Excir Works

Graham Fritz, Hiwa Salimi, Loghman Moradi and Stephen Foley, from Excir Works in Calgary, Alberta, sought $1,000,000 for 10% of their company, which uses a patented process to extract gold from electronic waste. The process uses a concentrated vinegar-based solution to dissolve gold from circuit boards, followed by a chemical step that produces a fine gold powder which can be melted into pure gold; the solution is recycled and not discarded. One hundred litres of solution can process up to five tonnes of e-waste to yield about one kilogram of gold, worth roughly $54,000, at a material cost of about $200, for a profit margin of about 47%. The team estimated a large-scale reactor would cost about $250,000 and could generate about $9.2 million in annual profit operating two 16-hour shifts a day producing one kilogram of gold daily; they have two patents filed and had interest from half a dozen countries for reactor installations.

All five original Dragons plus new Dragons Manjit Minhas and Lane Merrifield discussed the opportunity, with all six ultimately deciding to invest together. They offered $1,000,000 for 18% equity, split evenly at 3% each, citing the high valuation and the amount of capital likely needed for growth as reasons for asking for more than 10%. The founders accepted the joint offer of $1,000,000 for 18%.

Excir Works appears to have closed. Its products may no longer be available.