CTC #21 - A new $250M climate fund, Alberta & Ontario face legal challenges and more

Round-up for Sep 2 - 15th

Sep 15, 2022

Hey there,

Welcome to another issue! I hope you’re enjoying the start of sweater weather after what felt like an unusually hot summer. In this week’s issue we have a new $250M climate fund for early-stage companies, funding for better mineral exploration, youth activists suing the Ontario government for future generations, and more. Let’s get into it!

Funding

Idealist Capital (Montreal, QC) announced the first $250M close for its new climate fund. Idealist is led by Pierre Larochelle (former co-managing partner of Power Corp.’s $1B sustainability fund) and Steeve Robitaille (former SVP at Bombardier). The fund is focused on early-stage climate companies that are looking to scale, and plans to cut cheques between $25M and 75M.

Ideon Technologies (Richmond, BC) raised $21M in Series A funding to scale production of its mineral exploration technology. Ideon can scan underground to identify new mineral deposits, whereas traditional drilling exploration methods are costly and damage the environment.

SixRing (Calgary, AB) received a $1.4M grant from the federal Agriculture Clean Technology Program. The funding will allow SixRing to scale up production of its ultra-low carbon biofuels and sustainable aviation fuel (SAF). (For more on SAFs, read our issue on low-carbon aviation)

Oxygen8 (Vancouver, BC) received just under $1M from CleanBC’s Building Innovation Fund to expand manufacturing capacity for their energy-efficient HVAC solutions.

Audette.io (Victoria, BC) also received funding from CleanBC, with $800k to develop an assessment tool for retrofitting rooftop air-handling units. Audette.io’s platform helps commercial real estate managers decarbonize their portfolios.

Milestones & Growth

Mila, a Montreal-based AI research institute, extended its partnership with Intel to focus on using AI to tackle climate change.

Duxion Motors will supply 200 of their eJet motors to Dymond Aerospace for use in Dymond’s new, unmanned cargo aircraft.

Quebec’s Vision Marine set a new world record for the fastest electric boat, hitting 109 miles per hour.

Zinc8, a producer of zinc-based long-duration energy storage solutions, announced it will open its first commercial plant in the U.S., taking advantage of incentives in the Inflation Reduction Act.

Vancouver’s Ballard Power Systems was selected to provide the fuel cell modules for India’s first hydrogen-powered trains.

Two electric bus producers announced new milestones, with Longueuil, QC’s Letenda securing its first order of electric buses in the US with Vermont’s transit agency, and Vancouver’s GreenPower Motor Company launching a demonstration project for all-electric buses across West Virginia.

ProEV, based in Point-Claire, QC, opened a new manufacturing and engineering facility for its commercial and industrial EVs.

Canadian Solar announced a new, all-in-one residential battery and inverter that is customizable and compasable, with the ability to connect up to six units in various configurations. It’s also easier to install, weighing under 70 lbs whereas a Tesla Powerwall weighs just under 300 lbs.

In the news

Hearings started this week for a group of youth activists who are taking the Ontario government to court for violating their charter rights. The group, supported by Ecojustice lawyers, is arguing that Ontario has set GHG reduction targets too low and is therefore discriminating against young people, who will disproportionately bear the burden for climate change. The province’s counterargument? Its climate plan is a “communications product” and has no power to reduce emissions.

The Alberta government is facing a lawsuit of its own, from Duncan’s First Nation. The band argues that the cumulative effects from industry, growth and sale of Crown land, are preventing them from exercising their constitutionally guaranteed way of life. The lawsuit argues that Alberta has conducted impact assessments and given away permits on a case-by-case basis, but has ignored the cumulative impact of these decisions.

Construction has been approved for Spaceport Nova Scotia, with a debut mission planned for 2023. Quebec’s Reaction Dynamics will be the spaceport’s first launch and aims to set itself apart from the competition by using fuels with 60% less CO2 emissions

The federal Pan-Canadian Artificial Intelligence Strategy provided $30M in funding to accelerate the use of AI in developing plant-based food and ingredients. The funding will be delivered through Protein Industries Canada, an industry-led non-profit organization.