an airport, seaport, or mine, or a conceptual space such as a health network, a series of farms or a digital platform) and B.C.-based solution providers to implement, scale up, and export B.C. technology solutions. This framework allows B.C. industries to receive assistance in adopting innovation and new technologies while participating solution providers earn a critical reference customer to support their growth.

These three projects are part of the Integrated Marketplace’s Vancouver International Airport testbed, which includes YVR as well as select organizations such as General Fusion that operate in its vicinity.

“As a key partner in the Integrated Marketplace Initiative, YVR provides an ideal environment for local innovators and clean-tech companies to develop and implement made-in-B.C. solutions that work at our airport and can likely be applied to other airports and industries,” said Tamara Vrooman, President and CEO at Vancouver International Airport. “We are very proud to be a testbed for innovation and to see solutions from this collaboration advance B.C. business, improve our operation, and benefit our community and the economy that supports it.”  

Diagnostic Capabilities at General Fusion

General Fusion, which operates as part of the Vancouver International Airport testbed, is working with Victoria-based Motus Design Group to design an electronic component that will enhance the diagnostic system for LM26 – a fusion demonstration machine designed to achieve first-of-a-kind breakthroughs in 2025 and 2026 that will de-risk and fast-track the company’s path to commercialization.

Fusion is the ultimate clean energy solution – it is the energy source that powers the sun and stars. Fusion is the process by which two light nuclei merge to form a heavier one, producing a massive amount of energy. General Fusion’s two decades of technology development in B.C. and talented team of 140 employees in the province put commercial fusion within reach. The company aims to deliver zero-carbon energy to the grid by the early to mid-2030s with its proprietary MTF technology.

Under the project, a newly designed, first-of-a-kind component will enable General Fusion to quickly install diagnostics on LM26 and support the extraction and storage of data. When operational, the robust diagnostics system will provide thousands of data points used to improve the capabilities of the machine with each run.

Predictive Monitoring at Vancouver International Airport

Working with Victoria-based Niricson, YVR is exploring drone technology to assess the condition of its runways. Using drone technology will create efficiencies for the airport, as teams will have near real-time access to data that will help inform operations and maintenance decisions. Data will also be applied to a predictive model, whereby upcoming needs and considerations will be projected based on current state and defined logic for future planning.

Drone technology will also help reduce carbon emissions from the airport’s operations, as fleet vehicles will be required less for condition monitoring work. Additionally, its integration into operations and the associated data collected has the potential to inform the wider adoption of drone-based infrastructure condition assessments across other airports and industries. 

Mass Paging at Vancouver International Airport

YVR is working to enhance its mass paging, or PA, system in the terminal. With the support of Surrey-based Hybrid Audio Visual, YVR will improve sound quality, ensure precise troubleshooting with the thousands of speakers across the terminal, and increase customization of its paging system. For example, with the new paging interface, YVR will be able to isolate specific areas of the terminal for certain announcements while ensuring all announcements are clear and audible for the benefit of travellers and employees.

In additional to greater accessibility and reliability, the new mass paging system also uses new technology and equipment, with speakers switching to a low-power mode when not in use, which has the potential to provide energy savings of up to 40 per cent.

“The Integrated Marketplace connects some of the province’s most significant economic drivers to local innovation providers that have the ideas and expertise to evolve how our industries operate while supporting their efforts to decarbonize,” said Peter Cowan, President and CEO of Innovate BC. “This suite of projects perfectly represents what is possible through the program, and I am excited to see how both YVR and General Fusion can leverage these technologies towards greater efficiencies, output, and impact.”

These projects are part of the Government of B.C.’s investment of up to $11.5 million and the Government of Canada’s investment, through PacifiCan, of up to $9.9 million in the Integrated Marketplace. It follows the recent announcement of Prince Rupert Port Authority’s testing of zero and low-emission trucks through a project delivered via the Integrated Marketplace.

Additional Quotes

The Honourable Harjit S. Sajjan, Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada

“PacifiCan knows that B.C. entrepreneurs are developing creative solutions needed around the world. The three projects announced today are part of the Vancouver International Airport testbed, and feature technologies that lower costs, reduce emissions and increase efficiencies. They are examples of how the Integrated Marketplace program is helping local companies prove their technologies here at home, before taking on the world.”

