To advance Canada’s climate change goals and help Canada’s innovative clean technology firms grow, the Government of Canada is investing $50 million in venture capital for Canadian clean technology companies through the new Clean Technology Stream of the Venture Capital Catalyst Initiative (VCCI).
“Canada is a world leader in clean technology,” said the Honourable Mary Ng, Minister of Small Business and Export Promotion. “That’s why our government is investing $50 million in late-stage venture capital to help Canada’s best small and medium-sized businesses working in clean technology scale into innovative global champions. This investment complements our government’s unprecedented $2.3-billion investment in clean technology and will promote Canada’s growing venture capital ecosystem.”
The Government of Canada’s investments are matched by the private sector and will contribute up to $1.5 billion to Canada’s economy and support up to 30,000 jobs in emerging sectors.
“As the world transitions to a clean economy, Canada is making crucial investments to ensure our companies are leaders,” said the Honourable Catherine McKenna, Minister of Environment and Climate Change. “It is estimated that the clean economy will be worth $26 trillion globally by 2030. By supporting investors in clean technology today, we’re taking advantage of this once-in-a-generation economic opportunity and investing in the emission-reducing technologies that will ensure our children and grandchildren inherit a healthy environment and strong economy.”
Applicants are invited to submit an application by March 1, 2019. To promote an inclusive economy and improve gender balance in venture capital, each applicant will require a gender diversity strategy. Promoting gender diversity in venture capital is an objective of all three streams.
This investment, administered through BDC, responds to the advice of the Clean Technology Economic Strategy Table and complements the Pan-Canadian Framework on Clean Growth and Climate Change as well Canada’s Innovation and Skills Plan.
“BDC is committed to helping build globally competitive clean tech firms at all stages of development, and BDC Capital, our investment arm, is a long-time investor in this space,” said Michael Denham, president and CEO of BDC. “Through our Industrial, Clean and Energy (ICE) Technology Venture Fund and our Cleantech Practice, we help innovative clean tech firms meet the capital-intensive needs of scaling and achieving timely growth to succeed on the global stage. We look forward to having more and better-capitalized co-investors in this space via the VCCI Stream 3 investments.”