Canadian Cleantech: Deals of the Year


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⬩ 2022  ⬩

The Business Development Bank of Canada (BDC) has secured $400 million for its second Climate Tech Fund, which will finance low-carbon technologies.

Nolk secured $30M from the Fonds de solidarité FTQ, Fondaction, EDC and Panache Ventures to expand its brand portfolio through acquisitions.

Hammerhead Resources, a Canada-based oil and gas producer, is set to go public through a merger with Decarbonization Plus Acquisition Corp. IV, valued at $1 billion. Hammerhead is aiming to reach net-zero emissions by 2030 through its CCS program.

Brookfield Asset Management raised $15b for their Inaugural Global Transition Fund, the largest private fund created to support the transition to a net-zero economy. The fund targets investments that reduce greenhouse gas emissions, and has already deployed $2.5 billion in capital.

Hydrostor Inc. , a long-duration energy storage solutions provider, announced a preferred equity financing commitment of US$250 million from the Private Equity and Sustainable Investing businesses of Goldman Sachs Asset Management.

Summit Nanotech, a direct lithium extraction startup based in Calgary, Canada, has secured $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.

Svante, a carbon capture and removal provider based in British Columbia, raised $318-million in it’s Series E fundraising round, led by Chevron New Energies.

Winter Farm, a Canadian vertical farming company specializing in strawberries, secured $46 million in Series A funding from Capital Financière agricole, Desjardins Group, Farm Credit Canada, Government of Québec, Investissement Quebec, and La Financière agricole du Québec.

Copperstone Technologies, a Canadian robotics company, secured $6 million in seed funding from Alberta Jobs & Growth Fund, Mining Innovation Commercialization Accelerator, and WindSail Capital Group to advance its mine site inspection platform.

GoBolt, a developer of a sustainable supply chain network based in Canada, has raised $55 million in Series C funding from Yaletown Venture Partners, Export Development Canada, BDC Capital, Northleaf Capital Partners, Whitecap Venture Partners, MIG Group, BMO Capital Partners and Ingka Investments.

MineSense Technologies, a Canadian data analytics platform that reduces resource intensity in mining, received $42 million in its Series E funding round from J.P. Morgan Sustainable Growth Equity.

GoodLeaf Farms, a Canadian vertical farming enterprise, recently secured $150 million in funding from McCain Foods and Power Sustainable Lios.

FigBytes, a Canadian ESG insights firm, secured $10m in funding from Quantum Innovation Fund.

RailVision Analytics, a Montreal-based train efficiency platform, raised $4M in seed funding from Trucks VC, MUUS Climate Partners, Blackhorn Ventures, Incite, Measured Ventures, and Active Impact Investments. The platform aims to reduce fuel consumption and emissions.

E3 Metals, a Canadian company extracting lithium from used oil fields, secured $27m in funding from the Canadian Strategic Innovation Fund.

UgoWork, a Canadian provider of Energy-as-a-Service solutions for industrial vehicles, secured $23M in its Series B financing round. Fonds de solidarité FTQ, Export Development Canada, Desjardins Capital and Investissement Québec invested in the round.

Carbon Engineering, a Canadian direct air capture firm, received $6.8 million in investment from Air Canada and Airbus.

Audette, a Canada-based firm offering decarbonization plans for commercial real estate, raised $9.5m in seed funding from eight investors (Buoyant Ventures, Energy Impact Partners, Active Impact Investments, Johnson Controls, Osgoode Properties, Powerhouse Ventures, Turnham-Green Capital, and Undivided Ventures).

Ideon Technologies, a Canadian firm specializing in subsurface imaging tech for mining, secured $16m in Series A financing from Playground Global.

Direct-C, a Canadian tech firm specializing in oil leak monitoring, has secured $3.9 million in Series A funding from Henkel and GreenSky Capital.

Flyscan, a Québec-based remote sensing platform for energy infrastructure, recently raised $3.5m in Seed funding from Hatch, BDC Capital, and Enbridge.

 Lithion Recycling, based in Montreal, Canada, secured an undisclosed amount of Series A funding from GM Ventures. The company provides battery recycling technology.

Parity, a Canadian HVAC operations firm, secured $5.8m in funding from Wyse Meter Solutions, RET Ventures, and ArcTern Ventures.

 Li-Cycle, a Canadian battery recycling startup, secured $200 million in funding from Glencore.


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