Seizing Cleantech Opportunities in Canada: A Founder’s Resource Guide

For those cleantech founders looking for investment into their ventures, BDC offers a range of potential investment and support. 

For early-stage companies, there is the Sustainability Venture Fund.  This is a $150M Fund, that seeks to invest in developing technologies that contribute to a net-zero economy and are aligned with four United Nations (UN) Sustainable Development Goals (SDGs).  The fund focuses on: 

• Companies with capital-light business models 

• Busine SaaS and other software-based business models 

• Hardware-enabled software 

• Businesses that are commercially driven and economically durable 

• Innovative technologies with universal applicability 

• Seed stage to Series A/B investments in highly scalable Canadian companies 

• Companies with a compelling sustainability narrative that will enable them to attract capital and talent and become global leaders 

6 areas of investment focus (UN Sustainable Development Goals): 

• Sustainable cities and communities 

• Responsible consumption and production 

• Affordable and clean energy 

• Clean water and sanitation 

For later stage companies, there is the Climate Tech Fund. This $400 million fund invests in Canadian climate technology firms demonstrating high potential to grow into global champions and deliver significant domestic and global greenhouse gas reductions. The BDC team works in close partnership with their portfolio companies, providing advice, connections to government funding programs and private investors.  The fund focuses on: 

• Late-stage seed to growth stage capital 

• Impactful technologies that materially reduce GHG emissions 

• Hard technologies (capital intensive business models) 

• Defensible proprietary intellectual property 

• Demonstrated market traction / validated product-market fit 

• Clear line of sight to achieve commercial scale and profitability 

They invest in firms developing technology that materially mitigate GHG emissions across several themes including but not limited to: 

• Electrification & mobility 

• Carbon capture, utilization, conversion and sequestration 

• Low-carbon fuels and energy 

So, what does all this mean for a cleantech founder? The timing is ripe. The need for innovative cleantech solutions has never been greater, and the support ecosystem in Canada, is robust and growing. Founders should focus on developing scalable solutions and make full use of the resources available to them. The Clean Growth Hub should be the first stop as it can save countless hours of navigating government bureaucracy and provides the most relevant programs for a founder’s specific needs based on their business model. Moreover, the new tax credits could help sharpen the business strategy. Understanding how these credits could benefit your potential customers could give you a significant edge in developing your business model. Lastly, since the cleantech market is inherently international, resources like EDC can help in expanding a startup beyond Canadian borders. 

Bryan Duarte, Entrepreneur-in-Residence at Altitude Accelerator, and Professional Engineer with over 30 years of experience in the Energy Industry advises:  

“Solving the Climate Crisis is not really a technology problem it is a people problem and thus part of the solution is encouraging more entrepreneurs to take up the challenge of tackling some of the biggest problems facing our planet today.  Canada has long history in energy production, resource extraction and agricultural innovation and these are some keys areas that I see Canadian cleantech entrepreneurs being able to excel in.” 

The Canadian cleantech landscape offers a unique blend of challenges and opportunities for startup founders. While obstacles exist in scaling and financing, the robust support system provided by the government and various agencies creates opportunities for innovation and growth.  As Canada strives to meet its emission reduction targets, the role of innovative cleantech solutions becomes increasingly critical, presenting a prime opportunity for startups to make a significant impact while building successful businesses. 

At Altitude Accelerator, our sweet spot is supporting the growth within cleantech. Our entrepreneurs-in-residence, including Bryan Duarte, as well as our network of seasoned clean-tech advisors and investors have helped accelerate companies within this sector, including CHAR Technologies, LiCycle, CleanAir.ai, Anomera and Brickeye, to name a few. Altitude Accelerator’s Startup-VISA program specifically supports Cleantech companies who want to bring their business to Canada. 

To find out more about our Startup-VISA program, please connect with us here. 

For all other inquiries, please contact us at [email protected]