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March 11, 2022

Canada’s Gastops secures investment from Raytheon Intelligence & Space

The investment was made under Canada's Industrial and Technological Benefits (ITB) programme.

Canada-headquartered company GasTOPS has secured an undisclosed investment from Raytheon Intelligence & Space, a business segment of US defence and aerospace conglomerate Raytheon Technologies .

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The investment was made under Canada’s Industrial and Technological Benefits (ITB) programme to support research and development (R&D) of critical equipment intelligence solutions for commercial and military aircraft engines.

GasTOPS will conduct the multi-year R&D in collaboration with another Raytheon Technologies business Pratt & Whitney.

Notably, GasTOPS has been working with Pratt & Whitney to deliver advanced diagnostics and engine monitoring solutions with METALSCAN online Oil Debris Monitors (Odm ) after the launch of the F119 engine, which is used to power the F-22 Raptor jet.

The new funding will be used to develop an advanced version of METALSCAN Odm .

GasTOPS METALSCAN product manager Adam Oszmian said: “We are eager to continue our partnership and to advance oil debris monitoring of critical oil wetted components. 

“This investment in Odm will result in a significant improvement in prognostic health monitoring that will enable maintenance planning, as well as reduce the through-life maintenance costs of an engine, gearbox or transmission.”

The R&D collaboration will also work in advancing GasTOPS ‘ ChipCHECK product line for portable debris analysis.

The technology, which helps in reducing engine maintenance turnaround time, will be evaluated for potential inclusion in Pratt & Whitney engine maintenance programmes.

GasTOPS president and CEO Shaun Horning said: “Through our successful support of multiple commercial and military engine programs with our METALSCAN technology, we will be expanding our current product offering with Pratt & Whitney to include our at-line quantitative debris analysis offering, ChipCHECK.

“All projects will be completed over the next four years and will result in the expansion of our engineering and research technical teams. This ITB programme represents a great opportunity for us to advance our technology and contribute to the future of the aerospace market.”

Recently, Pratt & Whitney announced securing an order to supply its PW206B3 engines for Spanish Airbus H135 twin-engine helicopters.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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