Export Development Canada (EDC) recently said it has invested $373,000 in Tower Solutions, an Ontario-based engineering, design and installation company, to deliver a new contract based in Saudi Arabia.
Tower Solutions, a small- to medium-size enterprise (SME), specializes in portable towers that are used in emergency power line maintenance. The business has created innovative technology and methods so that the towers are particularly useful in desert areas, making the Middle East an important market for the company’s growth.
"Given how adaptable and uniquely engineered our product is, we see huge potential for expanding our global footprint," Tower Solutions CEO Ciro Pasani said. "As a SME, the challenge is getting the financing we need to take on new international contracts and also finding the right partner that can help us penetrate new markets and find the right opportunities. EDC has been able to help us on both counts."
EDC is eager to work with Tower Solutions to see how they continue to develop innovative solutions; the investment enables EDC representatives based in Colombia and India to gain contacts and opportunities for Tower Solutions.
"In the case of Tower Solutions, we see considerable potential for the company to grow given their unique product and how innovative and adaptable they've shown themselves to be," EDC Senior Vice-President, Business Development Mairead Lavery said. "We look forward to seeing them succeed in their expansion, and we'll continue to keep an eye out for potential foreign buyers to connect them with."