A new fund launched in November by the Business Development Bank of Canada to help foster the growth of homegrown climate technology has made its largest investment yet.
, along with Vancouver-based Evok Innovations, recently co-led a Series A2 financing round that raised US$50 million in investment capital for Summit Nanotech, a Calgary-based lithium technology company.
The fund, announced in November 2022, aims to address the lack of risk capital for the commercialization and scale-up of Canada's clean-tech and climate-tech industry. Cheri Corbett, senior partner with BDC Capital's Climate Tech Fund, said only five per cent of venture capital investment in Canada in 2021 went into climate-related technology and clean tech. That's compared with 14 per cent of venture capital investment globally.
"We've created a fund that can really dig in, invest in these companies early and really follow through, and not all funds are built that way.'' A report released Tuesday by Deloitte said there are roughly 1,100 clean technology, or clean tech, companies across Canada today. These companies represent approximately 3.1 per cent of GDP, according to Deloitte, and more than 210,000 jobs.
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