Ecofuel accelerator receives $5.5 million from Quebec government

ecofuel

Montreal-based Ecofuel accelerator — run by Cycle Capital Management — has received $5.5 million for support from the Quebec government.

“The Ecofuel Accelerator is now a key innovation player in the cleantech sector in Quebec and eastern Canada. Based on the progress of our alumni, there’s a real need for an acceleration training program and the Ecofuel Accelerator already has a positive impact on the cleantech ecosystem,” said Richard Cloutier, president and CEO of the Ecofuel Accelerator and managing partner of the Ecofuel Fund.

The cleantech-focused accelerator also announced that Biotechnologies Ulysse — which develops bacterial solutions for the treatment of plants — and Helios UAV, which develops data acquisition solutions for drones in the mining industry, as alumni of the Ecofuel Accelerator autumn 2017 cohort. Over the past four months, they received mentorship from about 40 mentors in the cleantech sector.

“The Autumn 2016 cohort’s selected companies stand out for their maturity and quality. Through their creative capacity, their vision and commitment, the entrepreneurs will benefit from the mentors’ contribution and advice they’ll receive during the acceleration program,” added Richard Cloutier, president and CEO of the Ecofuel Accelerator.

Since its launch in 2014, the Ecofuel accelerator has supported 24 cleantech companies.