Canadian Cleantech Deals of the Year 2023

In the latest issue of THE CLEAN SLATE, we take a look back at 2023, with The Bedford Group TRANSEARCH’s first consolidated list of the Canadian Cleantech deals.

CANADIAN CLEANTECH
DEALS OF THE YEAR
⬩ 2023  ⬩

Venture Deals

Louelec, a Montréal, Canada-based electric carsharing fleet management platform, raised $3M from Desjardins.

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Ionomr, a Vancouver, Canada-based ion exchange membrane manufacturer, raised $20M in Series A funding from NGIF Cleantech Ventures, Pallasite Ventures, Shell Ventures, Asahi Kasei, Chevron Technology Ventures, Finindus, Samsung Ventures, N.V. Bekaert, and SAIC Capital.

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General Fusion, a Richmond, Canada-based magnetized Target Fusion (MTF) fusion energy company, raised $4M in Grant funding from the Canadian Government.

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Deep Sky, a Montréal, Canada-based carbon removal project developer, raised an additional $42M in Series A funding from Brightspark Ventures, Whitecap Venture Partners, Investissement Québec, OMERS Ventures, and Business Development Bank of Canada.

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Brickeye, a Toronto, Canada-based digital IoT platform for construction sensors, raised $10M from BDC Capital, GreenSky Ventures, Brightspark, EDC, and MaRS Investment Accelerator Fund.

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Fibracast, a Hamilton, Canada-based water and wastewater treatment developer, raised $45M from Cycle Capital and Export Development Canada.

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Eavor, a Calgary, Canada-based geothermal energy developer, raised $132M in Series B funding from OMV, Canada Growth Fund, Japan Energy Fund, Microsoft Climate Innovation Fund, bp Ventures, and other investors.

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ARC Clean Technology, a Saint John, Canada-based small modular reactor developer, raised $7M in Grant funding from the Government of Canada.

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Relocalize, a Montréal, Canada-based hyper-local food supply system developer, raised $4M in Seed funding from Waterpoint Lane and i4 Capital.

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Green Graphite Technologies, a Montréal, Canada-based lithium-ion battery grade graphite developer, raised $2M in Seed funding from BDC Capital’s Climate Tech Fund and the Sustainable Chemistry Alliance.

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Qube Technologies, a Calgary, Canada-based continuous emissions monitoring platform, raised an undisclosed amount in Series B funding from Riverbend Energy Group.

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GeologicAI, a Calgary, Canada-based digital rock analysis platform, raised $10M in Series A funding from Breakthrough.

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CO2 Lock, a Vancouver, Canada-based carbon removal and storage technology developer, raised $1M in Seed funding.

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Oneka Technologies, a Sherbrooke, Canada-based wave-powered desalination technology provider, raised $9M in Series A funding from the Hoffecker Family, Horizon Capital Holdings, AQC Capital, Propulia Capital, Invest Nova Scotia, and other investors.

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GHGSat, a Montreal, Canada-based satellite-based emissions monitoring platform, raised $44M in Series C funding from Fonds de solidarité, BDC Capital, Investissement Québec, Climate Investment, and the Japan Energy Fund.

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Waste Robotics, a Trois-Rivières, Canada-based autonomous recycling provider, raised $7M from Mirova.

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Kite Mobility, a Thornhill, Canada-based EV ridesharing platform, raised $3M in Seed funding from Alberta Eco Trust, Enlighted, Good & Well, Greater Montreal Climate Fund, and The Atmospheric Fund.

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dcbel, a Montréal, Canada-based residential EV charging infrastructure developer, raised $50M in Series B funding from Volvo Cars, Coatue, Real Ventures, Idealist Capital, and Investissement Quebec.

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General Fusion, a Burnaby, Canada-based Magnetized Target Fusion (MTF) nuclear energy developer, raised $25M in Growth funding from BDC Capital, GIC and the Government of British Columbia.

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Carbon Upcycling Technologies, a Calgary, Canada-based company mineralizing CO2 into industrial byproducts, raised $26M in Series A funding from BDC Capital, Climate Investment, Strategic Investors, Oxy Low Carbon Ventures, CRH Ventures, Cemez Ventures, Clean Energy Ventures, and other investors.

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CarbonCure Technologies, a Dartmouth, Canada-based company injecting CO2 into concrete, raised $80M in Growth funding from Blue Earth Capital, Samsung Ventures, Breakthrough Energy Ventures, Microsoft Climate Innovation Fund, Amazon Climate Pledge Fund, Taronga Ventures, 2150, and BH3.

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Orennia, a Calgary, Canada-based energy transition analytics provider, raised $25M in Series B funding from Wellington Management, Quantum Innovation Fund, NGP Energy Capital Management, Veriten, and Tupper Lake Partners.

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TROES, a Markham, Canada-based modular battery energy storage systems provider, raised an undisclosed amount in Seed funding from Mobility Innovation Fund.

