BDC creates $135M venture fund for clean tech startups
ICE Venture Fund II is a follow-on to the original fund, which invested in 18 firms.
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.