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.
Ottawa-based GaN Systems, which manufactures high-power transistors for conversion applications, is among the companies that BDC Capital’s first ICE fund has already invested in.
Others include D-Wave Systems, which is involved in quantum computing, and CarbonCure, which retrofits concrete plants with technology that recycles waste carbon dioxide.