“CUF’s financial commitment will help us continue to source best-in-class clean technologies for our portfolio.”
The agreement will see Inerjys invest, through limited partnerships, $1.2 million from CUF’S long-term pool in three of Inerjys’ portfolio companies. AESP Green Energy, which builds scalable off-grid solar solutions, StillGood Foods, whose sustainable snacks combat food waste and local food insecurity, as well as Goliath Wind, whose modular rotor turbines challenge conventional wind-industry economics, both in manufacturing and operations.
AESP and StillGood Foods are both Quebec-based companies and Estonian-based Goliath Wind will be incorporated in Canada as part of Inerjys’ commercialization strategy.
“Having an institution as respected as Concordia University join our LP base is a great boost not just for our portfolio companies, but for the cleantech sector more broadly,” said Stephan Ouaknine, CEO of Inerjys. “CUF’s financial commitment will help us continue to source best-in-class clean technologies for our portfolio and clearly demonstrates that Concordia shares our goal of mitigating the impacts of climate change. Having access to Concordia’s socially engaged academic and alumni networks makes this partnership an even greater win-win.”
The partnership follows CUF’s signing on to the United Nations’ Principles for Responsible Investment (UNPRI) in 2018. In February 2019, Concordia became the first Canadian university to issue a sustainable bond.
Beyond CUF’s investments through Inerjys, this next-gen partnership will involve Concordia students and researchers exchanging with these three companies at the operational level.
“Being a next-gen university extends to every aspect of Concordia, from our research and teaching to our commitment to community and how we partner with tomorrow’s industry leaders,” said Concordia University’s president, Alan Shepard. “This agreement demonstrates Concordia’s commitment to creating a sustainable future for Canadians, setting an example we hope other institutions will follow.”
Howard Davidson, chair of the CUF, added, “Signing on to the UNPRI and incorporating an Impact Investments Policy in 2018 means the CUF aims to generate social and environmental impact alongside a financial return. We achieved that with our sustainable bond issuance in February. But with Inerjys, we’ve gone beyond, creating a truly next-gen partnership by involving our students and researchers in their portfolio of green companies.”