Nu-Wave Photonics attracts USD 40 million investment

17 Jun 2002

Fiber optics component company Nu-Wave Photonics, of Ottawa, Canada has secured USD 40 million from Yorkton Securities and HSBC Securities (Canada) in its latest round of financing.

Nu-Wave, which was founded in February 1999, will use this financing to accelerate growth and development, to purchase the capital equipment necessary to continue advancing its technology. The company currently employs over 30 people and hopes to hire additional technical and marketing personal following the investment.

The company has also named Peter Scovell, the former head of Nortel's Optoelectronics Group, as its new president and CEO, effective from 5 June. Scovell has been on Nu-Wave's board of directors since February.