Greg Twinney, CEO, General Fusion

“On our groundbreaking path to commercial fusion energy, Innovate BC’s Integrated Marketplace program is an excellent opportunity to work with companies like Motus Design in our own backyard. We’re building world-changing fusion technology right here in B.C. and want to work with other local innovators along the way. From electronics hardware and engineering support to diagnostics and data analysis, we’re leveraging the unique capabilities of the thriving technology sector to deliver practical, clean fusion power in the next decade.”

Josh Erickson, CEO & Co-Founder, Motus Design Group

“Motus is excited to be deploying our digital optical converter technology at General Fusion.  The technology aims to improve the reliability and scalability of hundreds of channels of sensor systems needed to collect and manage data on General Fusion’s transformative LM26 fusion demonstration machine.  Better data helps General Fusion on its path to make British Columbia a leader in commercializing zero carbon energy through fusion.”

Harsh Rathod, Ph.D., CEO & Co-founder, Niricson

“We are excited to deploy our technology to enhance the condition assessment workflow of runways at YVR. The idea is to build the deterioration model with technology driven datasets, to go from reactive maintenance to predictive maintenance. Moreover, to help the asset owner, YVR operation team, to improve the efficiency of the entire inspection workflow (from manual to digital) to “flatten” the maintenance curve.”

Stu Wight, Co-Founder, Hybrid Audio Visual Inc.

“Working with YVR and Innovate BC has been a great opportunity for Hybrid AV. As a relatively new company this YVR project has allowed our company to design, install and service state of the art technologies in a world class facility. The benefits to the public and YVR will make a noticeable difference in intelligibility of announcements, reliability of the system and cost savings in operations. This system will undoubtably be showcased to airports around the world and bring YVR to the forefront in public announcement technologies.”

About Innovate BC

A Crown Agency of British Columbia, Innovate BC works to foster innovation across the province and bolster the growth of the local economy through delivering a wide range of programs that help companies start and scale, access talent and encourage technology development, commercialization, and adoption. Innovate BC also harnesses crucial data collection and research, and works to forge strategic industry and community partnerships that create more opportunities for B.C. innovators.

SOURCE Innovate BC

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Loomis enters Peru through the intended acquisition of Hermes Transportes Blindados via a public tender offer

Published

on

By

STOCKHOLM, May 4, 2026 /PRNewswire/ —  Loomis has entered a Tender Offer Agreement (“TOA”) with CVC Capital Partners and other minority shareholders representing 99.49 percent of the outstanding shares in the Peru-based cash and valuables management company Hemes Transportes Blindados S.A. (“Hermes”), publicly listed on the Lima Stock Exchange. Under the TOA, Loomis will launch a public tender offer (“Oferta Pública de Adquisición”) for up to 100 percent of the shares of Hermes, at an enterprise value of approximately SEK 4 billion on a cash and debt free basis. The public tender offer is expected to be launched during the second or third quarter, with closing anticipated in the third quarter of 2026. 

Hermes was founded in 1985 and is today a leading provider of cash management and secure logistics services in Peru. Hermes provides services that include transport, processing, storage and security custody of valuables such as cash, precious metals and high value minerals, as well as ATM management and collection services. Hermes serves around 1,000 clients across financial, retail, governmental, industrial and mining sectors. The company is publicly listed on the Lima Stock Exchange and is headquartered in Lima with 19 branches across the country. The company employs approximately 3,200 people nationwide and in 2025, Hermes reported revenues of PEN 432 million (approximately SEK 1.2 billion).

“Today we have reached a strategic milestone. Through our most significant acquisition to date, we are entering the Peruvian market. As the leading player in the industry, Hermes has a proven track record of growth, profitability and innovation. Peru has one the fastest growing economies in Latin America, supported by a solid macroeconomic environment and increasing cash usage. I am delighted to welcome more than 3,200 new colleagues to Loomis,” comments Aritz Larrea, President and CEO of Loomis.  

“We are excited to become part of Loomis. Joining a global group with deep expertise in operations like ours strengthens our ability to continue growing with confidence and responsibility. This next chapter strongly supports our purpose of empowering the development of a safer society by protecting resources, building trust, and contributing to stability within the financial system,” comments Mirella Velásquez Castro, CEO of Hermes.  