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GeologicAI, a Calgary, Canada-based provider of scanning robots and software for mining, raised $20M in Series A funding from Breakthrough Energy Ventures.

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Highwood Emissions Management, a Calgary, Canada-based emissions management software and services provider, raised $3M in Seed funding from Energy Capital Ventures and Veritec Ventures.

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Eavor, a Calgary, Canada-based geothermal energy company, raised $37M in Series B funding from OMV AG, BP Ventures, Eversource Energy, and Vickers Venture Partners.

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Vive Crop Protection, a Mississauga, Canada-based sustainable pesticides producer, raised $8M in Series C funding from BDC Capital, Co-operators, Emmertech, Export Development Canada, iSelect, Lex Capital, and Urbana.

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Novisto, a Montréal, Canada-based ESG software platform, raised $20M in Series B funding from Inovia Capital, White Star Capital, Portage Ventures, Diagram Ventures, and SCOR Ventures.

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Picketa Systems, a Fredericton, Canada-based precision agriculture platform, raised $1M in Seed funding from Desjardins Venture Capital, Emmertech, Koan Capital, NBIF’s Venture Capital Fund, and Tall Grass Ventures.

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Peak Power, a Toronto, Canada-based energy storage optimization software platform, raised $35M in Growth funding from Greenbacker Capital Management, Osmington, BDC Capital, Export Development Canada, Hatch, Sensata Technologies, and The Atmospheric Fund (TAF).

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ChrysaLabs, a Montréal, Canada-based soil quality assessment technology developer, raised $11M in Series A funding from Anges Quebec, AQC Capital, BDC Venture Capital, Ecofuel, Emmertech, Koan Capital, Leaps by Bayer, and TELUS Ventures.

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Deep Sky, a Montréal, Canada-based CO2 removal company, raised $10M in Seed funding from Brightspark Ventures and the Government Of Quebec.

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Obeo Biogas, a Montréal, Canada-based waste to biogas company, raised $2M in Seed funding from Diagram Ventures.

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Carbonhound, a Toronto, Canada-based carbon management software for SMEs company, raised $972K in Pre-Seed funding from Verdexus, Archangel, and Highline Beta.

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BrainBox AI, a Montréal, Canada-based autonomous building technology company, raised $20M in Series A funding from ABB and the Government Of Quebec.

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Cyclic Materials, a Kingston, Canada-based advanced metals recycling company, raised $27M in Series A funding from Energy Impact Partners, BMW i Ventures, Bioindustrial Innovation Canada, and Planetary Technologies.

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ChargeLab, a Toronto, Canada-based developer of EV charging operating software, raised $10M in Series A funding and $5M in venture debt from Eaton Electrical and Silver Comet Energy Partners.

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Flash Forest, a Toronto, Canada-based aerial reforestation platform, raised $9M in Series A funding from OurCrowd and TELUS Pollinator Fund.

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Aalo Atomics, a Toronto, Canada-based company commercializing small nuclear fission reactors, raised $6M in Seed funding from Fifty Years, Valor Equity Partners, and other investors.

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Vivid Machines, a Toronto, Canada-based computer vision monitoring platform for fruit crops, raised $4M in Seed funding from BDC Capital, Standup Ventures, Algoma Orchards, Tall Grass Ventures, Entrepreneur First, BoxOne Ventures, Conexus Venture Capital, The W Fund, Cornell, Freycinet Ventures, N49P, and MaRS Investment Accelerator Fund.

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Noventa Energy Partners, a Toronto, Canada-based developer of wastewater heating and cooling projects, raised $75M in loan financing from the Canada Infrastructure Bank.

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Graphite Innovation & Technologies, a Halifax, Canada-based green marine coating systems company, raised $7M in Series A funding from BDC Venture Capital, Farvatn Venture, Invest Nova Scotia, Melancthon Capital, Seventure Partners, and Stolt Ventures.

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OYA Renewables, a Toronto, Canada-based renewable energy project developer, raised $27M from City National Bank and Greenprint Capital.

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pH7, a Burnaby, Canada-based start-up developing sustainable extraction solutions for strategic metals, raised $16M in Series A funding from BASF Venture Capital, Collaborative Fund, FM Capital, Pangaea Ventures, Rhapsody Venture Partners, and TDK Ventures.

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Evoco, a Toronto, Canada-based low-carbon, plant-based materials start-up, raised $9M in Series B funding from Circular Innovation Fund, Export Development Canada, and The Stuart Group.

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Svante, a Burnaby, Canada-based solid-sorbent carbon capture technology, raised $5M in Series E funding from United Airlines Ventures.

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3E Nano, a Kitchener, Canada-based developer of solar control coatings for windows, raised $4M in Seed funding from Energy Foundry, Creative Ventures, ACT Venture Partners, Vector Capital, New Climate Ventures, VertueLab Climate Impact Fund, and MUUS Climate Partners.

