The Business Development Bank of Canada (BDC) has announced $40 million investment in four cleantech companies, first of BDC’s $700 million, five-year commitment to the cleantech industry announced earlier this year further to Budget 2017.
The four firms being financed include:
Ensyn Technologies of Ottawa, Ontario
Following several years of successful commercial operations converting forest residues to renewable heating fuels at its 13 million litre/year plant in Renfrew, Ontario, Ensyn is commissioning a larger-scale renewable fuels facility in Quebec. The Quebec plant will convert forest residues to 40 million litres of renewable heating fuels per year – this will remove up to 70,000 tonnes of CO2-equivalent emissions per annum.
BDC’s financing is helping the company continue to expand its production and distribution capabilities.
GreenMantra™ Technologies of Brantford, Ontario
GreenMantra utilizes a proprietary thermo-catalytic system and patented process to cost-effectively convert and “up-cycle” waste plastics into high-value specialty polymers and other specialty chemicals. GreenMantra is helping drive a more circular economy where plastics are beneficially reused rather than landfilled.
In conjunction with funding from other financial partners, BDC’s support will help expand GreenMantra’s plant and strengthen its competitive position as an innovative technology in the specialty chemical market.
GHGSat of Montreal, Quebec
GHGSat launched the world’s first high-resolution satellite capable of measuring greenhouse gas (CO2 & CH4) emissions in June 2016. The company is using this unique satellite and its patented technology to provide greenhouse gas emissions monitoring data and services globally.
In conjunction with funding from other financial partners, GHGSat will use BDC’s funding to continue to execute on its growth plans and build out a satellite constellation.
Enlighten Innovations (formerly Field Upgrading) of Calgary, Alberta
Enlighten Innovations has developed and is commercializing a patented technology to desulphurize heavy oils, including bitumen, in order to produce lower emission marine fuels for the global shipping industry.
BDC’s financing, in conjunction with other funding and capital, will help the company build its first commercial plant, based on its successful pilot plant.
In January, the Government of Canada announced BDC will invest $700 million over the next five years to grow Canada’s clean technology industry. To deploy this capital, the Bank launched a national, multi-disciplinary team of investment and financing professionals 100% dedicated to cleantech.
BDC has expanded its typical investment parameters to include firms at the early stages of commercialization that are developing potentially breakthrough clean technologies. Specific selection criteria include commercially-demonstrated technology, growth potential, and an ambition to scale up.
BDC will also offer advisory services to portfolio companies to help them address challenges beyond financing, such as growth plans, productivity and talent issues.
For more information about BDC’s cleantech initiatives and selection criteria, visit bdc.ca/cleantech.
photo credit: Detmold via pixabay