BDC commits $40M in financing to 4 Canadian cleantech companies

MONTREAL—The Business Development Bank of Canada (BDC) has concluded financing agreements totaling $40-million with four high-potential cleantech companies, enabling them to accelerate their growth and further consolidate their footprint as innovators in their respective markets.

These investments are the first of BDC’s $700-million, five-year commitment to the cleantech industry announced earlier this year further to Budget 2017, and building on the Bank’s long history of investing in the cleantech space.

“Investing in the development of new clean technologies accelerates innovation, increases the competitiveness of Canadian firms, and creates new jobs in Canada. These investments exemplify our government’s commitment to demonstrating a clean environment and a strong economy go hand-in-hand.” says the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development.

This new capital will allow BDC to take on more risk in order to help growth-oriented, high-potential Canadian cleantech companies overcome financing obstacles and other barriers to scale, and better compete globally.

“We are up and running, open for business and these four investments are just the beginning. With this expanded mandate, BDC’s overarching objective is to help build a commercially sustainable cleantech industry that will, over time, be able to attract more of the necessary private sector capital to grow”, says Susan Rohac, Vice President, BDC Cleantech Practice.

The four firms being financed include:

Ensyn Technologies – Ottawa, Ont.
Following several years of successful commercial operations converting forest residues to renewable heating fuels at its 13 million litre/year plant in Renfrew, Ont., Ensyn is commissioning a larger-scale renewable fuels facility in Quebec. The Quebec plant will convert forest residues to 40 million litres of renewable heating fuels per year, removing up to 70,000 tonnes of CO2-equivalent emissions per year. BDC’s financing is helping the company continue to expand its production and distribution capabilities.

GreenMantra Technologies – Brantford, Ont.
GreenMantra utilizes a proprietary thermo-catalytic system and patented process to cost-effectively convert and “up-cycle” waste plastics into high-value specialty polymers and other specialty chemicals. GreenMantra is helping drive a more circular economy where plastics are beneficially reused rather than landfilled. In conjunction with funding from other financial partners, BDC’s support will help expand GreenMantra’s plant and strengthen its competitive position as an innovative technology in the specialty chemical market.

GHGSat – Montreal, Que.
GHGSat launched the world’s first high-resolution satellite capable of measuring greenhouse gas (CO2 & CH4) emissions in June 2016. The company is using this unique satellite and its patented technology to provide greenhouse gas emissions monitoring data and services globally. In conjunction with funding from other financial partners, GHGSat will use BDC’s funding to continue to execute on its growth plans and build out a satellite constellation.

Enlighten Innovations – Calgary, Alta.
Enlighten Innovations has developed and is commercializing a patented technology to desulphurize heavy oils, including bitumen, in order to produce lower emission marine fuels for the global shipping industry. BDC’s financing, in conjunction with other funding and capital, will help the company build its first commercial plant, based on its successful pilot plant.

For more information about BDC’s cleantech initiatives and selection criteria, visit bdc.ca/cleantech.