 Strategic rationale 

Strengthens Loomis’ position in Latin America  
As communicated at the 2024 Capital Markets Day, expanding in emerging Latin American markets is a strategic priority. Peru is an attractive market given its high cash usage, strong economic growth, a solid macro environment, and a stable, independent central bank. Strong potential for growth within the SME customer segment and Automated Solutions  

Hermes’ strong position in the SME segment and its relationship with Loomis’ cash-handling automation solutions under the CIMA brand provide a solid platform to expand Loomis’ Automated Solutions offering in Peru, creating clear growth and synergy opportunities.

Expanding the mining offer with Loomis International 
The acquisition presents strong potential to complement Hermes’ established valuables logistics within the mining sector with Loomis International’s service offering, supporting cross-border expansion and strengthening the combined position in the mining segment. Supports Loomis strategic targets 
The acquisition supports Loomis’ financial targets, contributing to both revenue growth and margin accretion. Hermes also demonstrates strong governance and is at the forefront of sustainability in its market, aligning well with Loomis’ sustainability priorities and targets. 

Overview of the transaction  

Loomis has entered into a Tender Offer Agreement (“TOA”) with CVC Capital Partners and other minority shareholders representing 99.49 percent of the outstanding shares of Hermes (the “Majority Shareholders”), a publicly listed company on the Lima Stock Exchange. Under the TOA, Loomis will, subject to customary terms and conditions, conduct a public tender offer (“Oferta Pública de Adquisición” or “OPA”) to acquire up to 100 percent of Hermes’ outstanding shares. The Majority Shareholders have pursuant to the terms of the TOA undertaken to support the OPA process and confirmed their intention to sell their shares and accept the tender offer once launched. The transaction values Hermes at an enterprise value of SEK 4 billion (PEN 1,450 million) on a cash and debt free basis, representing a 6.6x adjusted EBITDA multiple based on the 2025 financial year. 

The commencement of the OPA is expected during the second or third quarter of 2026. Further details of the transaction, including the offer price and offer conditions, will be provided in the tender offer documentation in accordance with applicable regulations. 

Following completion of the OPA, the business will be reported within Segment Europe and Latin America and consolidated into Loomis as of the transaction closing. Closing is expected to take place during the third quarter of 2026. Following a successful tender offer process, no regulatory approvals are required to complete the acquisition.  

The transaction will be financed entirely through debt with an already committed bridge facility.  

The acquisition is expected to be instantly accretive to the Group’s operating profit (EBITA) as well as earnings per share.  

Conference call 

Loomis invites shareholders, investors, analysts and financial media to a webcast presentation on May 5 at 9.00 a.m. CEST, during which the intended acquisition will be presented, and a Q&A session will be held. 

To follow the webcast, please follow this link.  

To ask questions, please join the conference call using the following dial-in details: 

United Kingdom: +44 (0)161 250 8206USA: +1 (0)561 771 1427Sweden: +46 (0)8 505 100 39

This press release is also available on the company’s website, www.loomis.com

For more information, please contact:  

Aritz Larrea 
President and CEO 

Contact via:  

Jenny Boström  
Head of Sustainability and IR
ir@loomis.com
+46 79 006 45 92

Fredrik Hammarbäck

Media Relations and External Communications Manager
media@loomis.com
+46 76 311 56 29

Important information

The public tender offer for all of the outstanding shares of Hermes Transportes Blindados S.A. described in this communication has not yet commenced. This communication is for informational purposes only, is not a recommendation and is neither an offer to purchase nor a solicitation of an offer to sell any securities, nor is it a substitute for the tender offer materials that Loomis AB and its acquisition subsidiary will file with the Superintendencia del Mercado de Valores upon commencement of the tender offer. 

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/loomis-ab/r/loomis-enters-peru-through-the-intended-acquisition-of-hermes-transportes-blindados-via-a-public-ten,c4344257

The following files are available for download:

https://mb.cision.com/Main/51/4344257/4075002.pdf

Loomis enters Peru through the intended acquisition of Hermes Transportes Blindados via a public tender offer

View original content:https://www.prnewswire.com/news-releases/loomis-enters-peru-through-the-intended-acquisition-of-hermes-transportes-blindados-via-a-public-tender-offer-302762026.html

SOURCE Loomis AB

Continue Reading

Technology

Corgi Launches AI Insurance Coverage to Protect Businesses When AI Goes Wrong

Published

on

By

SAN FRANCISCO, May 4, 2026 /PRNewswire/ — As artificial intelligence becomes deeply embedded in business operations, a new category of risk is emerging: one that traditional insurance policies were never designed to cover. Corgi has announced the launch of its AI Insurance Coverage, a purpose-built solution designed to protect companies from the real-world consequences of AI failures.

