The partnership will offer early-stage cleantech companies with pre-series 'A' financing of $250,000
VANCOUVER—Foresight Clean Technology Accelerator has partnered with BDC Capital, a division of the Business Development Bank of Canada, to support Canadian startup cleantech companies.
BDC convertible notes, offered to select early-stage companies, provide pre-series ‘A’ financing of $250,000 that can be converted into shares later in the company’s life. To qualify, a company requires an equal co-investment from angel and/or institutional investors for a minimum total financing of $500,000.
The first recipient, Dark Vision, has developed a downhole imaging technology that improves visualization through wellbore fluids—including bitumen, drilling mud and frack fluids—thus increasing production and reducing total cost of energy. Initial deployments are targeted in 2016.
Foresight’s second recipient, Pyrowave, has developed modular units that incorporate a proprietary pyrolysis technology for use by plastic recyclers and plastic waste producers. Through a net positive energy process, these units reduce waste and the impact of incineration while expanding the range of recyclable materials.
“Our first award recipients have not only met BDC and Foresight’s strict investment criteria, but they have identified promising clean energy technologies that have commercial potential and can offer a positive impact to their respective industries and Canada’s environment,” said Neil Huff, Managing Director of the Foresight Cleantech Accelerator Centre.
Foresight Clean Technology Accelerator Centre is a Vancouver-based not-for-profit devoted to assisting early-stage cleantech innovators with the guidance, training, and funding to accelerate their growth and product commercialization activities. Foresight collaborates with the BC provincial government, BDC, the BC Innovation Council (BCIC), universities, and the private sector.
BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. BDC Capital has more than $1 billion under management.