Ara Partners has made a controlling investment in Toronto-based Polar Sapphire.
Polar is a manufacturer of high-purity aluminum oxide (HPA) used for lithium-ion batteries and sapphire applications. The company has developed a process for manufacturing HPA with low-emissions compared with the current method, which is highly toxic to local environments. Private equity firm Ara specializes in industrial decarbonization investments
Polar previously received investment and financial contributions from Bioindustrial Innovation Canada, MaRS IAF and ArcTern Ventures and a FedDev Ontario repayable contribution for expansion.