British Columbia’s Centre for Innovation and Clean Energy (CICE) has made $3 million available to climate tech and clean energy ventures led by women.
CICE, which provides non-dilutive funding to BC-based companies, put out a “call for innovation” this week targeted to founders who identify as women and are developing decarbonization solutions in the province.
This non-dilutive funding is available for both hard tech solutions related to direct emission abatement, reduction, or removal, and soft tech solutions that enable greenhouse gas reductions and removal.
According to StatsCan, women comprised just 28.6 percent of Canada’s cleantech workforce in 2021.
“Climate change poses a serious threat but also presents a significant economic opportunity,” CICE CEO Sarah Goodman said in a statement. “Achieving success requires that everyone has a seat at the table, especially women founders who are currently underrepresented across the cleantech ecosystem.”
The non-dilutive funding can be used by startups to support their growth, as well as to fund up to 25 percent of a project. While the funding is prioritizing BC climate tech companies led by founders or co-founders who identify as women, it will also consider companies with women in C-suite roles who hold equity in the business. Companies outside of BC will also be considered if they have a project in the province.
According to a July report from Statistics Canada, women comprised 28.6 percent of Canada’s cleantech workforce in 2021, and while they are more likely to have postsecondary education, they face a gender pay gap, earning on average 16.3 percent less than men.
One report from MaRS Discovery District identified that funding was a key barrier for women founders in the cleantech sector, given that firms owned by men are four times more likely to report receiving venture capital than women-owned firms. CICE noted that women also have access to fewer networking opportunities while facing barriers to mentorship and support, though there are a few Canadian programs that aim to fill this gap, such as the MaRS Women in Cleantech Network and the RBC Women in Cleantech Accelerator.
RELATED: Québec launches $4.5-billion CAD Grand V funding initiative for sustainable innovation projects
“CICE is committed to addressing this imbalance, recognizing that empowering women entrepreneurs is essential for a sustainable future,” Goodman added.
Founded in 2021, CICE aims to fund the commercial development and growth of BC cleantech ventures. To date, the non-profit has raised over $105 million through public and private member partnerships and grants, which it uses to provide non-dilutive funding to tech companies.
The intake process for the $3 million will begin on November 5, with expressions of interest open until December 3. Successful applicants move to stage 2 on December 18 and must submit detailed proposals by January 29, 2025. Due diligence follows from February 3 to March 7, and investment notifications are issued on March 21. Project agreements will be finalized in March 2025.
Feature image courtesy Unsplash. Photo by Colin Watts.