From autonomous agents making financial decisions to models generating customer-facing content, AI systems are no longer experimental—they are operational. But when these systems malfunction, produce biased outputs, or act unpredictably, the financial and legal exposure can be significant.

Corgi’s AI Insurance Coverage is designed to fill those gaps.

“Businesses are moving fast with AI, but their insurance hasn’t kept up,” said Nico Laqua, co-founder and CEOat Corgi. “We built this product for the reality companies are already in, where AI is making decisions, taking actions, and sometimes making mistakes.”

Rather than introducing a standalone policy, Corgi’s solution integrates directly with existing Tech E&O policies and introduces a modular approach, allowing companies to tailor protection based on how they use AI.

The coverage is built to address a wide spectrum of AI-related scenarios, including issues stemming from biased algorithms, inaccurate or harmful generated content, misuse of training data, adversarial attacks on models, synthetic media, and autonomous system failures.

Rather than forcing companies into rigid policies, Corgi allows customers to select only the coverage modules relevant to their risk profile, ensuring they pay only for what they need.

The launch comes at a time when traditional insurers and regulators alike are grappling with how to handle AI-related incidents. In some cases, traditional carriers have begun excluding AI-related risks altogether, leaving businesses exposed.

Corgi’s AI Insurance Coverage is available for technology companies, startups, and enterprises deploying AI in production environments.

About Corgi Insurance
Corgi is an AI-native, full-stack insurance carrier built for startups. As a licensed carrier, Corgi designs and manages insurance end-to-end, using modern infrastructure and AI systems to power underwriting, policy management, and claims.

Media Contact
Erika Lee
Corgi
erika@corgi.com

View original content:https://www.prnewswire.com/news-releases/corgi-launches-ai-insurance-coverage-to-protect-businesses-when-ai-goes-wrong-302762029.html

SOURCE Corgi Insurance

Continue Reading

Technology

ISDN Precision System Obtains CE Certification, Plans Debut at SEMICON SEA

Published

on

By

TAIPEI, May 5, 2026 /PRNewswire/ — ISDN Precision System announced that its linear motors have obtained CE certification, demonstrating compliance with European Union requirements on safety, health, and environmental protection, and granting the company official access to the European market.

The company stated that achieving CE certification indicates its product design and manufacturing processes meet relevant European regulatory standards, and is expected to support future collaboration with international customers in equipment integration and applications.

ISDN Precision System will participate in SEMICON SEA 2026 in May 2026 under the leadership of its parent company, Singapore-based ISDN Holdings. This marks the company’s first participation in an overseas semiconductor exhibition.

According to ISDN Precision System, the exhibition will feature linear motors and high-precision modules, with applications covering semiconductor equipment, laser processing, and optical inspection. Its linear motors support high-speed motion and precision positioning, and are compatible with leading global drive and controller brands for multi-axis configurations. The company also provides customized mechatronic solutions, developing motion systems based on customer requirements.

According to PwC, global semiconductor equipment spending is projected to grow at a compound annual rate of over 7% through 2030, with more than 70% of investments concentrated in Asia. Against this backdrop, as Asia continues to serve as a major hub for semiconductor manufacturing, and with Singapore and Malaysia playing key roles in packaging, testing, and related supply chains, ISDN Precision System is leveraging its parent company’s regional presence to expand its service capabilities.

The company stated that it will continue to strengthen technical capabilities and application integration based on its existing product portfolio, while expanding collaboration opportunities in overseas markets.

About ISDN Holdings Limited
Operating since 1986, ISDN Holdings Limited (SGX: I07) is a fast-growing multi-industry corporation focused on powering smart operations. We help businesses advance their digital capabilities for the Industry 4.0 era while maintaining a keen focus on clean energy in Asia.

About ISDN Precision System
Based in Taiwan, ISDN Precision System specializes in the local production of linear motors, high-precision gantries, and customized mechatronics solutions for the precision manufacturing sector. From its strategic base in Asia, the company has rapidly built an international network to deliver precise and tailored motion solutions to customers worldwide.

Contact ISDN Precision System at marketing@isdn-precision.com 

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/isdn-precision-system-obtains-ce-certification-plans-debut-at-semicon-sea-302758678.html

SOURCE ISDN Precision System

Continue Reading

Trending