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Carbon Neutral Club, a Toronto, Canada-based incentives platform for workforce-led climate action, raised $1M in Seed funding from Blue Vision Capital, Emend Vision Fund, and Good News Ventures.

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Silfab Solar, a Mississauga, Canada-based photovoltaic (PV) module developer and manufacturer, raised $125M from ARC Financial, BDC Capital Cleantech Practice, CPP Investments, Common Fund, Manulife Financial, and Ontario Power Generation.

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Airex Energy, a Laval, Canada-based producer of biochar, biocarbon, and biocoal, raised $27M in Series B funding from Cycle Capital, Fonds de solidarité FTQ, Investissement Quebec, Desjardins-Innovatech, and Export Development Canada.

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Dispersa produces the world’s first waste-derived biosurfactants, which are palm/petroleum-free, non-toxic, and biodegradable. Founded in 2018 and based in Montreal, Dispersa has raised $3M, comprising $1.5M in grants and $1.5M from investors like Invest Nova Scotia and Fondaction.

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Adaptis Technologies, a Toronto, Canada-based net-zero building adoption and optimization platform, raised $1M in Pre-Seed funding from 2048 Ventures, Blue Vision Capital, and Powerhouse Ventures.

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Future Fields, an Edmonton, Canada-based developer of cell-based protein, raised $11M in Series A funding from AgFunder, Amplify Capital, Bee Partners, Builders VC, Climate Capital, Green Circle Foodtech Ventures, Milad Alucozai, Siddhi Capital, and Toyota Ventures.

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BluWave-AI, an Ottawa, Canada-based grid energy optimization platform, raised $7M in Series A funding from FedDev, Ontario Power Generation, and other investors.

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New School Foods, a Toronto, Canada-based maker of plant-based seafood, raised $12M in Seed funding from Alwyn Capital, BaseCamp Ventures, Blue Horizon Corporation, Clear Current Capital, Climate Capital, Good Startup, HackCapital, Hatch, Joyance Partners, Joyful Ventures, and Lever VC.

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Greyter, a Mississauga, Canada-based provider of water reuse systems, raised $10M in Series B funding from Ferguson Ventures and LenX.

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Eavor, a Calgary, Canada-based startup developing closed loop geothermal, raised $7M from BP Ventures.

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Summit Nanotech, a Calgary, Canada-based direct lithium extraction startup, raised $50M in Series A funding from BDC Capital, Capricorn Investment Group, Evok Innovations, Grantham Environmental Trust, Helios Climate Ventures, NGP Capital, Volta Energy Technologies, and Xora Innovation.

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No Meat Factory, a Canada-based plant-based protein producer for third-party customers, raised $42M in Series B funding from Tengelmann Growth Partners and Emil Capital Partners.

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ReelData AI, a Canada-based company providing aquaculture data software for farmers, raised $8M in Series A funding from Buoyant Ventures, S2G Ventures, and The Nest Family Office.

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EnrichAg, a Canada-based company providing sustainable crop protection solutions, raised $6M in Seed funding from At One Ventures.

 

Exits

Carbon Engineering, a Squamish, Canada-based DAC technology developer, was acquired by Oxy (Occidental Petroleum) for $1.1B.

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Above Food, a Regina, Canada-based vertically-integrated plant-based food solutions company, announced a SPAC merger with Bite Acquisition Corp at an implied valuation of $319M.

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Eneon, a Markham, Canada-based provider of flexible battery energy storage system architecture, was acquired by USCE for an undisclosed amount.

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Great River Hydro, a hydroelectric infrastructure platform, was acquired by Hydro-Quebec.

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Environmental 360 Solutions, an Ontario-based waste and environmental management company, was acquired by Blackrock Alternatives.

 

Other News / Funds

Brookfield put a $1B investment into the newly launched Brookfield Catalytic Transition Fund focused on emerging markets and $2B into  Brookfield’s Second Global Transition Fund.

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Public Ventures, a Toronto, Canada-based investment firm, launched a $100M impact fund to invest in life-science and climate companies.

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The51 Food and AgTech GP, a Canada-based investment firm, raised $30M towards their first fund, which invests in diverse founders across the food and agtech sectors.

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BDC, a Montréal, Canada-based financing and advisory firm, raised a $111M Sustainability Tech Venture Fund to invest in Canadian climate technologies companies.

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ArcTern Ventures (ArcTern), a Toronto-based venture capital firm with offices in San Francisco and Oslo, announced $335M in commitments for Fund III, including securing new investments from flagship limited partners such as TD Bank Group, Allianz, Church Pension Group, OPTrust, Credit Suisse Asset Management, and other large institutional investors. Fund III is now over-subscribed, reinforcing ArcTern’s position as one of the largest dedicated climate tech venture funds in the world.