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BDC Capital creates $135-million venture fund for clean technology startups

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 Jérôme 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.