TORONTO — Greentank Innovations Corp., a global pioneer in advanced vaporization hardware and material science, closed a USD$20 million strategic equity investment from AIR Global PLC (AIR). Founded in 1999 and headquartered in Dubai, AIR is a global consumer brands and innovation company with a presence in more than 90 markets worldwide.
The investment, made at a pre-money valuation of approximately USD$170 million, expands upon the strategic partnership established between Greentank and AIR in 2023.
As part of the agreement, AIR secures a warrant with the option to increase its equity stake by up to 20% over the next 24 months at a valuation of USD$250 million. The transaction includes enhanced commercial terms, long-term supply commitments, access to next-generation technologies, and board representation.
The capital will directly accelerate Greentank’s growth trajectory, enabling the company to scale its fully owned and operated, semi-automated chip manufacturing facilities, advance its deep-tech research-and-development pipeline, and expand the global deployment of its proprietary Quantum Chip™ atomization platform.
Pioneering the next generation of inhalation science
Greentank’s flagship Quantum Chip™ platform represents a shift away from legacy ceramic and wire-coil heating technologies. Engineered at a molecular level, the chip technology delivers precise thermal regulation, optimized aerosol mass, and taste consistency across a variety of liquid formulations.
The strategic investment coincides with preliminary scientific validation of Greentank’s technology. In an independent pilot study conducted by McKinney Specialty Labs LLC, aerosol generated by AIR’s Crown Switch™ vape, a device powered by Greentank’s Quantum Chip™ platform, demonstrated significantly reduced levels of harmful and potentially harmful constituents (HPHCs) compared to published data on FDA-authorized vape devices and traditional combustible cigarettes.
Key study highlights for Crown Switch aerosol included:
- Carbon monoxide: Below detection limits across all tested formulations and power settings.
- Heavy metals and volatiles: Arsenic, cadmium, chromium, lead, nickel, benzene, and 1,3-butadiene were predominantly non-detectable or below limits of quantification.
- HPHC reductions: Significantly reduced levels of carbonyls (including acetaldehyde and formaldehyde) compared to FDA-authorized benchmark vaping devices.
“This capital injection and expanded strategic partnership with AIR validate both the commercial viability and scientific foundation of our Quantum Chip™ platform,” said Greentank co-founder and Chief Executive Officer Corey Koffler. “When we developed our microchip heating technology, our goal was to redefine what’s possible in vaporization, delivering unprecedented aerosol consistency and performance while driving reduced-risk innovations across global markets. This funding enables us to rapidly scale our semi-automated manufacturing, broaden our patent portfolio, and solidify Greentank’s position as the hardware engine powering the future of the inhalation industry.”
Fueling infrastructure, R&D, and global commercial scale
With a robust patent portfolio dating back to 2014, Greentank has built a significant presence across legal cannabis, nicotine, and wellness vaporization hardware categories. The funding will focus on three core strategic pillars:
- Manufacturing automation and scale: Expanding capacity at Greentank’s specialized chip manufacturing facility to meet growing volume demands from tier-one global brands.
- Material science and intellectual property acceleration: Advancing proprietary microchip heating designs, micro-fluidic controls, and next-generation substrate formulations.
- Global market footprint: Strengthening supply agreements and commercialization pathways across North America, Europe, and emerging global markets.
