Norda Stelo expands its horizon with the strategic acquisition of InnovExplo

Norda Stelo and InnovExplo

A new force in critical minerals and mining engineering emerges.

CDPQ and BMO contribute to this expansion.

Quebec, March 1st – Norda Stelo, celebrated for its rich legacy of engineering excellence and as a pioneer in innovative and sustainable solutions, today announced the signing of an agreement to acquire InnovExplo, a company renowned for its expertise in geology and mining engineering.

As the world pivots towards renewable energies and technological advancements, the demand for critical minerals is surging. This new alliance marks a significant step in Norda Stelo’s strategy to forge a new vanguard in the mining industry, delivering an integrated suite of services across the entire value chain of critical, strategic, and precious metals, as well as industrial minerals, essential to the energy transition. Norda Stelo’s expanded capabilities will help to meet the increasing need for these resources, ensuring responsible and sustainable practices are at the forefront.

This acquisition aligns with Norda Stelo’s vision to become the Canadian leader in smart operations from site to port, diversifying its mining and metals expertise, including gold and strategic minerals.

“Given the essential role of the mining sector in the global economy, the imperative for innovation, environmental stewardship, and social governance has never been greater,” declared Alex Brisson, CEO of Norda Stelo. “Norda Stelo is uniquely equipped to meet these needs head-on, drawing on InnovExplo’s remarkable expertise to elevate our project delivery and client services across the entire mining lifecycle. By integrating InnovExplo’s specialized geological and mining engineering knowledge with our robust impact engineering model, we significantly enhance our capacity to navigate the complex ESG landscape our clients face. Together, we’re focused on nurturing our legacy of innovation and leadership, aiming for impactful growth in our future projects.”

Co-CEO of InnovExplo, Carl Pelletier, echoed this sentiment, “Joining forces with Norda Stelo represents a pivotal step in our journey. InnovExplo’s legacy of excellence in geology and mining engineering is now magnified through this union. This collaboration combines our deep industry knowledge with Norda Stelo’s technological edge, setting us up to address the mining sector’s evolving needs more efficiently and sustainably.”

Co-CEO of InnovExplo, Alain Carrier, added, “This union with Norda Stelo opens up new horizons for us at InnovExplo. Leveraging Norda Stelo’s vast resources and our deep-rooted expertise, we are poised to make remarkable strides in mining engineering, driving forward with innovation and a commitment to sustainability. We’re excited to contribute to the sector’s progress, offering our combined expertise to help shape a more sustainable and prosperous mining landscape.”

This strategic alliance represents a pivotal transformation for Norda Stelo and the broader mining industry. It ushers in a significant advancement in the industry, introducing a powerhouse capable of executing large-scale mining projects with a steadfast focus on sustainability, carbon dampening, and asset durability. Norda Stelo is poised to access wider markets and offer comprehensive, end-to-end solutions that encompass every stage of the project lifecycle, setting a benchmark for sustainability and responsibility in mining.

Norda Stelo’s acquisition of InnovExplo not only underscores its unwavering commitment to its truly human approach, to quality, excellence, and the values of integrity and innovation but also highlights its status as a Quebec-owned (or Canadian-owned) independent powerhouse. Norda Stelo is set to elevate Canadian mining expertise on both a North American and global stage. “This acquisition marks a pivotal moment in our journey, amplifying our reach and impact from Canada to the United States and beyond, while contributing to the growth and representation of Quebec and Canadian engineering prowess on the international stage” highlighted Mr. Brisson.

In light of this acquisition, a careful and progressive integration of InnovExplo’s operations and workforce into Norda Stelo is planned throughout 2024. This strategy ensures the preservation of InnovExplo’s existing leadership team, who will play a key role in driving growth. This approach not only promises to expand our service offerings but also to reinforce Norda Stelo’s commitment to the core values of quality and innovation that both companies share.

This acquisition reflects Norda Stelo’s strategic vision to not only consolidate and develop new markets in North America and internationally but also to champion the crucial role of mining in today’s economy.

CDPQ and Bank of Montreal take part in the Norda Stelo and InnovExplo merger

CDPQ and BMO are also providing loans as part of this acquisition, which combines the distinct areas of expertise of Norda Stelo and InnovExplo.

“This is Norda Stelo’s second transaction, following an initial investment by CDPQ in 2023 to support its pan-Canadian strategic development plan and accelerate growth,” said Kim Thomassin, Executive Vice-President and Head of Quebec at CDPQ. “CDPQ is proud to be involved in this new acquisition and to continue supporting the development of this Quebec-based company with international ambitions.”

This transaction is part of CDPQ’s Ambition ME strategy, which involves supporting medium-sized companies with strong development potential and driving their next stage of growth.

“BMO is a proud partner of Norda Stelo, a 60-year-old Quebec engineering leader with a strong sustainability focus. We are thrilled to support this new milestone in their growth across Canada,” said Viviane Croux, Senior Vice-President & Quebec Head, BMO Commercial Bank.


About Norda Stelo

Established in 1963 and headquartered in Quebec, Canada, Norda Stelo stands as an esteemed independent engineering firm. For six decades, it has been distinguished for its comprehensive expertise in executing integrated projects across a spectrum of sectors. These include transportation infrastructures like roads, ports, and railways, as well as diverse industries such as mining and metals, energy, and manufacturing and processing. The firm’s enduring legacy is marked by its commitment to innovation, quality, and the successful delivery of complex projects. The company supports its customers at every stage of their projects, emphasizing its commitment to quality, innovation, and value creation.

Norda Stelo operates in over 50 countries and is B Corp certified, demonstrating its commitment to the common good and sustainability. For more information on Norda Stelo and its services, visit

About Norda Stelo’s Innovations and Solutions Group

Norda Stelo’s Innovations and Solutions group develops and delivers innovative solutions and services to customers in road, port, and rail transport infrastructures, as well as in various industries including mining and metals, energy and manufacturing and processing. These solutions include asset management, ESG initiatives, decarbonization and the STELAR asset management technology platform. For more information on the Stelar platform, visit

About InnovExplo

InnovExplo, a well-established Canadian company founded in 2003, is an independent consulting firm in geology and mining engineering. With our range of services covering most aspects of a mining project, from early exploration to mining operations, we have authored numerous NI 43-101 studies and technical reports (Mineral Resource Estimates, Preliminary Economic Assessment, Pre-Feasibility Study and Feasibility Study) for exploration, open pit and underground projects.

Counting 34 professionals (engineers, geologists, and technicians) with offices in Val-d’Or, Longueuil and Quebec City, and non-office professionals including Sudbury (Ontario). InnovExplo conducts innovative, rigorous, and efficient studies leading to the development of mining projects in Canada and abroad. Its solid expertise in geology and mining engineering comes from its multidisciplinary team’s field experience and mastery of cutting-edge software. InnovExplo, a Canadian firm with an international reputation, is a must for expert advice, informed opinions and efficient solutions for mining and mineral exploration projects.

About CDPQ

CDPQ invests constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. CDPQ is active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

About BMO Financial Group

BMO Financial Group is the eighth-largest bank in North America by assets, with total assets of $1.3 trillion as of January 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.


For more information

Norda Stelo


Kate Monfette
Director, Media Relations
+ 1 438 525-2520


Media Relations