The federal government is investing $44.3 million in 11 Canadian cleantech companies solving sustainability challenges across a number of sectors.
The investments come from Sustainable Development Technology Canada (STDC), a foundation created by the government to fund new clean technologies. At the end of last year, STDC received a $750 million investment over the next five years, the single largest investment in SDTC since its inception.
As part of this government investment, Vancouver-based cleantech startup Terramera is receiving $7.9 million to develop a new soil carbon validation tool.
Companies receiving funding span a number of industries, such as agriculture, waste management, energy exploration, and water treatment. Several of the 11 companies have also seen notable growth in recent years.
One of these companies is Terramera, a Vancouver sustainable agriculture cleantech. Terramera raised a $59.5 million Series B round in 2019, and since then has been busy working on a number of projects.
One of these projects, which BetaKit reported on in November, is a planned $730 million centre focused on fighting climate change and strengthening the agriculture sector. Last year, Terramera also led a project to predict potential future strains of COVID-19 through machine learning and artificial intelligence. As part of this government investment, Terramera is receiving $7.9 million to develop a new soil carbon validation tool.
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Another company receiving funding is Quebec City-based Flyscan Systems, which aims to help companies in the energy sector protect their infrastructure and the environment. Flyscan’s platform is designed to facilitate the early detection of small leaks through a patented ultraviolet laser that detects oil presence. In August, the firm raised $5.7 million in venture funding. Flyscan is now receiving $1.5 million for an aerial detector of liquid pipeline leaks.
This latest investment follows other notable developments in the cleantech sector. Last month, MaRS and RBC launched a women-focused cleantech accelerator, the same time Google welcomed two Canadian startups into its own climate-focused accelerator program.
New capital support for cleantech startups from the private sector has also recently increased. In March, Natural Products Canada and Active Impact Investments launched venture funds specifically to support early-stage cleantech startups.
The 11 recipients of the federal government’s latest cleantech investment include:
- Terramera (Vancouver, BC): $7.9 million
- Ecooation (Vancouver, BC): $3.1 million
- Lorama Group (Mississauga, ON): $2.6 million
- Pyrogenesis Canada (Montreal, QC): $700,000
- Molded Precision Components (Oro-Medonte, ON): $9.3 million
- QEA Tech (Markham, ON): $1.1 million
- OPTEL Group (Quebec City, QC): $3.03 million
- Hydrogen Optimized: $4.8 million
- Flyscan Systems (Quebec City, QC): $1.5 million
- Environmental Material Science: $4.1 million
- Axine Water Technologies: $6.2 million
Image source Unsplash. Photo by Colin Watts.
