Export Development Canada (EDC) has announced that it is providing a guarantee to support a $1 million credit facility between a Canadian bank and Clear Blue Technologies. EDC will assume the debt obligation if Clear Blue Technologies defaults.
The Toronto-based cleantech company develops remotely controlled smart off-grid technology for lighting, telecom, and solar and hybrid systems, such as telecom towers, street lights, and security cameras. The money will go towards product development and market expansion.
The technology has assisted in bringing internet and cell service to remote places in the Amazon rainforest and Africa.
“For promising cleantech companies like Clear Blue Technologies, we know that with the right support they can seize incredible growth opportunities through international trade,” said Carl Burlock, senior vice president of financing and international growth capital at EDC. “We are dedicated to supporting Canadian cleantech companies, providing them with knowledge and financial solutions to help them succeed internationally.
EDC is currently supporting Clear Blue Technologies through its Export Guarantee Program, which provides companies a guarantee on money borrowed from banks.
The cleantech company’s smart off-grid technology is currently being used in 35 countries. The technology has assisted in bringing internet and cell service to remote places in the Amazon rainforest and Africa, according to Clear Blue Technologies. The company secured $2.3 million in funding in 2015.
“EDC has been at the table helping us build our company from an early stage,” said Miriam Tuerk, Clear Blue Technologies co-founder and CEO. “In emerging markets, financing isn’t an afterthought, it has to be part of your deal, so having EDC by our side makes a significant difference.
EDC provided $2 billion worth of export support for cleantech companies in 2018. In Budget 2017, a total of $570 million from BDC and EDC was dedicated over three years to support cleantech firms.
Image courtesy Clear Blue Technologies Twitter