BDC creates $135 million venture fund for clean technology startups
18 companies, including CarbonCure, Bit Stew and Ranovus receive funding in first round of investments
TORONTO—The Business Development Bank of Canada is launching a $135 million fund that will invest in entrepreneurial startup companies in the energy and clean technology sector.
BDC Capital—the federal Crown corporation’s investment arm—anticipates investing the money over several years into between 15 and 20 Canadian firms that demonstrate global potential.
The new Industrial, Clean and Energy Technology fund, or ICE Venture Fund II,is a follow-on to the original ICE Venture Fund, which invested in 18 firms.
“Our goal is to intensify our support for innovative Canadian entrepreneurs who are leading the way in the transition to a low-carbon economy,” says Jerome Nycz, BDC Capital’s executive vice-president.
Among the companies that have received investments from ICE Venture Fund I are: D-Wave Systems, which is involved in quantum computing, and CarbonCure, which retrofits concrete plants with technology that recycles waste carbon dioxide. Bit Stew, Ranovus and GaN Systems were also among the 18 firms to earn investment.