Climate Tech Canada - Issue #5
Week of Feb 7, 2022
Hi there,
Welcome to issue #5 of Climate Tech Canada! I’m Justin, and every two weeks I share a round-up of what’s happening in Canadian climate tech. We’ve got funding for lithium recycling and green hydrogen, monitoring projects from the bottom of the ocean to near-earth orbit, and a challenge to help build back better in Lytton, B.C.
In this issue:
Funding and growth
Here and there
Opportunities
Fun stuff
Funding and growth
Lithion Recycling (Montreal, QC) raised $125M in funding to build and commission their first commercial mechanical separation plant and research centre in Montreal. The battery recycling company uses a hub and spoke model, with battery packs dismantled and shredded in spoke plants while the metallurgical processes used for recovery occur in the hub plant. This hub and spoke model allows the company to place separation plants close to input sources.
Ekona Power (Burnaby, BC) closed its $79M equity Series A round. The funding will be used to prepare for commercialization and was led by oil company Baker Hughes. Ekona’s technology uses methane pyrolysis, or the thermal decomposition of methane, to convert natural gas into hydrogen and solid carbon. This process eliminates greenhouse gas emissions that would be produced with other methods like steam-based processes that release GHGs that then need to be captured and sequestered.
Assent Compliance (Ottawa, ON) raised $350M in Series D funding to fuel expansion in Europe and Asia, as well as hire more people. Assent provides software to help companies manage their supply chains with a focus on ESG and compliance in complex manufacturing.
Open Ocean Robotics (Victoria, BC) has raised $4M in seed financing to further its solar, autonomous surface vehicle technology and ocean analytics platform. Open Ocean’s technology can be used for preventing illegal fishing and monitoring environmental pollution.
Brookfield Renewables (Toronto, ON) acquired US clean energy developer Urban Grid for $650M US, making Brookfield one of the largest renewable energy developers in the States. This was followed closely by the announcement of a 40-year deal to sell power to Hydro-Quebec. The utility is preparing for increasing energy consumption from cold weather, the province courting energy intensive industries like data centres, and opportunities presented by a growing renewable energy market in the U.S.
Growth & Milestones
Cascadia Seaweed is ramping up to launch new seaweed-based products, including burgers and an additive for cattle to reduce methane.
General Fusion hit one of the key milestones on the way to commercialization, de-risking part of the fusion process called magnetised target fusion or MTF. This follows a recent $168M Series E round for the company, and a promising sign for fusion energy!
Ecolomondo announced final commissioning has started for their new tire shredding and thermal decomposition facility in Hawkesbury, just west of Montreal. The facility is expected to process at least 14,000 tons of tire waste per year.
Canada’s Ocean Supercluster announced funding for several projects, including $3.3M for a precision fish harvesting project with Katchi (N.S.) to minimize emissions and ecosystem damage, and $6.7M for AROWIND, a project to develop undersea inspection for windfarms using uncrewed surface vessels.
BMO joined climate tech heavy-hitters Breakthrough Energy Ventures, committing $50M over 5 years in capital, as well as project financing capabilities and expertise.
Mississauga-based Next Hydrogen will be participating in the IgniteX Climate Tech Accelerator program from consulting company Black and Veatch. The partnership will help develop the company’s green hydrogen solution while tapping into B&V’s experience and client network.
Here & there
Toronto-Waterloo, Vancouver, and Calgary all made Startup Genome’s list of best places in the world for cleantech startups!
Cities across Ontario could see less congestion, emissions with a growing number of cargo e-bike pilots
More EV options are coming to Canada, led by the new Ioniq 5 and the upcoming (and rebate-eligible) Kia EV6
Canadian cities may start accounting for their exposure to climate risks
Good news for EV adoption, with $2M announced to fund the expansion of EV charging networks in Ontario and Alberta respectively
The Canadian Space Agency is in the climate tech game, with $8M in project funding announced for a range of space-based monitoring projects
Opportunities
The Kanaka Bar Resilient Housing Solutions challenge aims to help Kanaka Bar and Lytton, B.C. build back better after wildfires. The challenge is looking to identify methods and materials that help prevent future vulnerability to extreme weather events, with selected solutions invited to help in the construction of pilot homes. Applications close Feb 18th.
The Swedish-Canadian Chamber of Commerce is hosting “District Energy and Canada's Low Carbon Future” on Feb 24th from 11am - 12pm EST. This online event will explore how Sweden became a world leader in district energy and waste heat recovery, and how these lessons can be applied in Canada.
The Toronto Region Board of Trade hosts “Feeling the Heat: The Future of Buildings” to explore the decarbonization of buildings and pathways to net-zero.
Fun Stuff
Solutions that are good for the climate also tend to be better solutions overall, whether for our health, communities, or just better experiences. Case in point: the “Electric Fuelling Station of the Future” competition, which challenged designers around the world to reimagine the highway gas station for EVs. Not only do these look nice and have lots of trees, but they show a radically different experience for rest stops. When you have 30 minutes for a charge, these space can be an opportunity - to rest up and prevent distracted driving, to see local experiences, or eat better food.
Ministry for the Futureby Kim Stanley Robinson. This is the kind of science fiction that changes how you think. Told from the point of view of two main characters, this book traces humanity’s journey through the climate catastrophes of the late 2020s and into the years beyond as we start to avert climate disaster. The book is hard to read sometimes as it fans some climate anxiety, and the future it describes might not be one you fully agree with. But it’s power comes from taking you out of the ups and downs of the daily news, tracing a longer arc into a future where we actually do the things we talk about.
That’s all for this week - thanks for reading and if you’ve enjoyed reading, considering forwarding to a friend!
Until next time,
Justin